Black Billionaire To Give Away

31 Jan 2013

The first black billionaire of South Africa, Patrice Motsepe, has offered to donate half of his fortune in order to help the poor to come up in life.  His assets are estimated at $2.65 billion. Patrice says there has been little real gain for his compatriots since the white minority rule ended in 1994.

Following the way shown by American billionaires Warren Buffet and Bill Gates, Patrice says he will be following them in the Giving Pledge. The Americans have already enlisted 100 billionaires in their charity work.

Patrice’s wife, Precious, went a step ahead and announced that they would be giving away throughout their lifetime.

Patrice had amassed his wealth through mining activity. He is the Chairman of Rainbow Minerals. He is the fourth African billionaire, the fifth being the controversial deputy leader of the African National Congress, Cyril Ramaphosa.

 Ramaphosa started as a trade unionist and went on to become a billionaire confounding his critics. He is next in line for country’s leadership after Jacob Zuma. The point of interest is both Patrice and Ramaphosa are in the mining business, among other interests.

It is only after the apartheid regime has ended that the country’s majority is developing entrepreneurial and other skills. At the same time, in a democratic South Africa, civil society is a force to reckon with. Hence billionaires are indirectly coaxed to giving it away to charities.