Who Is The Richest Black Person In South Africa?
Mr. Patrice Motsepe is the richest blacked South African.
Brief History
Patrice Motsepe, who was raised in Soweto during the height of apartheid, had poor business prospects. He did, however, become South Africa’s first black billionaire and the first African to sign Bill Gates and Warren Buffet’s Giving Pledge thanks to his undeniable business acumen and drive for success.
Biography
Mr. Patrice Motsepe schooled at the Witwatersrand University, University of Swaziland. He is the President and CEO of African Rainbow Minerals
Net Worth
He has a combined networth of R27.72 billion
His Beginnings
Patrice Motsepe’s business prospects did not appear promising because he was raised in Soweto during the height of apartheid. He did become the first black billionaire in South Africa and the first African to sign Bill Gates and Warren Buffet’s Giving Pledge, though, thanks to his undeniable business savvy and drive for success. Motsepe was exposed to the world of sales and business at a young age. The former schoolteacher-turned-entrepreneur Augustine Motsepe, his father, saw an opportunity to open a spaza shop that quickly gained a following among black mine workers. Patrice began working in this store while.
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How He Became Rich
In a true case of “rags to riches,” Motsepe went from being an unsuccessful lawyer to becoming a mining magnate. African Rainbow Minerals, which deals in gold, ferrous and base metals, and platinum, is the company he founded and serves as executive chairman of. Motsepe, who is unquestionably the wealthiest black person in South Africa, is a director of a number of businesses, including Harmony Gold, and he owns stock in Sanlam. Motsepe benefited from a prolonged decline in the price of gold when he first started out in the mining business. AngloGold and other South African gold mining companies sought to restructure by selling off unprofitable mines. He bought these assets with low yields and made them profitable. As a result, he received recognition in 2002.
His Awards
He was adjudged South Africa’s Best Entrepreneur Award and was chosen as the 39th Greatest South African in 2004 by SABC 3. With an estimated wealth of R20 billion, Motsepe was named the richest person in South Africa by the Sunday Times in 2012. Although his wealth has increased since 2012, he no longer holds the title of South Africa’s richest man.
