Motsepe cracks Forbes world billionaire list
March 7, 2008
By Ronnie Morris and Sapa
Cape Town - Dubbed "The prince of mines'', Patrice Motsepe, the executive chairman of JSE-listed African Rainbow Minerals (ARM), strode into the history books when he was named South Africa's first black billionaire by Forbes, the authoritative US magazine.
With a 42 percent stake in ARM, he is estimated by Forbes to have a net worth of $2.4 billion (about R19 billion). He joined 226 new billionaires, who now find themselves in the exalted company of the 1 125 richest people on earth.
This exclusive club includes Warren Buffett, who has a fortune estimated at $62 billion, up by $10 billion since last year.
Buffett bumped Microsoft's joint founder Bill Gates off the top position.
Gates fell to third behind Mexican telecoms mogul Carlos Slim, who has an estimated net worth of $60 billion.
The other two South African names on this year's list, released on Wednesday, include mining magnate Nicky Oppenheimer and cigarette and luxury goods maker Johann Rupert.
Oppenheimer ranks 173rd, while Rupert is in 284th place. Motsepe is at number 503 on the list.
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