S. African billionaire to give away half his money
JOHANNESBURG (AP) - A South African billionaire says his family will give away half of its money to charity.
The South African Press Association reported that Patrice Motsepe said at a press conference Wednesday that it is important for the successful to help the less fortunate.
Forbes Magazine says Motsepe is the fourth-richest man in South Africa and the eighth richest on the continent. Forbes says Motsepe has a net worth of $2.65 billion, wealth made in the mining sector.
Motsepe said his family decided to join the Giving Pledge, which was initiated by Warren Buffett and Bill and Melinda Gates. The pledge encourages wealthy families across the world to give at least half of their money to charity.
The South African Press Association reported that Patrice Motsepe said at a press conference Wednesday that it is important for the successful to help the less fortunate.
Forbes Magazine says Motsepe is the fourth-richest man in South Africa and the eighth richest on the continent. Forbes says Motsepe has a net worth of $2.65 billion, wealth made in the mining sector.
Motsepe said his family decided to join the Giving Pledge, which was initiated by Warren Buffett and Bill and Melinda Gates. The pledge encourages wealthy families across the world to give at least half of their money to charity.
"Patrice was born to Augustine Motsepe, a schoolteacher turned small businessman, who owned a Spaza shop popular with black mine workers, it was from there that Patrice Motsepe learnt basic business principles from his father as well as first hand exposure to mining. He earned a law degree and became the first black partner in the law firm Bowman Gilfillan in 1994, the same year Nelson Mandela was elected the countryâs first black president. He specialized in mining and business law at a time when the new government had begun the process of promoting black empowerment and entrepreneurship. Motsepe soon founded a mining services venture to glean gold dust from inside mine shafts, implementing a system of worker remuneration that combined a low base salary with a profit-sharing bonus. In 1997, with gold prices at a low, he purchased marginal gold mines from Anglo Gold under favourable finance terms this was repeated in a string of deals and Motsepe set up a firm to begin buying the operating mines that would become the source of his wealth. In 1999 he teamed up with two of his associates to form Greene and Partners Investments." Interesting climb and kudos to him!
send it to the 'south african billionaires who support bartle_doo' foundation...you can google for more info...
The problem is, most of the money given to charity doesn't "trickle" down to those it was designated for. There's an incredible amount of fraud, waste and abuse even amongst the more reputable charitiable orgainizations. I read an article last year that estimated that 85% of all charitable contributions somehow vanish into thin air. There has to be accountability folks!
 @dylandawgie:Â
I have always thought that "charities" would do much more good if they simply alloted a set $$ amount per person, and let the families spend it how they NEED to as individuals to rebuilod their lives. Giving to a "charity" creates a middleman - and with a middleman, there are operating costs and other expenses that are taken from the monies donated to cover costs. Given straight to those in need that money would be better spent helping them, and as they spend in their communities it would help the communities as well.
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Look at the relief "effort" back east for Super Storm Sandy. We are 3 months out since the storm, and in so many plces it looks like the storm just hit yesterday. People have been out of their homes (ifd their homes are even still standing) for months, with no end in sight. Every day there are TV ads "text 90999 to send $10 to the American Red Cross Disaster Relief Fund". I am assuming people are doing this, but is any of the money getting to the people who actually need it, or is it simply pooling up in a bank account somewhere collecting interest while people continue to suffer? Even Congress has screwed them over, waiting months to even consider bills covering relif funds and then not getting them to a vote on the floor in a timely manner. I would bet if any of those in Congress were trying to survive in the empty shell of a house on Staten Island, with no electricity or running water or heat, the refilef bill would have passed 10 days after the storm hit.
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"Charity" needs to be "boots on the ground" - put the money in the hands of those who need assistance, and let them determine the best uses for it. They are going to be the "experts" on their own situations, and what is needed.
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In a country still very much plagued by the remnants of apartheid: oppression, horrible social bias, poverty, etc, hopefully he donates most of it to local causes, in the area he lives. Granted, any donation to a worthwhile charity is helpful, but that's an area which gets overlooked too often. In such a diverse and wealthy country, it's beyond shameful that so many of the people native to the land are still oppresed and living well below the poverty line. (sounds familiar...)
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On the other hand, I would be more than happy to hold onto that money until he makes a decision, for just a small fee.
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That's awesome. If I had over 2 BILLION dollars, I'd do the same. No one needs that much money.
 @Tattooed_Angel But he also earned it... and has every right to keep it too . Although I do believe he is doing a very nice thing.Â
Spend it in Africa where it will do the most good.
its people like this who give me faith in humanity <3
PO BOX 3623 KENT, WA 98089
JUST PUT REELIN21
You get a kudo for trying.
I fully support charitable contributions of a reasonable amount but the wealthy got that way because they know how to synergize other people's labor into accomplishing great things. He would better serve society by providing a million good paying jobs in growing sectors of the economy. Dissapating his wealth through charitable contributions may make him feel better but business does a better job of taking care of people long term than charities do.