HomeBusinessSouth African Billionaire Patrice Motsepe Pledges Half His Fortune to the Poor

South African Billionaire Patrice Motsepe Pledges Half His Fortune to the Poor


Patrice Motsepe
Patrice Motsepe

AFRICANGLOBE – Political parties in South Africa have welcomed and praised billionaire businessman Patrice Motsepe for donating at least half the money generated by his assets to the poor.

The ruling African National Congress  party have been very critical of Black millionaires and billionaires and were first to salute Patrice Motsepe, mining magnate after the announcement.

Patrice Motsepe is the first person outside of the Unites States to join ‘Giving Pledge,’ an initiative started by billionaires Warren Buffet and Bill Gates, which encourages the super-wealthy to donate at least half of their money to charity.

The South African billionaire said the funds would be given to his foundation, which would distribute them to various charities to benefit South Africans, Africans and others around the world.

The Motsepe Foundation works with communities throughout South Africa in health and education development, to help beneficiaries sustain themselves.

Patrice Motsepe is the fourth richest man in South Africa and the sixth richest in Africa, according to Forbes magazine. It calculates his net worth at US2.65 billion (about R29.93 billion).

Patrice Motsepe said the “most effective way to deal with joblessness and poverty is to create a business environment that is globally competitive and attractive to the private sector”.

The African National Congress’ Jackson Mthembu said, “this unprecedented act of goodwill in South Africa gives expression to our view of patriotic bourgeoisie, whose outlook reflects a deep understanding of development challenges and limitations facing South Africa and its people”.

Mthembu said the African National Congress believed that business is an essential partner in development and in confronting socio-economic challenges like poverty and unemployment throughout South African society.

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