What Is Patrice Motsepe’s Net Worth in Rands?

Patrice Motsepe’s net worth in rands is approximately R53 billion. With his net worth in dollars estimated at $3 billion, the businessman ranks as the 9th richest African billionaire. He also has the title of South Africa’s richest black billionaire. The 62 years old has mostly built his jaw-dropping wealth from his mining business.

How Much Does Patrice Motsepe Have in Rands?

Patrice Tlhopane Motsepe is worth R53 billion. The celebrated businessman has, through his diverse income sources, grown his total wealth to become a self-made billionaire. Over the years, Patrice Motsepe’s net worth in rands has been fluctuating due to the differences in the value of the South African rand against the U.S. dollar.

In August 2022, his net worth slumped by R5 billion, moving from R45 billion to R40 billion. However, in recent weeks, Motsepe’s total wealth has seen a rapid increase, having gained over R85 million to presently sit at R53 billion. Below is an overview of Motsepe’s net worth in rands over the years.

An overview of Patrice Motsepe’s Net Worth in Rands Through the Years

  • 2008 – R35.3 billion
  • 2009 – R18.3 billion
  • 2010 – R32.4 billion
  • 2012 – R38.0 billion
  • 2013 – R40.9 billion
  • 2014 – R38.0 billion
  • 2015 – R29.6 billion
  • 2016 – R16.2 billion
  • 2017 – R25.5 billion
  • 2019 – R32.45 billion
  • 2020 – R36.7 billion
  • 2021 – R42.0 billion
  • 2022 – R45.0 billion
  • 2023 – R53 billion

How Did Patrice Motsepe Get Rich?

Patrice Motsepe became a rand multi-billionaire through his investments in different industries. Not only does he own a mining company, but also serves as the owner of finance and investment firms, a football club, and a renewable energy company. He also has stakes in multiple top organizations in South Africa and beyond.

With his father, Augustine Motsepe owning a Spaza shop, Patrice Motsepe learned basic entrepreneurship management principles from his dad. He also got first-hand exposure to mining from the miners who often visited his father’s shop. Despite having a sound background in business, the Pretoria-born moved on to enhance his entrepreneurial skills by acquiring a Bachelor of Arts degree from the University of Swaziland.

He, afterward, kicked off his career in law after obtaining a law degree. Subsequently, he moved into mining which has become his primary source of income.

The Revenue Streams that Contribute to Patrice Motsepe’s Net Worth in Rands

Since becoming one of the first black people to make the Forbes billionaire list in 2008 with a net worth of R35.32 billion, Motsepe has built a diversified investment portfolio that is spread across the major sectors of the South African economy. Here’s a detailed look at his net worth sources.

Law Career & Advocacy

Though having a Bachelor of Arts degree, Patrice Motsepe moved on to earn a law degree from the University of Witwatersrand, specializing in business law and mining. He later made partner with Bowman Gilfillan Inc – one of the largest firms in South Africa, in 1994 and became the law firm’s first black partner. Also, the mining mogul built his net worth by working as a visiting attorney in the US-based law firm, McGuireWoods.

As an advocate, Motsepe has served as the president of Business Unity SA (BUSA) – one of the most influential business advocacy and lobby group. He is also a founding member of the group. In 2011, he was appointed the interim chairman of the Black Business Council.

Ubuntu-Botho Investments (UBI)

Patrice Motsepe founded Ubuntu-Botho Investments (UBI) in the year 2004. With the Black Economic Empowerment (BEE) laws being introduced after South Africa’s first democratic election in 1994, Motsepe capitalized on the law to grow his business across diverse economic sectors. In 2004, Patrice’s Company, UBI, entered into a Black Economic Empowerment (BEE) deal with Sanlam, an insurance and financial service company.

The collaboration enabled UBI to position itself as a premier broad-based Black-owed and Black-controlled financial service group in South Africa. As Sanlam’s empowerment shareholder, Ubuntu Botho Investments was able to accumulate capital through the partnership. Later in 2014, the initial 10-year lock-in period came to an end, as well as UBI’s contractual obligations towards Sanlam.

The repayment of the original debt followed this. UBI had a 12% stake in Sanlam at the time, which was valued at R15 billion. At present, Motsepe’s company owns a 14% per cent stake in Sanlam (worth R20 billion with the price of Sanlam shares at R65 per share) and thus, becomes the company’s single largest shareholder. UBI also has an 18.1% voting interest in the South African financial services group.

Ranking as the largest insurance company in Africa, Sanlam is listed on the A2X, the Johannesburg Stock Exchange, and the Namibian Stock Exchange.

African Rainbow Minerals (ARM)

Patrice Motsepe is the executive chairman of African Rainbow Minerals (ARM), a mining company headquartered in Sandton, Johannesburg. He started the company in 1994 when he founded Future Mining. With the country’s first democratic government promoting black empowerment and entrepreneurship, Motsepe gained a strong footing in SA’s mining industry.

