South African tycoo* Patrice Motsepe to donate half of his wealth to charity

· January 30, 2013

PATRICE-MOTSEPE-DONATE

We have to salute South Africa’s richest black man, Patrice Motsepe for announcing he is giving away half his wealth to improve the lives of the poor.

The mining magnate said the money would be handled by the Motsepe Foundation to address education and health issues. He said he was inspired by the word’s two wealthiest men, Bill Gates and Warren Buffet, who are encouraging billionaires to donate to charity.

Mr Motsepe has a net worth of $2.65bn (£1.67bn), Forbes’ rich list estimates.

‘Part of our culture’ Born in the Soweto township, he is a lawyer by training and South Africa’s first and only black billionaire.

He founded the publicly traded mining conglomerate, African Rainbow Minerals, which has interests in platinum, gold, coal and other minerals.

He made most of his mining fortune through the government’s black economic empowerment policy, which mandates that mining companies be at least 26% black-owned, says the BBC’s Pumza Fihlani in Johannesburg.

Mr Motsepe made the announcement at an event in Johannesburg, where on a live video link Microsoft founder Mr Gates praised his decision. He said he was also going to join the The Giving Pledge, a campaign started by Mr Gates and investor Mr Buffet in 2010. So far more than 70 billionaires have signed up to it

“I decided quite some time ago to give at least half of the funds generated by our family assets to uplift poor and other disadvantaged and marginalised South Africans but was also duty-bound and committed to ensuring that it would be done in a way that protects the interests and retains the confidence of our shareholders and investors,”

Mr Motsepe said in a statement.

Mr Motsepe said he was also inspired by the spirit of “ubuntu” – an African belief system which translates as “I am because you are”, meaning individuals need other people to be fulfilled.

“South Africans are caring, compassionate and loving people. It has always been part of our culture and tradition to assist and care for less fortunate and marginalised members of our communities. This culture is also embodied in the spirit and tradition of ubuntu/botho,”

he said.

His wife Precious Motsepe told the BBC that the move would help counter the impression that Africa is always waiting for outside help. “Yes we’ve got challenges but we also have an opportunity, particularly in this century, to turn our continent around and portray Africa in a positive light,” she said.

“We can begin to do things for ourselves that show the world that not only are we recipients of aid but we can also begin to do things for ourselves.”

Money doesn’t make you happy, seeing other people happy creates happiness.

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Discussion9 Comments

  1. presto 2.5 says:

    “He made most of his mining fortune through the government’s black economic empowerment policy, which mandates that mining companies be at least 26% black-owned”

    deserves repeating…wouldnt you say?

    • Mister Mister says:

      Yes it does deserve repeating. I’m glad Africa as a continent is on the rise, I would sure love to do a lot of business out there.

    • jamar says:

      it will sound like music when africans control all their own wealth,and keep those outside vultures out of their pockets.

    • Afri-Can says:

      Prest my dude, black economic empowerment (BEE) isn’t all rosy as it seems. All it does is encourage corruption and widens the gap between the few blacks that benefit and the poor black folks that dont. But i do salute Patrice for the effort.

      • MoorFedayeen says:

        I agree with Prest but more so lil more with @Afri-Can. We have great examples here in America starting with our president. I rather have 70% of black America in middle or middle upper class then a half black president or Oprah. Anyone can understand that. Arabs face the same problem with oil billionaires in the middle east. Few get rich while…

  2. Jamez says:

    i believe every rich person should do this. how can u be filthy rich and watch others suffer?? and after buying a few toys, traveling and taking care of the fam, after that, whats the point of money?

    • Mister Mister says:

      Carnegie once said “A man who dies rich, dies disgraced”

      I think The Giving Pledge has it’s perks, although there are always detractors

  3. Jen says:

    Very honourable thing to do.
    I hope others will take his example.
    Africa rising!

  4. Alfred V. Ochieng says:

    I am looking for a philanthropic African like you, who can boldly donate upto Ione million dollars for putting up an orphanage Children training Center in my country. Due to bad governanace some parts of this country have been neglected for the last 50 years. i want start Cotton farming orphanage. So that thiese Children come up with both education and work experience hence contribute to the our Economy. I would not mind if we can go into Joint venture in this. You as the finacier me as the brairn behind it and the actualization manager.

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