South Africa’s First Black Billionaire Signs ‘Giving Pledge’ for Poor

patrice motsepe

South Africa’s first black billionaire, Patrice Motsepe, signed the “Giving Pledge” on Wednesday to become the first African among the world’s wealthiest people to donate vast sums of personal wealth to the poor.

Motsepe, a mining magnate who is founder and executive chairman of African Rainbow Minerals, is estimated by Forbes magazine to be worth $2.65 billion.

The Giving Pledge is a philanthropic initiative started by U.S. billionaire Warren Buffet along with Bill and Melinda Gates that has recruited nearly 100 billionaires, mostly Americans, who have pledged to donate the majority of their wealth to charity.

Motsepe did not say exactly how much he will donate but he “will contribute at least half of the funds generated by our family assets to the Motsepe Foundation.”

Motsepe, along with his wife, told a news conference most of their donations will be used to bolster education and health in South Africa – the continent’s richest economy blighted by mass poverty and some of the world’s highest rates of income disparity.

“We recognise the huge responsibility and duty that the Motsepe family has to the poor,” said Motsepe, adding he would push other wealthy South Africans to follow suit.

(Photo by Simon Dawson/Bloomberg via Getty Images)