After seeing his net worth dip to $2.3 billion in November, Patrice Motsepe, Africa’s first Black billionaire and the wealthiest Black individual in Southern Africa, has staged a swift rebound, reclaiming $2.5 billion. This surge solidifies his position among the continent’s top tycoons and propels him back up the global wealth rankings.
Figures from Forbes — a U.S. business magazine tracking ultra-high net-worth individuals (UHNWIs) — show Motsepe’s net worth has jumped $200 million in the past 30 days, rising from $2.3 billion to $2.5 billion. This reversal comes after a $100 million dip between Nov. 14 and Nov. 22, pushing him down the global rankings.
Global ascension: Motsepe climbs to 1,264th wealthiest worldwide
Now holding the 1,264th spot globally, up from 1,322nd in November, Motsepe’s wealth is primarily sourced from a fortune built in the mining industry.
Motsepe became the continent’s first Black billionaire in 2008 — thanks to a fortune amassed in the mining industry through his stake in African Rainbow Minerals (ARM), a South African mining powerhouse with a diverse portfolio of iron, coal, copper, gold, platinum, and other precious metals.
The $200-million surge in Motsepe’s net worth is linked to the recent performance of his 40.37-percent stake in ARM. Additionally, the South African billionaire also experienced a boost in his private investments, including indirect holdings in TymeBank, a leading digital bank.
Motsepe’s fortune soars: ARM’s market cap breaks $2.3 billion amidst 11.9-percent surge
Since Nov. 22, ARM shares on the Johannesburg Stock Exchange have soared 11.9 percent, climbing from R170.2 ($9.24) to R190.42 ($10.3) at the time of writing. This surge has pushed the company’s market capitalization above $2.3 billion.
As a result, Motsepe’s 40.37-percent stake in ARM has ballooned by R1.85 billion ($100.4 million), from R15.53 billion ($842.4 million) to R17.38 billion ($942.6 million) — this further solidifies his position as the richest individual investor on the Johannesburg Stock Exchange.
