April 18, 2014









African Billionaire Giving Poor Half His Fortune

African Billionaire Giving Poor Half His Fortune

( 4UMF NEWS ) African Billionaire Giving Poor Half His Fortune:

South Africa‘s first and only black billionaire announced Wednesday that he will give away half of his fortune to improve the lives of the poor and marginalized.

Patrice Motsepe, founder and executive chairman of African Rainbow Minerals, is the first African to join Bill Gates and Warren Buffet‘s Giving Pledge, which encourages billionaires to donate at least half of their wealth to philanthropic causes of their choice.

Motsepe said he drew inspiration from the African humanist philosophy of “Ubuntu,” which translates to “I am because you are.”

“South Africans are caring, compassionate and loving people,” Motsepe said. “It has always been part of our culture and tradition to assist and care for less fortunate and marginalised members of our communities. This culture is also embodied in the spirit and tradition of ubuntu/botho.”

Motsep has a net worth of $2.65 billion, Forbes estimates. The money will go toward the Motsepe Family Foundation, which is committed improve the living conditions of the poor, disabled, unemployed and disenfranchised South Africans.

“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 marginalised South Africans but was also duty-bound and committed to ensuring that it would be done in a way that protects the interests and retains the confidence of our shareholders and investors,” said Motsepe.

The mining magnate’s wife hopes that the decision will undermine the notion that Africans merely wait for outside help and do not take proactive measures to confront problems, reported the BBC.

“Yes we’ve got challenges but we also have an opportunity, particularly in this century, to turn our continent around and portray Africa in a positive light,” she said. “We can begin to do things for ourselves that show the world that not only are we recipients of aid but we can also begin to do things for ourselves.”

Motsepe formerly announced his decision at the Southern Sun Hotel in Johannesburg. Gates praised Motsepe’s charity via a live video that was broadcast in the hotel.

“It was a wonderful thing to hear how the Motsepes really, as part of their moral conviction as a family, believe in giving back. I want to congratulate them,” Gates said.

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