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Patrice Motsepe Net Worth 2018 and Biography

Patrice Motsepe Net Worth 2018 and Biography

When we talk about billionaires in africa, it’s a fact most people who live therein dispute, there are mostly of the opinion that it’s impossible to be a billionaire in Africa simply because of the poverty rate, that aside, by the mention of the word billionaire most people around will definitely wanna know your criteria for choosing to call whoever it is by that title, they believe once you are a billionaire, you would definitely look less human and look more like an alien that’s adorned with currencies of different countries. { Patrice Motsepe Net Worth 2018 }Well, I can say for sure that we pretty much have tons of billionaires in Africa, one of which we are going to examine his net-worth in a bid to know how it feels to be a billionaire and to ascertain if the title truly befits him.

  • Full Name: Patrice Tlhopane Motsepe
  • Date Of Birth: January 28, 1962
  • Country Of Origin: South Africa
  • Patrice Motsepe Net Worth 2018 Forbes: $2 Billion
  • Marital Status: Married
  • Profession: Business – Minning
Patrice Motsepe Biography

Bio

Patrice Motsepe Net Worth 2018 and Biography

A South African mining magnate who goes by the name Patrice is who we are going to examine his net worth in this article, I know the name sounds strange unlike some other African billionaires who are known worldwide, seeing that he is an unpopular figure for most of my readers, I will give a brief intro into his background and how he came about being one of South Africa’s richest billionaires.

BIRTH AND EARLY LIFE

Patrice Tlhopane Motsepe was born on the 28th of January in the year 1962 to a school teacher turned businessman who goes by the name Augustine Motsepe. His father owned the kind of shop popularly referred to as a Spaza shop and it was a shop which received massive patronage from black miners, here, Patrice learned basic business principles and he got fully exposed to the art of mining. His backstory actually torched where he got the interest to go in the mining line.

PATRICE MOTSEPE BIOGRAPHY

Named Patrice after Patrice Lumumba, the first prime minister of the Democratic Republic of the Congo, Motsepe was sent to a boarding school to obtain a quality education. He attended St. Joseph Missionary School in Aliwal North for ten years and completed a Bachelor of Arts at the University of Swaziland. Fluent in Afrikaans, English and several African languages, Motsepe sought and obtained permission to study in The University of Witwatersrand, which at that time was only white, Patrice became one of the few black law graduates of Witwatersrand University. He began practicing as a lawyer at Bowman Gilfillan Inc in 1988, and in 1991 was a visiting attorney in the United States as part of the program of the American Bar Association. After his return, he became the first black law partner in Bowman Gilfillan.

Motsepe specializes in mining and commercial law before his entrepreneurial spirit and experience saw him start his own mining company. In 1994, he founded Future Mining, which grew from a briefcase because Motsepe could not obtain initial financing, in a mining company with a successful contract. In 1997, he created African Rainbow Minerals Gold Limited, which was listed on the JSE in 2002. In 2002, Motsepe won Ernst & Young won the Best Entrepreneur of the Year award and was voted Best Business Leader of the Year in South Africa by CEO of the 100 best companies in the country. At that time, Patrice stated that the most important elements in the business were the membership of employees and the application of leadership to maintain a satisfied workforce. He said, he saw the development of a relationship of trust as the cornerstone of a happy work environment and was known for a low base salary with a strong incentive bonus structure.