At first, Future Mining was providing contract mining services such as cleaning gold dust from inside mine shafts for the Vaal Reefs Gold mine. The company also launched a system of worker remuneration which involved the combination of profit-sharing bonuses with low base salaries. Later in 1997, Patrice Motsepe began growing the business as he purchased six gold mine shafts from AngloGold for $7.7 million.

With the prices of gold at a low, the savvy entrepreneur bought the marginal gold mines under favorable finance terms. He later repaid the debt from the future earnings of African Rainbow Minerals. Patrice Motsepe further established a firm that was into the purchase of operating mines, and the business eventually became his primary source of wealth.

In the year 2002, African Rainbow Minerals formed a merger with Harmony Gold Mining Ltd, the first largest gold mining company in South Africa, and was renamed ARMGold. That same year, the mining company was listed on the JSE Security Exchange. Then in 2003, the company emerged as the fifth-largest gold producer in the world.

With ArmGold ranking as the largest group controlled by black entrepreneurs, it joined the International Council on Mining and Metals in 2009. Soon after, it was reported that the company planned on investing $1.12 billion in mining in Zimbabwe. It eventually partnered with Vale on a $380 million venture to establish a copper mine in Zambia with a production capacity of 100,000 tons of copper.

ARM Recorded Over R9.5 Billion in Revenue in the 2017 Fiscal Year

As one of the top mining companies in South Africa, Motsepe’s African Rainbow Minerals has interests in a wide range of mines. They include coal, gold, platinum, iron, nickel, platinum group metals (PGMs), chrome ore, and copper. In the 2017 fiscal year, the company grossed R9.6 billion in revenue. While its operating income was said to be R3.47 billion, the net income was estimated at R1.43 billion.

In the same fiscal year, African Rainbow Minerals had total assets of R26.38 billion and total equity of R24.9 billion. It has a strategic investment in gold through Harmony Gold Mining Company. As such, African Rainbow Minerals owns 12.1% of Harmony’s issued share capital. It also has had a 50% stake in Morobe Mining Joint Ventures (MMJV) of Papua New Guinea.

The diversified mining and minerals company now has operations in South Africa, Malaysia, Zambia, and DRC. Its Geodgevonden coalmine near Witbank produces 6.7 million tons of coal annually. Then, ARM’s Iron Ore Mine in Beeshoek produced 3.0 million tons of iron ore in 2020, whereas Khumani Mine’s Iron Ore Mine produced 13.1 million tons of iron ore the same year.

Also, in the 2020 fiscal year, African Rainbow Minerals Ferroalloys Works at Sakura produced 232,000 tons of Ferromanganese. And the Manganese Ore Mines at Nchwaning and Gloria produced 3.6 million tons of manganese ore that same 2020. Additionally, the Participative Coal Business (PCB) thermal coal mine produces over 12 million tons of saleable thermal coal per year.

African Rainbow Capital (ARC)

African Rainbow Capital is a 100 percent owned subsidiary of Ubuntu-Botho Investments. Patrice Motsepe founded the South African registered investment holding company in July 2015. African Rainbow Capital Investments, which was listed on the Johannesburg Stock Exchange on September 7th, 2017, is majority owned by African Rainbow Capital (the non-listed entity).

ARC’s parent company, UBI, has an asset base of over R30 billion. With UBI partly investing its capital in ARC, the investment holding company seeks to utilize its empowerment credentials and brand to invest in financial services and non-financial services businesses. The company focuses on acquiring a shareholding in businesses that deliver exceptional returns on equity.

As UBI’s operating investing entity, African Rainbow Capital creates value primarily for shareholders by acquiring a minority interest in companies they invest in. From the dividends that are paid over a period of time, the finance company further manages the capital for the benefit of the stakeholders. Its broad-based stakeholders include churches, trade unions, women, youth, and traditional leaders.

Today, African Rainbow Capital has a shareholding in over forty companies, and these investments contribute to Patrice Motsepe’s net worth in rands. In April 2019, the company acquired a 25% stake in Capital Legacy – a South African company that specializes in estate administration. And other companies they have stakes in are listed as follows:

  • Industrial group, Afrimat
  • Tyme Bank
  • Val de Vie, a luxury property estate
  • Rain
  • Santam
  • Indwe Broker Holdings
  • The agricultural company, BKB
  • Alexander Forbes – the administrator of the pension fund
  • Capital Appreciation, a special purpose acquisition company

African Rainbow Life (ARL)

In May 2019, African Rainbow Capital announced that it had over R750 million to spend on the acquisition of stakes in the financial services sector. The company, however, moved on to launch a new insurance firm called African Rainbow Life (ARL). It was formed in partnership with Sanlam.

