The wealth of Africa’s and South Africa’s richest man, Patrice Motsepe, has increased by $400 million.
As of December 10, 2023, his net worth was $2.3 billion, according to the latest statistics from Forbes. Nonetheless, the most recent data shows a significant increase, with Motsepe’s net worth hitting $2.7 billion at the end of Friday’s trading.
Analyzing the figures, the 61-year-old businessman began the year with a $2.6 billion net worth, demonstrating a gain of $100 million in the present evaluation.
Motsepe’s fortune is closely linked to his 40.37% ownership in African Rainbow Minerals, a mining business based in South Africa that specializes in precious metals such as iron, coal, steel, copper, gold, platinum, and other precious stones.
The revaluation of private investments has contributed to Motsepe’s net worth increase. Notably, his stakes in TymeBank, the top digital bank in South Africa, have had a substantial influence.
TymeBank acquired $77.8 million in fundraising at a pre-series C deal in 2023, garnering investors from foreign firms such as Norrsken22 and Blue Earth Capital.
In 2008, Patrice Motsepe, the pioneering creator and chairman of African Rainbow Minerals, became the first black African to be listed as a billionaire on Forbes, a historic achievement.
His impact goes beyond mining, as seen by the establishment of African Rainbow Capital, a private equity firm devoted to making investments throughout Africa, in 2016.
