Patrice Motsepe Net Worth 2012

Patrice Tlhopane Motsepe

Net Worth:$2.7 Billion  – As of March 2012
Richest Person In South Africa: #4
Source Of Wealth: Mining, Self made
Company: African Rainbow Minerals (ARMgold)
Title: Executive Chairman of ARMgold

South African mining magnate, Patrice Tlhopane Motsepe, has a net worth of $2.7 billion  as of March 2012, according to Forbes list of billionaires. He is South Africa’s first and only black billionaire. His fortune increased by $1 billion since 2010, as a result of rising stock prices but later drop in 2011. He was born in the sprawling black township of Soweto and then trained as a lawyer, he became first black partner at Bowman Gilfillan law firm in Johannesburg, before starting a contracting business doing mine scut work. Motsepe bought low-producing gold mine shafts in 1994, turned them profitable using lean, mean management style. Since then he has build $1.5 billion (sales) mining conglomerate, African Rainbow Minerals (ARM), with interests in platinum, nickel, chrome, iron, manganese, coal and gold. Motsepe also holds a stake in Sanlam, a publicly traded financial services company outside Cape Town where he sits on the board.