South African mining magnate Patrice Motsepe has an estimated net worth of $1.48 billion as of 2015, according to Forbes. Raised in very poor rural area, Patrice Motsepe is the first and only black South African billionaire. He attended University of Swaziland (B.A.) and earned a law degree from University of the Witwatersrand.
Patrice Motsepe is the founder of African Rainbow Minerals (ARM); a Stock Exchange-listed company in Johannesburg. The interest of the company include platinum, nickel, chrome, copper, iron, gold and manganese. He also holds a stake in Sanlam, which is a publicly traded financial service company. In February 2013, Motsepe reported that he will be giving away half of his income to charity. He has benefited from South Africa’s Black Economic Empowerment laws, which states that companies should be at least 26% black-owned in order to get a government mining license. He is married to Precious Makgosi Moloi, they couple has 3 children: Thlopie, Kgosi and Kabelo.