Motsepe: First African to sign the Giving pledge
Patrice Motsepe, aged 51, is a South African mining magnate born in Soweto who is now reputed to be the richest man in his country. This year he joined The Giving Pledge and has resolved to make over half his $2.4 billion fortune to charitable causes.
Motsepe is the first African to sign up and we hope that he will be an inspiration to others. His generosity is an answer to those who say that only the elite came to benefit from black empowerment post-apartheid. The stated objectives of the Patrice Motsepe Foundation are to improve the lifestyles and living conditions of the poor, disabled and unemployed. The Foundation supports female empowerment, young people and all marginalised South Africans.
“The State needs to create an enabling business and country environment, while business should keep its focus on not only creating value for shareholders, but on creating real value for communities and the people of South Africa.”
A specialist in mining and business law, Motsepe was the first black partner in the firm Bowman Gilfillan. He was soon to set up a mining services business which brought profit-sharing to employees. Three years later, in 1997, with the price of gold at historic lows, he started buying up mines on very favourable terms from Anglo Gold and this would become the basis of his great wealth.
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