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South African tycoon to donate millions to charity

DUTY BOUND: Patrice Motsepe

SOUTH AFRICA’S first and only black billionaire is preparing to give away half of his wealth to a charity.

Patrice Motsepe has signed up to the Giving Pledge, becoming the first African to join some of the world’s richest people in donating a huge part of his fortune to the poor.

The campaign, created by Bill Gates and Warren Buffet in 2010, is an initiative to get the wealthiest individuals to commit to giving the majority of their wealth to philanthropy.

Motsepe has said that he will use the Giving Pledge to help bolster education and health services in South Africa.

The mining magnate, who is estimated to have a net worth of £1.67 bn, said in a statement on South African news website Polity Org: “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 African but was also duty bound and committed to enduring that it would be done in a way that protects the interest and retains the confidence of our shareholders and investors.”

Born in Soweto, Motsepe founded the mining company African Rainbow Minerals and made his fortune through the government’s black economic empowerment policy.

The businessman also owns the Pretoria-based football club Mamelodi Sundowns.

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