“This is to be used during his lifetime and beyond… to improve the lifestyles, and living conditions, of poor, disabled, unemployed, women, youth, workers and marginalised South Africans,” his wife Precious Motsepe said.
The mining tycoon becomes the first African to join the Giving Pledge, which challenges the world’s wealthiest to give 50 percent or more of their fortune to charity.
Since Microsoft mogul Gates and investment guru Buffett launched the Pledge in 2010, more than 70 billionaires have joined.
Motsepe owns mining company African Rainbow Minerals and is Africa’s eighth richest person with a fortune of $2.65 billion (1.96 billion euros), according to Forbes magazine.
His announcement, two days after his 51st birthday, makes him part of an illustrious club that includes Facebook founder Mark Zuckerberg, Netflix chief executive Reed Hastings, and Intel co-founder Gordon Moore.
A lawyer by profession, Motsepe also owns PSL football club Mamelodi Sundowns.