S. African billionaire to give away half his money

AP News
Posted: Jan 30, 2013 10:01 AM

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.