Patrice Motsepe Net Worth

Patrice Motsepe is a South African entrepreneur and billionaire businessperson best known as the first black African on the Forbes list.

NEW YORK, UNITED STATES – 2019/09/26: Patrice Motsepe attends press conference for Global Citizen & Teneo unveiling campaign plans and 2020 headliners at St. Ann’s Warehouse. (Photo by Lev Radin/Pacific Press/LightRocket via Getty Images)

Patrice Motsepe Biography

Patrice Tlhopane Motsepe was born on 28th January 1962, in at Ga-Rankuwa, Pretoria, South Africa to parents, Augustine and Key Motsepe. His father was a schoolteacher who later became a small businessman.

Patrice completed his earlier education at a Roman Catholic boarding school in the Eastern Cape Province before proceeding to the University of Swaziland where he earned his Bachelor of Arts degree. Patrice also earned his degree in Law at the University of Witwatersrand, Johannesburg clearly specializing in mining and business law.

Patrice Motsepe, founder and chairman of African Rainbow Mineral Ltd., stands for a photograph following a television interview on day one of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 25, 2012. The 42nd annual meeting of the World Economic Forum will be attended by about 2,600 political, business and financial leaders at the five-day conference. Photographer: Simon Dawson/Bloomberg via Getty Images

Patrice Motsepe Career

Patrice Motsepe actually learned the basics of being a businessman from his father. It was at his father’s shop from which mineworkers bought their daily provisions that he got first-hand exposure to the world of mining. His father had become a successful liquor distributor by affiliating with South African Breweries.

In 1994, he became the first black partner in a law firm named Bowman Gilfillan, the same year Nelson Mandela became the first black president of South Africa. Patrice however, ventured into mining in 1997 when the price of gold was affordable and he purchased some gold mines from AngloGold under favourable financial conditions.

The company was later named African Rainbow Minerals and in 2002, African Rainbow Minerals merged with Harmony Gold Mining Ltd. The new successful mining company was named ARMgold and launched by Patrice.

NEW YORK, NY – SEPTEMBER 19: Patrice Motsepe attends the Forbes Media Centennial Celebration at Pier 60 on September 19, 2017 in New York City. (Photo by J. Countess/Getty Images)

In 2003, Motsepe also created Ubuntu-Botho Investments (UBI) and owned 55% of its investment by the year 2019. He is currently the chairman of Ubuntu-Botho Investments and the deputy chairman of Sanlam Ltd.

Patrice Motsepe has also been the president of South Africa’s Chamber of Commerce and Industry and is the owner of a premier league soccer club by name Mamelodi Sundowns FC.

CAP D’ANTIBES, FRANCE – MAY 19: Patrice Motsepe and Precious Motsepe attend the amfAR’s 23rd Cinema Against AIDS Gala at Hotel du Cap-Eden-Roc on May 19, 2016 in Cap d’Antibes, France. (Photo by Kevin Tachman/WireImage for amfAR )

Patrice has gone ahead to fare excellently in his endeavours becoming a billionaire in 2008 as well as the first black African on Forbes list. He is presently married to Precious Moloi, a doctor and fashion entrepreneur with whom he has three children.