Patrice Motsepe: CAF president loses $600 million in 2023

Patrice Motsepe: CAF president loses $600 million in 2023

ByThe Mwebantu Team

In 2023, Patrice Motsepe, the South African mining magnate and president of the Confederation of African Football, faced financial headwinds. According to the latest data from the Forbes Billionaires Rankings, the African Rainbow Minerals (ARM) founder’s fortune has declined by $600 million over the past year, representing a drop of around 19%.

This significant drop in Patrice Motsepe’s fortune, currently valued at $2.6 billion, is mainly attributed to the drop of more than 30% in the price of ARM shares on the Johannesburg Stock Exchange. Motsepe’s main asset, ARM, has been impacted by the continued fall in prices of platinum group metals, including platinum, palladium and rhodium.

Additionally, this trend has highlighted the wider challenges facing the mining sector in South Africa, with mine closures, planned layoffs and increased industrial unrest. Indeed, the share of mining in South African GDP fell from 21% in 1980 to just 7%, according to the South African Institute of Statistics.

Despite recent financial challenges, the self-made man image surrounding Motsepe remains intact. Currently ranked as the ninth richest man on the continent according to the latest Forbes ranking, he remains the first African to commit, in 2013, to donating at least half of his fortune as part of The Giving Pledge campaign, initiated by American billionaires Bill Gates and Warren Buffett. Patrice Motsepe’s exceptional trajectory from Soweto township to South Africa’s first black billionaire continues to inspire despite recent financial setbacks.

The Mwebantu Team
The Mwebantu Team

Led by Nia, the insightful editor-in-chief, Kwame, our technology expert, and Amara, the bold field reporter, the Mwebantu team weaves the vibrant narrative of Africa every day, forging a narrative bridge between the continent and the world. Their shared passion illuminates the mission of Mwebantu News, making African voices resonate on the global stage.