Patrice Motsepe, Africa’s first Black billionaire, has experienced a remarkable $200 million increase in his net worth in the past two weeks, according to Forbes, the U.S. business magazine that tracks the fortunes of the world’s ultra-high net-worth individuals.
The surge comes as a result of the latest bump in the market value of his broad investment portfolio, which includes ownership stakes in both publicly listed companies and privately held businesses.
At the age of 46, Patrice made history by becoming the first Black African billionaire to grace the prestigious Forbes list in 2008.
The latest bump in his net worth solidifies his position as one of Africa’s wealthiest individuals and one of the world’s richest Black billionaires.
Motsepe’s net worth since July 12 has soared from $2.4 billion to an impressive $2.6 billion, showcasing a remarkable comeback after experiencing a significant $100 million slump earlier in the month.
This recent boost in his wealth can be primarily attributed to the rise in the market value of his stake in African Rainbow Minerals (ARM), a groundbreaking Black-owned mining corporation headquartered in Johannesburg.
Established by Motsepe in 1997, ARM is a pioneering Black-owned mining company with strategic assets in iron, coal, copper, gold, platinum, and other precious metals. The South African billionaire owns a 39.7 percent interest in the diversified mining company.
Motsepe’s substantial stake of 89,092,411 ordinary shares in ARM constitutes most of his current $2.6-billion fortune.
In the past two weeks, ARM shares on the Johannesburg Stock Exchange have experienced an increase from R188.94 ($10.67) to R200.02 ($11.3), yielding impressive gains for both Patrice Motsepe and other shareholders of this leading mining group.
This impressive performance has not only bolstered Motsepe’s personal wealth but has also reaffirmed the company’s leadership position in the mining sector.
As the market value of his investments continues to fluctuate, Motsepe remains a prominent figure in the world of African entrepreneurship and continues to be an influential player in the global business landscape.