Right: SA mining tycoon Patrice Motsepe. Credit to AFP/Kenzo Tribouillard. Left: Zimbabwean business man Strive Masiyiwa. Credit to Getty Images/Jemal Countess
South African mining tycoon Patrice Motsepe – who has been the richest Black man in southern Africa since 2008 – has officially been dethroned by Strive Masiyiwa.
Motsepe founded Future Mining in 1994 and purchased gold mines from AngloGold under favourable finance terms three years later.
Zimbabwean businessman Strive Masiyiwa, 61, increased his net worth to US$1.7 billion (approximately R27 billion) as of January 2022.
That means Masiyiwa makes approximately US$14.53 million (approximately R230 million) every day.
Masiyiwa’s boost to the top is courtesy of a year-to-date share price increase of his telecoms company, Econet Wireless Zimbabwe.
This article’s headline was updated to clarify that Masiyiwa surpassed Motsepe as the richest Black man in southern Africa, a title he’s held since joining Forbes’ Billionaires list in 2008.
His technology conglomerate, Econet Global, includes EcoCash Holdings (formerly Cassava Smartech), Liquid Intelligent Technologies, Africa Data Centres, and Sasai Fintech.
As reported by iHarare, Masiyiwa announced his retirement as chairman of Econet Wireless Zimbabwe Limited back in February 2022.
He had served on the board since the company’s inception in 1993 and its subsequent listing in 1998. His daughter Elizabeth Tanya Masiyiwa joined the board in April.
Masiyiwa joined the Bill and Melinda Gates Foundation board of trustees in January, along with Thomas Tierney, co-founder of Bridgespan Group, and Minouche Shafik, a former World Bank official.
“We are honoured that these three deeply knowledgeable and respected individuals have agreed to join the foundation board”, foundation CEO Mark Suzman said.
“They bring an incredible track record of impact across global business, philanthropy and development”.
Patrice Motsepe currently ranks 998th on Forbes Billionaires List, with Masiyiwa now at 586th. Elon Musk is currently the richest man globally, with a net worth of $246 billion (R3.8 trillion).
He is followed by Bernard Arnault ($158.2 billion/R2.5 trillion), Jeff Bezos ($150.1 billion/R2.4 trillion), and Bill Gates ($128.4 billion/R2 trillion).
SA’s super-rich accumulated even more wealth, with Johann Rupert staking his claim as the wealthiest person in the country with a fortune of $8.9 billion (approximately R140 billion.)
NOW READ: South Africans on Billionaires List 2022: Why their wealth is shocking
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