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South African mining magnate Patrice Motsepe, who serves as president of the Confederation of African Football (CAF) and is an in-law of President Cyril Ramaphosa, has joined the $4 billion net-worth club, propelled by a rally in gold and copper assets and a strategic expansion into Australia.
Motsepe’s fortune is now estimated at about $4.2 billion, placing him among the world’s top 1,000 richest individuals, according to Forbes data, and making him the fourth South African to ever reach the $4 billion milestone.
The achievement places Motsepe in a small group of African billionaires who have surpassed the $4 billion mark, including Aliko Dangote, Africa’s richest person; Johann Rupert, the luxury-goods billionaire behind Richemont; Nicky Oppenheimer, the former De Beers heir; Nassef Sawiris of Egypt; Mike Adenuga of Nigeria; and Abdulsamad Rabiu, the Nigerian industrialist whose fortune is anchored in cement and sugar.
Mining strength underpins wealth gains
Motsepe’s rise has been driven largely by his exposure to mining assets, particularly gold. He is the founder and largest shareholder of African Rainbow Minerals Ltd. (ARM), holding a 45.9% stake, and maintains an indirect interest in Harmony Gold Mining Co., South Africa’s largest gold producer.
ARM shares have risen more than 15% since the start of the year, lifting the company’s market capitalisation to roughly $3 billion and increasing the value of Motsepe’s stake to about $1.37 billion.
Harmony Gold shares have gained over 12%, taking the company’s valuation to approximately $14.4 billion and pushing the estimated value of Motsepe’s indirect holding to around $1.7 billion.
The gains have coincided with a surge in gold prices to record levels, as investors reassess monetary policy expectations and seek refuge in safe-haven assets.
Australian copper push signals strategic shift
Motsepe’s mining exposure is no longer confined to Africa. Through his influence at Harmony Gold, the billionaire has backed a significant expansion into Australia, marking a strategic push into copper, a metal critical to electrification and the global energy transition.
Harmony recently completed the $1 billion-plus acquisition of MAC Copper Ltd., owner of the high-grade CSA Copper Mine in New South Wales, one of Australia’s longest-running underground copper operations.
The company is also advancing the Eva Copper project in Queensland, with total development spending expected to reach up to $1.7 billion.
From first Black billionaire to diversified capital allocator
Through African Rainbow Capital, Motsepe has stakes in financial services, technology, infrastructure, and renewable energy, including Tyme Group, a Singapore-based digital bank operating across Africa and Southeast Asia.
Despite this diversification, his wealth growth comes amid a $195 million Tanzanian mining lawsuit against his firm, highlighting the challenges of cross-border resource investments.
Nevertheless, crossing the $4 billion mark remains rare among African billionaires, underscoring how commodity exposure, strategic diversification, and influence in sport and politics can elevate industrialists to the global wealth elite.
