African mining magnate Patrice Motsepe is giving away half his family fortune to charity as part of Bill Gates and Warren Buffett’s The Giving Pledge. He becomes the first African to do so. Motsepe’s net worth is estimated to be in the region of R23.94 billion.
The beneficiary will be the Motsepe Foundation, which was founded in 1999 by Motsepe and his wife Precious.
It oversees the philanthropic work done by the family, which includes:
- Education and health
- The development and upliftment of women, youth, workers and the disabled
- The development of entrepreneurs and social entrepreneurs
- Rural and urban upliftment
- Soccer including youth soccer development
“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,” Motsepe said.
A pledge to give
The Giving Pledge encourages wealthy people to donate their fortune to charity. Microsoft chairman Bill Gates and Berkshire Hathaway chairman Warren Buffett (formerly the world’s wealthiest man) founded the campaign in 2010 and have both committed large chunks of their sizable wealth to charitable organisations around the world.