Patrice Motsepe slips off world’s top 1,000 richest as net worth drops $400 million

Eight days after reaching a personal net worth peak of $4.4 billion, South African billionaire Patrice Motsepe has seen his wealth fall by $400 million, causing him to slip off Forbes’ list of the world’s top 1,000 richest individuals. The decline, driven largely by a pullback in mining stocks, has reduced Motsepe’s net worth to $4 billion.

Motsepe’s mining wealth faces pressure

Forbes had estimated Motsepe, Africa’s first Black billionaire in 2008, at $4.4 billion as of January 29, placing him among the world’s wealthiest. Since then, falling gold prices have battered his mining holdings, particularly his 45.9 percent stake in African Rainbow Minerals (ARM) and his indirect 11.8 percent interest in Harmony Gold, South Africa’s largest gold producer, a position he has held since Harmony’s 2003 merger with Avmin.

Over the past week, ARM shares fell more than 17 percent on the JSE, from R267.92 ($16.7) to R228.16 ($14.2), reducing its market cap to R47.6 billion ($2.96 billion). Harmony Gold shares also dropped over 17 percent, from R400 ($24.94) to R330.6 ($20.61), lowering its market capitalization to $13.7 billion. As a result, the value of Motsepe’s holdings in ARM and Harmony slipped from $1.53 billion and $1.83 billion to $1.36 billion and $1.62 billion respectively.

Gold slump hits Motsepe wealth

The broader decline in mining stocks follows a pullback in gold prices, which fell from over $5,500 per ounce to $4,870 per ounce on Friday, wiping out much of the metal’s year-to-date gains amid volatility and selling pressure after record highs in January. Despite this setback, Motsepe remains South Africa’s third-richest individual, ahead of fellow billionaire Koos Bekker, whose wealth now stands at $3.8 billion following declines in Naspers and Prosus shares.

Motsepe’s brief exit from the global top 1,000 reflects the fragility of wealth tied to commodity markets, even for long-established billionaires. While the gold slump has dented his net worth, his position among South Africa’s wealthiest remains intact, underscoring the enduring value of his diversified mining interests and his status in the country’s business elite.