ARL is a product of a two-pronged Black Economic Empowerment deal between the South African mining billionaire and Sanlam. The BEE deal was finalized in the year 2018. It resulted in Sanlam granting African Rainbow Capital’s parent company, Ubuntu-Botho Investments, a loan of $180 million to create a new insurance company, ARL.

Sanlam, which is one of the largest insurers in South Africa, owns a controlling stake of 51% in African Rainbow Life. Motsepe’s ARC, on the other hand, owns a minority stake of 26% in the new insurer. ARL offers a full spectrum of insurance which includes underwritten life insurance, retirement products, and investments. Its focus is on the low-income, entry-level retail insurance market.

African Rainbow Energy & Power (AREP)

African Rainbow Energy and Power was established by Patrice Motsepe in 2012. The company’s main focus is on the utilization of modern technology and renewable energy technologies to supply affordable electricity not only in South Africa but across African nations. AREP also focuses on clean energy solutions such as hydro, gas, renewables, and complementary transmission investments.

With AREP’s holding company, Ubuntu-Botho Energy, becoming the only African company that is a partner in the Breakthrough Energy Ventures started by Bill Gates, the African energy company has a diversified portfolio of clean energy projects in SA. Breakthrough Energy Ventures is an investor-led fund that empowers new companies that aim to provide energy with zero emissions.

African Rainbow Energy and Power has invested more than 700 megawatts with technology diversification and geographic spread. In 2021, the Johannesburg-based company entered a joint venture with ABSA and launched a new entity called African Rainbow Energy. It is an African-led renewable energy investment platform. The venture resulted in African Rainbow Energy having about R6.5 billion in gross assets that covered 31 renewable energy assets.

Thus, it became one of South Africa’s largest and most diversified independently owned energy businesses. Patrice Motsepe’s net worth in rands will definitely increase in the coming years as AREP aims to add 5,000 megawatts of energy assets. This will make the company the biggest clean electricity provider on the African continent.

In late 2020, African Rainbow Energy and Power entered into a partnership with SOLA Group by acquiring a strategic stake of 40% in the group. Motsepe’s company expanded its investment in the renewable energy sector by becoming the largest individual shareholder in SOLA Group. Through ARC, Patrice Motsepe also invested R249 million in the development of new commercial and industrial solar assets across the continent.

Mamelodi Sundowns Football Club

Founded in the 1970s, Mamelodi Sundowns Football Club, also known as Sundowns, is a professional football club that plays in the Premier Soccer League, which is the first tier of South African football league systems. The football club is based in Mamelodi, Pretoria, in Gauteng province and plays its home games in the Lucas Masterpieces Moripe Stadium and the Loftus Versfied Stadium.

Sundowns were purchased by Patrice Motsepe in 2003, and by market value, it is one of the most valuable football clubs in Africa presently. Since its inception, Mamelodi Sundowns have broken several records and equally recorded incredible success. It has won the Premier League title for a record 12 times as well as the National Soccer League title thrice.

The club also won CAF Champions League in 2016 and CAF Super Cup in 2017. In 2021, Sundowns emerged as the first African club to win both CAF Champions League and CAF Women’s Champion League titles. Following the teams’ participation in domestic competitions, Patrice Motsepe’s football club has also emerged winners of the Nedbank Cup six times, the Telkom Knockout four times, and the MTN 8 four times.

In friendly cup competitions, Sundowns have won the following:

  • Ohlsson’s Challenge Cup (1988)
  • Telkom Charity Cup (1991, 2000, 2004, 2005, 2006)
  • Shell Helix Cup (2018)
  • Carling Black Label Cup (2022)

Furthermore, Mamelodi Sundowns is the first South African team to compete in the FIFA Club World Cup. It is presently ranked as the most successful club in the South African Premier Soccer League era. Thus far, the football club has won the following awards:

  • Premier Soccer League Team of the Season (2013/2014, 2015/2016)
  • African Club of the Year (2016)
  • South African Team of the Year (2016)

Blue Bulls Rugby Team

Interestingly, Patrice Motsepe’s interest in sport didn’t end at Mamelodi Sundowns’ ownership. The businessman additionally owns a 37% stake in the rugby team, Bulls. He acquired the stake in November 2019 and is a major shareholder along with Remgro, with a 37% stake, too. The Blue Bulls Rugby Union owns a 26% stake.

Remgro is a Johannesburg Stock Exchange-listed investment holding company in which South African billionaire Johann Rupert owns a 70% stake. The two billionaire businessmen made a joint offer to purchase a majority share in Blue Bulls Company in October 2019. Blue Bulls Company is the owner of Bulls―a South African rugby union team competing in the Super Rugby competitions.

