South African Billionaire to Donate Half of Wealth to Charity

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South African billionaire business tycoon Patrice Motsepe has become the first non-American to sign on to The Giving Pledge, an initiative begun by Warren Buffett and Bill and Melinda Gates. In accordance with the pledge, Motsepe has agreed to donate at least half of his total wealth to charitable causes.

Coming from a poor and marginalized background, Mr. Motsepe eventually earned a law degree and became the first black partner at Johannesburg law firm Bowman Gilfillan. He is currently chairman of African Rainbow Minerals and Harmony Gold Mining Co. and also owns the Mamelodi Sundowns, one of South Africa’s sixteen Premier Soccer League teams.

According to Forbes, Mr. Motsepe’s wealth is estimated at $2.65 billion and he is the eighth richest man in Africa.

He committed to setting up a diverse advisory council to guide the direction of his charitable foundation which will manage his contributions. Prospective members would include community, religious, and labor leaders, NGOs, women, and youth. The foundation will focus on programs benefiting marginalized populations including women, youth, the poor, unemployed, and the disabled.

He said, “We have an ongoing obligation of nation building, uniting black and white South Africans, and contributing towards making South Africa, Africa, and the world a better place.”

– Jordan N. Hunt

Source: Bloomberg, Forbes

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