Africa’s first Black billionaire Patrice Motsepe has encountered a setback in his financial standing, witnessing a staggering $100-million decline in his net worth. This comes on the heels of a notable increase earlier this year, marking a reversal of the gains he recorded earlier this year.
According to the U.S. business magazine, Forbes, Motsepe, who became Africa’s first Black billionaire in 2008 through fortunes amassed in the mining industry, has seen his net worth dwindle from $2.7 billion on Feb. 1 to $2.6 billion. The recent downturn follows a notable increase of $100 million in Motsepe’s wealth figures during the first two weeks of 2024.
Despite this setback, the prominent businessman, renowned for his philanthropy, remains one of Africa’s wealthiest individuals. His recent donation of $500,000 in Cote d’Ivoire underscores his commitment to charitable causes.
Motsepe’s fortune dips $100 million as ARM’s market value suffers amid PGM price slump
The $100-million decline in Motsepe’s fortune is directly linked to the plunge in the market value of his 40-percent stake in African Rainbow Minerals (ARM), a leading South African mining group with diversified interests in various mining projects. ARM has been facing financial challenges, notably the prolonged decline in Platinum Group Metals (PGM) prices, resulting in disappointing financial performance.
As a result, ARM’s share price declined from R200 ($10.37) on January 1 to R173 ($8.97) at the time of drafting this report. This downturn has significantly impacted the market value of Motsepe’s stake in the mining conglomerate, constituting a substantial portion of his overall wealth.
Patrice Motsepe maintains position among World’s richest individuals and Black billionaires
Despite the recent setback, Patrice Motsepe retains his position as the wealthiest Black individual in Southern Africa and continues to rank among the richest individuals on the African continent.
According to Forbes, he currently holds the 1,245th spot among the world’s richest individuals and maintains a notable presence among the world’s Black billionaires. Motsepe’s resilience in the face of market challenges underscores his enduring influence in the business world and commitment to philanthropy.
