South African Billionaire Pledges To Give Away Half His Wealth

Mr. Motsepe with his family

From Forbes: "South African billionaire and mining tycoon Patrice Motsepe has joined Bill Gates’ and Warren Buffett’s Giving Pledge by announcing that he will give away half the income generated from assets owned by his family to the Motsepe Family Foundation. Motsepe, who is South Africa’s richest black man, with a net worth of $2.65 billion by FORBES’ latest estimates, made the formal announcement on Wednesday at Johannesburg’s Southern Sun Hotel during a gathering attended by King Goodwill Zwelithini of the Zulu nation, South Africa’s Basic Education Minister Angie Motshekga, Rabbi Warren Goldstein and religious leaders."

The article continues about the wealthy entrepreneur: "Motsepe is the first African to join the Giving Pledge, a campaign spearheaded by Bill Gates and Warren Buffett to encourage the wealthiest people in the world to make a commitment to give at least half of their wealth to philanthropic causes. In Motsepe’s statement, he stated: 'Precious [his wife] and I will contribute at least half of the funds generated by our family assets to the Motsepe Foundation to be used during our lifetime and beyond to improve the lifestyles and living conditions of the poor, disabled, unemployed, women, youth, workers and marginalised South Africans, Africans and people around the world.'"

More: "While it is not yet certain how much this money will amount to, Motsepe declared that the bulk of the money given to the Motsepe Foundation will be channeled towards issues affecting South Africa’s poor, including education, health, unemployment and advancing women."

And more: "In a live video at the event, America’s richest man, Bill Gates, commended Motsepe’s decision. 'It was a wonderful thing to hear how the Motsepes really, as part of their moral conviction as a family, believe in giving back. I want to congratulate them,' Gates said."