Patrice makes perfect

Mining magnate and self-made billionaire Patrice Motsepe is the first African to join some of the world’s wealthiest people in donating some of their personal wealth to the poor this week. He announced on Wednesday he had signed up for the Giving Pledge, an initiative started by US billionaires Warren Buffett, and Bill and Melinda Gates, in which the rich give half of their wealth to philanthropic causes over the course of their lifetime. As part of his pledge, Motsepe will donate half of the proceeds from his family investments to charities dealing with issues affecting health, education, unemployment and the upliftment of women.

R24 billion
He will donate the percentage yield on his investment, which is a conservative 3%

He is worth

R720m
The return of 3% on R24 billion is about R720 million a year

½
Source: Theo Vorster, Galileo Capital

That means he will donate about
(R720 million divided by 2)
R360m

R1 million
a day to charitable causes

R360 million a year

Graphics24