SA’s first black billionaire makes Forbes’ list

Topic: Current Affairs » February 08 Author: SAPA

Three South African names appear on this year's Forbes World Billionaires list, released late Wednesday.

The names include Nicky Oppenheimer, Anton Rupert and mining magnate Patrice Motsepe - this country's first black billionaire.

Nicholas Oppenheimer is placed 173rd on the list, while Rupert is in 284th place and Motsepe is at number 503.

Born in Soweto and then trained as a lawyer, Motsepe became the first black partner at Johannesburg's Bowman Gilfillan law firm, before starting a low-level contracting business doing mine work, Forbes said.

Motsepe bought low-producing gold mine shafts in 1994 and turned them profitable "using lean, mean management style”.

Since then, he has built $875-million mining conglomerate, African Rainbow Minerals (ARM), with interests in a wide swathe of minerals: precious metals (platinum and its cousins), nickel, chrome, iron, manganese and coal, Forbes said.

He "benefited" from South Africa’s Black Economic Empowerment (BEE) laws, "which mandate that companies be at least 26 percent black-owned in order to get a government mining license," Forbes said.

Motsepe also holds a 5,5 percent stake in Sanlam.

A total of 1 125 billionaires made it on to this year's list.

Bill Gates is no longer the richest person in the world. That title is now held by Warren Buffett.