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Africa's First Black Billionaire Patrice Motsepe Drops 1,284 Behind Dangote in List of World's Richest Men
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Africa's First Black Billionaire Patrice Motsepe Drops 1,284 Behind Dangote in List of World's Richest Men

by  Dave Ibemere 2 min read
  • 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

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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.

Patrice Forbes bilionaire list
Patrice Motsepe wealth chart Credit: @forbes
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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Tony Elumelu's wife spends over N6bn to buy more shares in Transcorp after her husband decisions

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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.

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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

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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