South African billionaire Patrice Motsepe has seen a continued decrease in his net worth in 2023, following a $300 million decline in 2022.
With the recent decline in his net worth, he is now among a number of African billionaires who have experienced a significant reduction in their fortunes this year.
According to data tracked by Forbes, Motsepe, the richest Black person in Southern Africa, has seen his net worth fall by $500 million since the start of the year, from $3.2 billion at the start of the year to $2.7 billion at the time of writing this report.
His net worth has dropped by half a billion dollars since the beginning of the year, owing to the year-to-date performance of his 39.7-percent stake in African Rainbow Minerals (ARM), a South African mining and minerals company with strategic positions in iron, coal, copper, gold, platinum, and other precious metals.
So far this year, Motsepe’s stake in ARM has fallen by R4.51 billion ($335 million) this year, from R25.66 billion ($1.51 billion) to R21.15 billion ($1.18 billion) at the time of writing, owing to the 17.58-percent decline in the company’s shares on the Johannesburg Stock Exchange.
Despite his declining net worth, Patrice Motsepe remains one of Africa’s wealthiest billionaires.
Following the company’s exceptional financial performance in the first half of the fiscal year 2023, the South African billionaire is set to receive a hefty R1.24-billion ($67.1 million) interim dividend payout from ARM.
The interim dividend, which will be paid directly into Motsepe’s account from ARM’s retained earnings, represents a significant portion of the dividend approved by the South African-based diversified mining group’s board of directors.
According to recently released interim results, ARM reported a 40-percent increase in profit from R3.69 billion ($203.1 million) in the first half of its 2023 fiscal year to R5.17 billion ($284 million) at the end of the first half of its 2023 fiscal year.