Does it seem likely that a billionaire would promise to give away half his wealth for a worthy cause? As unlikely as that might sound, that is what South Africa’s only black billionaire Patrice Motsepe has pledged to do. Motsepe who has a net worth of $2.65 billion, has pledged to donate half his fortune to help the poor people in his country.
Who is the man Patrice Motsepe?
Born in the Johannesburg township of Soweto in South Africa, Motsepe learned to be hardworking from childhood. His work ethic was instilled in him with the help of his father who made him work at his family’s convenience store at an early age. A lawyer by training, Motsepe acquired most of his wealth from the mining conglomerate African Rainbow Minerals which he founded in 1997. The publicly-traded company that specializes in the mining of several valuable minerals, including platinum and gold, was established at a time when the market for gold was closest to its three-decade low level.
Motsepe, who Celebrity Net Worth describes as a “literal prince” of the Tswana Tribe, is one of seven billionaires in South Africa and the country’s only black billionaire. He is the owner of the Pretoria based soccer club Mamelodi Sundowns.
Giving to the Poor
Drawing inspiration from people like Microsoft founder Bill Gates and business magnate Warren Buffett, Motsepe decided to give half of his tremendous wealth to the aid of the underprivileged. According to him, the plan had been there for a while to give half his wealth to the disadvantaged and marginalized people in the country, but he was working to tie up all the loose ends to ensure the mission is not derailed along the way.
The money would be channeled through the Motsepe Foundation to help address health and educational issues confronting the poor. According to BBC News, the black billionaire said his charitable gesture was also influenced by the spirit of “Ubuntu,” an African belief system which translates into “I am because you are.”
Motsepe is also one of more than 70 billionaires, including Gates and Buffett, who have joined The Giving Pledge. The campaign aims to bring notable and wealthy figures around the world together to contribute part of their wealth toward assisting underprivileged people. Gates, who started The Giving Pledge with Buffett in 2010, has commended Motsepe for his generous deed toward the less fortunate.