As South African billionaires flex their financial muscles on the political scene, Patrice Motsepe, Africa’s first Black billionaire and renowned philanthropist, isn’t shying away.
Recent disclosures reveal that companies linked to Motsepe donated heavily across the political spectrum in the first quarter of 2024.
Spreading the wealth
Recent findings show that African Rainbow Minerals Limited and Harmony Gold Mining Company Limited, both linked to Motsepe, donated a combined R22.08 million ($1.2 million) to the African National Congress (ANC), Democratic Alliance (DA), Economic Freedom Fighters (EFF), and Freedom Front Plus (FF+) in the first quarter of 2024.
The Independent Electoral Commission’s (IEC) latest report details political party funding for the first quarter of 2024, which translates to the commission’s fourth quarter of the 2023-2024 fiscal year. The IEC reported a record-breaking R172 million ($9.5 million) declared in donations.
Motsepe companies donate to ANC, spread funds across political parties
Patrice Motsepe’s companies heavily favored the ruling ANC. African Rainbow Minerals and Harmony Gold each donated R6.9 million ($382,000) to the party. The companies also spread their contributions, donating R2.52 million ($140,000) each to the DA, R1.32 million ($73,000) each to the EFF, and R0.3 million ($16,600) each to the FF+.
Africa’s first Black billionaire diversifies political donations
Motsepe, who became Africa’s first Black billionaire in 2008 through mining ventures, derives a significant portion of his wealth from his 45.9 percent stake in African Rainbow Minerals, solidifying his position as one of the continent’s richest individuals.
While he directly controls African Rainbow Minerals, his stake in Harmony Gold is indirect, with African Rainbow Minerals holding a 12 percent ownership interest.
Oppenheimer backs DA and IFP
Nicky Oppenheimer, South Africa’s second-richest person, also made significant donations, contributing R10 million ($552,200) each to the DA and the Inkatha Freedom Party (IFP), for a combined total of R20 million ($1.1 million).
