Patrice Motsepe was born to Kgosi Augustine Motsepe, who had previously been a school teacher. His father later became a small businessman as the owner of a Spaza shop which was popular with black mine workers. 

It was from this shop that Motsepe learned basic business principles from his father, as well as first-hand exposure to mining.

Motsepe earned a Bachelor’s Degree in Law from the University of Swaziland and a Law Degree from the University of the Witwatersrand, Johannesburg.

He became the first black African on the Forbes billionaire list in 2008 after founding African Rainbow Minerals.

In 2016 he founded a new private equity firm, African Rainbow Capital, which started TymeBank, and also holds a major stake in Sanlam.

According to Forbes, Motsepe has a net worth of $1.5 billion, roughly R26. 35 billion at current exchange rates.