Motsepe to give away half his wealth

South African billionaire businessman Patrice Motsepe is following in the footsteps of Bill Gates.
The Money Show’s Bruce Whitfield speaks to Galileo CEO Theo Vorster about billionaire businessman Patrice Motsepe’s philanthropic venture.

JOHANNESBURG - South African billionaire businessman Patrice Motsepe on Wednesday announced his family would give half the funds generated by its assets to the Motsepe Foundation to help marginalised communities.

Motsepe, who is the founder and executive chairman of African Rainbow Minerals, is following in the footsteps of American billionaires Warren Buffet and Bill Gates.

In 2006, Buffet pledged to give away 99 percent of his wealth to charity.

Gates himself praised the initiative via a video message.

Motsepe's wife read from a media statement.

“This is to be used during his lifetime and beyond, and that of his wife Precious Motsepe, to improve the lifestyles and living conditions of poor, disabled, unemployed women, youth workers and marginalised South Africans.”

According to Forbes, Motsepe has amassed his wealth through his publically trading mining conglomerate, African Rainbow Minerals (ARM).

The mining company has interests in platinum, nickel, chrome, iron, manganese, coal, copper and gold.

He also holds a stake in Sanlam, and is the president and owner of the Mamelodi Sundowns Football Club.

Motsepe was ranked at number 442 on the Forbes richest people list and was ranked at number four on a similar list of South Africa's richest people.

Meanwhile, the University of Cape Town has released a study which shows 80 percent households go to bed hungry across the country.

The study shows 87 percent of people go to bed hungry in Msunduzi in KwaZulu-Natal.

It is followed by 80 percent of people in Cape Town.

South Africa has one of the highest levels of inequality in the world.

(Edited by Lindiwe Mlandu)