Monday, March 10, 2014

South African Billionaire Plans To Give Half Of His Wealth To Charity

Patrice Tlhopane Motsepe is known for his wealth and business success.  The South African mining magnate has a fortune of $2.4 billion and is one of the richest men in all of Africa.  In fact, he is the richest man in South Africa.Here are a few simple facts about Mr. Motsepe and his powerful, successful empire.

1)   Mr. Motsepe is the founder and executive chairman of African Rainbow Minerals.  The company has stakes in gold, ferrous metals and platinum.2)   Mr. Motsepe has joined The Giving Pledge, committing to give away half of his wealth to charity.  Other notables on this list include Warren Buffett and Oprah Winfrey.3)   Patrice learned the basics of running a business from his father, a school teacher who became a businessman.  He owned a small shop that was frequented by miners, which made him interested in going into the industry.4)   Patrice has a bachelor of arts degree from The University of Swaziland and a law degree from the University of Witwatersrand.5)   Patrice was the first black partner at the law firm Bowman Gilfillan.6)   He became an entrepreneur after former South African President Nelson Mandela created a program to empower black South Africans into owning their own businesses.7)   He got his start in gold mining by founding a company to clean gold dust from inside the mine shafts.  He also bought a few gold mines when the price of gold was at its lowest.

8)   Motsepe was named the Best Entrepreneur of South Africa in 2002.9)   He was criticized for being among the wealthy elite to benefit from Nelson Mandela’s push for black ownership in major industries.  His sister, Bridgette Radepe, married transport minister Jeffrey Radebe and also runs a successful mining company.10)                  He is married to Dr. Precious Makgosi Moloi and they have three sons.11)                   His father named him after Patrice Lumumba, the first Prime Minister of the Democratic Republic of the Congo Financial Juneteenth lessons from this story:1) Patrice got much of his start after having his father fill him with the spirit of entrepreneurship at an early age.  Had this not happened, he probably would have been a successful attorney, but never a billionaire.  Parents must remember that the values you give your children early on are going to stay with them for a lifetime.2) The decision to give away half of his wealth allows Patrice’s legacy to live forever.   His family will still be outrageously wealthy, but the impact of his wealth grows a thousand fold with his decision to keep that money from just benefitting three or four people.  Maybe one day, celebrities like Jay-Z will understand this as well.   When you use your wealth to uplift other people, it makes you powerful beyond your wildest imagination.

Coutesy Of YOUR BLACK WORLD

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