Wine Production

In January 2022, Patrice Motsepe ventured into wine production. He purchased a luxury wine farm for over R70 million. The wine farm is popularly called Hidden Valley and is located near Stellenbosch and Somerset in South Africa. The 28-hectare farm was listed for sale at R160 million.

However, it is believed that the celebrated entrepreneur paid between R100 million and R120 million for the luxury farm. He reportedly acquired the property at a higher fee compared to the amount the former owner, Riaan Stassen, paid in 2015 when the property was first sold. As a leading billionaire industrialist and serial investor, Motsepe has invested across key sectors of the South African economy.

Hence, his venture into the wine industry was not a surprise, and it is believed that it will help promote the industry. Wines of South Africa Communications Manager Maryna Calow asserted that the venture would aid in advertising the brand, making it more attractive to other markets. She also hopes that it will grow the tourism industry in the area. And could equally build strong relationships between Stellenbosch and Gauteng.

Rain Network Major Shareholder

South African mobile communications company Rain was launched in 2019. It provides messaging, voice, data, and converged services. The story behind the telecommunications network started in the early 2010s when Paul Harris and Michael Jordaan invested in MultiSource, which provided a wide range of telecommunications services and products.

Besides Harris and Jordaan, other successful South African businessmen behind the operations of the data-only mobile network include Patrice Motsepe, Willem Roos, Johan van der Merwe, and Johan van Zyl. Paul Harris and Nicola Harris own a controlling stake of 41.3% worth R6.2 billion in the Rain network through Quarme Private Equity Investments.

Motsepe, on the other hand, is Rain’s second major shareholder. He owns a 19.93% stake (valued at R3 billion) in the telecommunications company along with Johan van der Merwe and Johan van Zyl. He made the investment using his company, Ubuntu-Botho Investments (UBI) General Partner. Michael Jordaan then has an 11.53% stake in Rain valued at R1.73 billion.

Executive Roles in Top Organisations

In addition to holding executive positions in his diverse companies, Patrice Motsepe has played executive roles in other top organizations. He serves as the non-executive chairman of Harmony Gold Mining – the first largest gold mining company in South Africa. He has also worked as the chairman of Teal Exploration and Mining Incorporated.

Below is the list of executive positions held by the wealthy industrialist.

  • Non-executive director of Sanlam Ltd
  • Chairman of Ubuntu-Botho Investments (UBI)
  • Executive Chairman of African Rain Minerals (ARM)
  • Executive Chairman of African Rainbow Capital (ARC)
  • Non-executive chairman of Harmony Gold Mining
  • Non-executive director of ABSA Group
  • President of Mamelodi Sundowns Football Club
  • President of Confederation Africaine de Football (CAF)
  • Former president of South Africa’s Chamber of Commerce and Industry
  • Former chairman of Teal Exploration and Mining Incorporated
  • Former interim chairman of the Black Business Council
  • Former president of Business Unity SA (BUSA)

List of Patrice Motsepe’s Businesses

  • African Rainbow Minerals (ARM) (1997-present)
  • Mamelodi Sundowns Football Club (2003-present)
  • Ubuntu-Botho Investments (UBI) (2004-present)
  • African Rainbow Energy & Power (AREP) (2012-present)
  • African Rainbow Capital (ARC) (2015-present)
  • African Rainbow Life (ARL) (2019-present)
  • African Rainbow Energy (2021-present)
  • Wine Production (2022-present)
  • UBI General Partner (Pty) Ltd
  • ARM Consortium Limited
  • African Rainbow Minerals Platinum (Proprietary) Limited

What is Patrice Motsepe’s Salary?

Patrice Motsepe’s salary as the CAF president is reportedly over R3 million per month. It was the amount earned by the former president of CAF, Ahmad Ahmad. However, since taking up the prestigious role, the businessman cum philanthropist is reported to have turned down monthly salaries from the Confederation Africaine de Football.

Instead, he is said to have invested his family’s money in football as his foundation, the Motsepe Foundation once gave $10 million to schools football. Furthermore, Patrice Motsepe is said to be entitled to a total compensation of over R20 million for his role as the non-executive, non-independent chairman of the board of Harmony Gold Mining Co Ltd.

Undoubtedly, Patrice Motsepe’s net worth in rands is significantly increased by the earnings from the executive roles he plays at numerous organizations.

The Billionaire Businessman Pledged to Donate Half of His Wealth to Charity in 2013

Despite acquiring tremendous wealth for himself, Patrice Motsepe announced in 2013 that he would be donating at least half of his wealth to his family foundation, the Motsepe Foundation. He decided to use his high net worth to improve society when he signed The Giving Pledge, founded by Bill Gates and Warren Buffet in the year 2013.

Established in 1999, the Motsepe Foundation focuses on improving the quality of life of South Africans. In the past years, they have financially assisted the unemployed, workers, youth, women, and marginalized communities in the country.

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