After facing a daunting $600-million drop in his net worth throughout 2023, Africa’s first Black billionaire Patrice Motsepe is making a remarkable comeback in the first two weeks of 2024.
Motsepe, renowned as Africa’s first Black billionaire in 2008 Motsepe, thanks to his success in the mining industry — through African Rainbow Minerals (ARM) — has seen his net worth soar by $100 million since the start of 2024, marking a first step of recovery after he saw his net worth plunge from $3.2 billion to $2.6 billion in 2023.
Data compiled by Forbes reveals that Motsepe’s net worth, which stood at $2.6 billion on Jan. 1, has rebounded to an impressive $2.7 billion at the time of drafting this report — this solidifies his standing among South Africa’s wealthiest individuals and cements his status as the richest Black man in the Southern African region.
Motsepe’s financial resilience: Navigating market challenges through strategic investments
Despite a 10-percent plunge in the market value of Motsepe’s 40 percent stake in ARM — a mining powerhouse in South Africa — the surge in his net worth is linked to the revaluation of private investments. Notably, his holdings in South Africa’s leading digital bank, TymeBank, played a crucial role. TymeBank secured $77.8 million in funding during a pre-series C round in 2023, attracting international investors Norssken22 and Blue Earth Capital.
TymeBank, with 8 million customers within five years of its inception, aims to expand into the promising Vietnamese market. This aligns with the bank’s “phygital” approach and successful partnerships, targeting underserved segments in Vietnam’s dynamic economy, which boasts a GDP of $366 billion and a youthful population.
Richest on JSE: Patrice Motsepe’s ascendance amidst mining industry challenges
Patrice Motsepe’s financial resurgence in the face of market fluctuations underscores his ability to navigate challenges and capitalize on emerging opportunities, reinforcing his prominent status in South Africa’s economic landscape.
While Motsepe faces challenges in his mining ventures, his stake in financial services giant, Sanlam, has surged by 1.56 percent so far this year. This increase in his 7.8-percent stake has not only offset losses in other equity holdings in Johannesburg Stock Exchange-listed (JSE) companies but also solidified his position as the richest individual investor on the bourse.
Despite setbacks in his African Rainbow Minerals and African Rainbow Capital Investments, Motsepe’s diversified portfolio showcases resilience and strategic gains in key sectors.