16/11/2010 Patrice Motsepe Executive Chairman of ARM during his announcement of the fourth dividend payment and ditribution of funds to the beneficiaries of their BEE Trust held at Sandton JHB. (343) Photo: Leon Nicholas

South African billionaire Patrice Motsepe has pledged to donate half of his family’s wealth to a Motsepe foundation that would benefit poor people, EyeWitnessNews reported.

According to Forbes, Motsepe was worth US$2.7 billion in November 2012.

The size of the donation was not immediately known.

"I decided quite some time ago to give at least half 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 said in a statement.

Motsepe founded African Rainbow Minerals‚ which he chairs. He is also chairman of Harmony Gold‚ in which ARM is a shareholder.

At a media conference, Motsepe thanked US billionaire Warren Buffett for his advice on how to go about donating his wealth.

He also thanked Bill and Melinda Gates for their advice on the same issue, EyeWitnessNews added. I-Net Bridge and Staff reporter