8:35 pm - Thursday July 31, 2014

South Africa’s only Black Billionaire Donates Half his Fortune to Charity

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South African billionaire Patrice Motsepe has donated half of his $2.65 billion to charity. The beneficiary is the Motsepe Foundation, which was founded in 1999 by the billionaire and his wife, Precious.

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“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 marginalized South Africans.

“I was also a beneficiary of various people, black and white, in South Africa and in the US who educated, trained, mentored and inspired me and whose faith and belief in me contributed to my success in my profession, business and elsewhere. The same can be said about my wife, Precious, and we are deeply indebted to them and many more.

“Most of our donations have been private, but the need and challenges are great, and we hope that our Giving Pledge will encourage others in South Africa, Africa and other emerging economies to give and make the world a better place.” Motsepe said

Giving Pledge is a campaign founded by Bill Gates and Warren Buffett in 2010, which encourages wealthy people to donate their fortune to charity. As of November 2012, 91 billionaires – mostly Americans, have committed to the pledge. Motsepe is the first African to do this.

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