South
Africa’s richest black man, Patrice Motsepe, has announced he is giving
away half his wealth to improve the lives of the poor.
The mining magnate said the money would be handled by the Motsepe Foundation to address education and health issues.
He
said he was inspired by the word’s two wealthiest men, Bill Gates and
Warren Buffet, who are encouraging billionaires to donate to charity.
Mr Motsepe has a net worth of $2.65bn (£1.67bn) by Forbes’ rich list estimates.
‘Part of our culture’
Born in the Soweto township, he is a lawyer
by training and South Africa’s first and only black billionaire. He
founded the publicly traded mining conglomerate, African Rainbow
Minerals, which has interests in platinum, gold, coal and other
minerals.
He made most of his mining fortune through
the government’s black economic empowerment policy, which mandates that
mining companies be at least 26% black-owned, says the BBC’s Pumza
Fihlani in Johannesburg. The businessman also owns Pretoria-based
football club Mamelodi Sundowns.
Mr Motsepe made the announcement at an event
in Johannesburg, where on a live video link Microsoft founder Mr Gates
praised his decision.
He said he was also going to join the The
Giving Pledge, a campaign started by Mr Gates and investor Mr Buffet in
2010. So far more than 70 billionaires have signed up to it.
“I decided quite some time ago to give at
least half of the funds generated by our family assets to uplift poor
and other disadvantaged and marginalised South Africans but was also
duty-bound and committed to ensuring that it would be done in a way that
protects the interests and retains the confidence of our shareholders
and investors,” Mr Motsepe said in a statement.
Mr Motsepe said he was also inspired by the
spirit of “ubuntu” – an African belief system which translates as “I am
because you are”, meaning individuals need other people to be fulfilled.
“South Africans are caring, compassionate and
loving people. It has always been part of our culture and tradition to
assist and care for less fortunate and marginalised members of our
communities. This culture is also embodied in the spirit and tradition
of ubuntu/botho,” he said.
– Via BBC News
