South Africa’s Pioneer, Patrice Motsepe, Witnesses $400 Million Surge in Wealth

South African entrepreneur Patrice Motsepe, Africa’s first black billionaire, has experienced a notable financial boost with a $400 million increase in wealth over the past month. Forbes data reveals his net worth surged from $2.3 billion to $2.7 billion.

Motsepe’s wealth is tied to his 40.37% stake in African Rainbow Minerals (ARM), and the rise is attributed to revaluations of private investments, notably in TymeBank. Despite challenges in mining ventures, Motsepe’s diversified portfolio, including a stake in Sanlam, demonstrates resilience.

He achieved billionaire status in 2008, becoming the first black African on Forbes’ list. Beyond business, Motsepe is known for his role in football, owning Mamelodi Sundowns and leading the Confederation of African Football since 2021. His journey began in 1994 as the first black partner at a law firm, and he later entered the mining industry successfully.

Read more: China calls on the International Community to Support West Africa

About The Author

Ikenna Churchill

editor

See author's posts