Africa's First Black Billionaire Patrice Motsepe Drops 1,284 Behind Dangote in List of World's Richest Men
- Patrice Motsepe, Africa's first black billionaire is now the 1,284th richest man on Forbes' list
- His latest position is 1,153 places behind Aliko Dangote, the current richest black man in the world who is ranked 131 on the world's rich list.
- Motsepe is from South Africa and has an investment interest in Mining, sports among several others
Patrice Motsepe has dropped to 1,284th position on Forbes' list of the world's richest men.
Motsepe made history as the first black African billionaire to appear on the Forbes list in 2008 at the age of 46.
Source: Facebook
According to Forbes as of Sunday, May 14, 2023, Motsepe's net worth stands at $2.4 billion, a decrease of $800 million from his net worth of $3.2 billion in 2023.
In comparison, Aliko Dangote's net worth is $13.6 billion."
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About Patrice Motsepe
Patrice Motsepe, major source of income is mining. He is the founder and chairman of African Rainbow Minerals and African Rainbow Capital, focused on investing in Africa.
Motsepe also has a stake in Sanlam, a listed financial services firm, and is the president and owner of the Mamelodi Sundowns Football Club.
In March 2021, Motsepe was elected president of the Confederation of African Football, the sport's governing body on the continent.
What happened to his wealth
Report shows that Motsepe's wealth slump is attributed to the market value of his major source if income ARM where he holds a 39.7-percent stake.
ARM A is a South African mining and minerals company with strategic positions in iron, coal, copper, gold, platinum, and other precious metals.
Checks revealed that ARM share price has fallen by over 20 percent since the start of the year, dropping from R288 ($14.92) on Jan. 1 to R230.56 ($11.94) at the time of writing.
Elumelu's wife spends over N6bn to buy more shares days after husband's move
Meanwhile, in another report, Awele Elumelu, the wife of billionaire businessman Tony Elumelu, has bought N6 billion worth of shares in Transcorp.
The investment makes her the third-largest shareholder, which helps the family have a firm grip on the company.
Transcorp Group is one of Nigeria's leading Conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors.
Source: Legit.ng
