South African mining magnate Patrice Motsepe has seen his fortune shrink by $800 million in less than five months, reversing part of the gains that earlier pushed his net worth to a record high and briefly returned him to the ranks of the world’s 1,000 wealthiest people.

Motsepe, Africa’s first Black billionaire and the richest Black person in South Africa, was worth $4.4 billion in late January. According to Forbes’ real-time billionaire rankings, his net worth has since fallen to about $3.6 billion, reflecting a sharp decline in the value of his mining investments as gold-related stocks retreat from recent highs.

The setback comes after a strong start to the year for the businessman, who first joined the Forbes billionaires list in 2008. At the time, he became the first Black African to reach billionaire status, cementing his place among the continent’s most influential business leaders.

Motsepe mining stakes tumble on JSE

Much of the recent decline in Motsepe’s fortune can be traced to the mining companies that form the core of his wealth. He owns an indirect 11.8 percent stake in Harmony Gold, South Africa’s largest gold producer, through a holding that dates back to Harmony’s merger with Avmin in 2003. He is also the controlling shareholder of African Rainbow Minerals (ARM), where he holds a 43.66 percent stake.

Both companies have come under pressure in recent months. Shares of Harmony Gold have fallen more than 36 percent on the Johannesburg Stock Exchange over the past four months, while ARM has dropped nearly 30 percent during the same period. Those declines have erased billions of rand in market value and weighed heavily on Motsepe’s personal fortune.

Traders reassess risk as gold tumbles

The selloff reflects a broader retreat across mining stocks as gold prices weaken. Bullion has fallen sharply from levels reached earlier this year, reducing investor appetite for companies tied closely to the precious metal. Market participants have pointed to a combination of geopolitical uncertainty, rising energy costs, and shifting expectations for U.S. monetary policy as factors driving volatility across commodity markets.

Gold traded at about $4,330 an ounce on Monday after touching its lowest level since March. Investors continued to monitor developments in the Middle East, where tensions remain elevated despite diplomatic efforts aimed at reducing hostilities. The situation has kept financial markets on edge, with traders reassessing risk across asset classes.

At the same time, stronger-than-expected U.S. economic data and persistent inflation concerns have led investors to rethink the outlook for interest rates. Following last week’s jobs report, markets increased bets that the Federal Reserve could keep borrowing costs higher for longer. Attention has now shifted to upcoming reports, including the Consumer Price Index and Producer Price Index reports, which could offer fresh clues about the path of monetary policy.

Unpacking Patrice Motsepe’s business empire

While mining remains the foundation of Motsepe’s wealth, he has spent years expanding into other sectors through African Rainbow Capital, his investment company. The group has built positions in financial technology, renewable energy, telecommunications and digital banking.

One of its most valuable investments is Tyme Group, the Singapore-based digital banking company operating across Africa and Southeast Asia. Motsepe holds an effective 40 percent stake in the business, a holding valued at roughly $600 million following a $250 million funding round that placed Tyme Group’s valuation at $1.5 billion. African Rainbow Capital also maintains an interest in NASDAQ-listed Lesaka Technologies.

Tyme Group has continued to expand its international footprint. In February, the company completed the rebranding of its South African banking operation, aligning it with the broader GoTyme identity already used in parts of Asia. The move brought the group’s businesses under a single brand as it sought to strengthn its position across multiple markets.