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The foundation is committed to improving the living conditions of the poor, unemployed, disabled, women, and youth. It works in cooperation with NGOs, churches and other community upliftment projects.

Patrice Motsepe said, “I decided quite some time ago to give at least half of the funds generated by our family assets to uplift poor and other disadvantaged and marginalised South Africans but was also duty-bound and committed to ensuring that it would be done in a way that protects the interests and retains the confidence of our shareholders and investors”.

Motsepe explained that he has joined the billionaire-focused Giving Pledge initiated by philanthropists Warren Buffet, Bill and Melinda Gates.

The pledge encourages wealthy individuals and families to donate a majority of their wealth to their chosen good causes and charity organisations either while living or after death.

Forbes estimated Motsepe's net worth at $2.65 billion (R23.94 billion) in November 2012.

“South Africans are caring, compassionate and loving people. It has always been part of our culture and tradition to assist and care for less fortunate and marginalised members of our communities. This culture is also embodied in the spirit and tradition of Ubuntu/Botho," Motsepe said.

The person making the pledge has to declare it publicly, as per the givingpledge.org website.

For more visit www.themotsepefoundation.org