Patrice Motsepe Net Worth

Patrice Motsepe Net Worth

The successful entrepreneur learned his first business lessons while helping his father in the store. The economic model of Motsepe was to acquire wells of gold mines of low production financial terms and turn them into profits through careful and careful management. In 2003, African Rainbow Minerals Gold merged with Harmony, the world’s fifth largest gold producer. He was appointed to the Board of Directors of African Rainbow Minerals in 2003 and became Executive Chairman in 2004. He is also executive director of Harmony, vice president of insurer Sanlam and non-executive director of the bank Absa Group. An energetic businessman, Motsepe is married to a doctor, Precious Moloi, and has three children. the old man shares the second name of Motsepe, Tlhopie, and is followed by Kgosi and Kabelo. Motsepe’s sister, Bridgette Radebe, is a successful entrepreneur and is married to Jeff Radebe, Minister of Justice and Constitutional Development.Motsepe, a self-confessed capitalist who only sees the positive aspects of “the rainbow nation”, clearly follows the lessons of frugality learned early in life. The only sign of extravagance that shows this billionaire is to own a football club. As a fervent defender of football, he is the president of Mamelodi Sundowns. (Forbes magazine and other reports are pretty crazy attributing Motsepe’s wealth to BEE’s policies. then your business capacity. Motsepe, in turn, admits that it has benefited from the preferential policies for black entrepreneurs, but remind people that their commercial success preceded the introduction of BEE. Motsepe emphasizes that he did not receive a hand; it was rather his hard work that allowed him to benefit from the policies.

Patrice Motsepe Net Worth 2018 Forbes – $2 Billion

For interested readers wondering how much is Patrice Motsepe worth?. He is worth $2 Billion US Dollars forbes estimates.

CAREER

Patrice was born to the family of Augustine Motsepe, Motsepe Snr. was a teacher who became a small entrepreneur, owner of a Spaza store popular with black miners. It was from this store that Motsepe learned about the basic principles of his father, as well as his direct exposure to the mining industry.

He received a Bachelor of Arts degree from the University of Swaziland and a Bachelor of Laws from the University of the Witwatersrand. He became the first black partner of Bowman Gilfillan in 1994, the same year as the president of Nelson Mandela. He specialized in mining law and commercial law at a time when the new government began the process of promoting black empowerment and entrepreneurship. Motsepe has founded a company called Futuro Mining, which provides contract mining services, including the cleaning of gold dust in mines, the Vaal gold mine reefs, the creation of a salary compensation system that combines low base workers and profit sharing.

In 1997, with gold prices at a low level, it bought marginal gold mines at AngloGold under favorable financial conditions. AngloGold agreed to let Motsepe have six gold mines all to himself for $ 7.7 million, which allowed it to pay the future revenue debt of the company now known as African Rainbow Minerals.

This was repeated in a series of transactions and Motsepe established a business to start buying the operating mines that would become the source of its wealth. In 1999, he partnered with two of his partners to form Greene and Partners Investments.

The Black Economic Empowerment (BEE) laws introduced after the 1994 elections helped strengthen Motsepe’s position in the mining industry in South Africa. A company must have a minimum of 26% black ownership to be considered for a mining license.

In 2002, Mr. Motsepe won the Best Entrepreneur Award in South Africa. In 2004, he was elected 39th in the largest SABC3 in South Africa (SABC is South African Broadcasting Corporation, the public broadcaster funded by the government). In 2008, he was the 503rd richest person in the world, according to the list of Forbes billionaires.

Since 2004 he is a non-executive director of Absa Group and Sanlam.

In 2002, when listed on the JSE Stock Exchange, African Rainbow Minerals joined Harmony Gold Mining Ltd. and the name of the company has been replaced by ARMgold. The African Rainbow Minerals Platinum (Proprietary) Limited and ARM Consorcio Limited were singlehandedly founded by Motsepe, it later shared ownership with Anglo American Platinum Corp. Ltd. Since 2005, Motsepe has been president of Teal Exploration and Mining Incorporated. Mr. Motsepe is also president of Ubuntu-Botho Investments, non-executive chairman of Harmony Gold Mining Co Ltd. and vice president of Sanlam Ltd. Motsepe has been president of the South African Chamber of Commerce and Industry.

He is currently acting chairman of the Black Business Council and founding member and former president of one of the most influential pressure groups and lobbying in South Africa, the Business Unit SA (BUSA).

That’s all on Patrice Motsepe Net Worth and Biography 2018.

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Updated: January 3, 2018 — 9:25 am

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