A sharp reversal in gold and mining stocks has wiped roughly $700 million from the fortune of South African billionaire Patrice Motsepe in just three months, showing how quickly global market shocks can reshape the wealth of Africa’s richest business leaders.
The mining magnate, who built his fortune through decades of investments in minerals and natural resources, saw his net worth climb to about $4.3 billion earlier this year as gold prices surged.
By early June, that figure had fallen to roughly $3.6 billion, according to Forbes estimates.
The decline is not simply a story about one billionaire losing money. It reflects a bigger reality facing resource-dependent economies and investors across Africa: fortunes tied to commodities can rise and fall dramatically based on events unfolding thousands of kilometres away.
When gold stopped climbing
