Who are the wealthiest Kings in Africa? I spent quite a bit of time trying to find out. In doing the research for this list, I excluded wealth held or controlled by rulers in trust for their nation or territory.
Although many of Africa’s remaining kings don’t have any significant political power, they still play a key role in fulfilling traditional and spiritual obligations in their respective monarchies. In some African countries, these traditional empires have been constitutionally recognized as state institutions.
Some African monarchs are known to live lavishly with lots of privileges, including state protection, a generous monthly salary and allowances, and a motorcade of luxury vehicles. They also hold massive fortunes which have been acquired through investments and inheritance. Being a traditional monarch in Africa can be a lucrative affair. A significant number of these rulers are formally recognized by state institutions and as a consequence, many of them receive generous stipends and allowances from the government. For example, King Goodwill Zwelithini kaBhekuzulu, the traditional King of the Zulu people, South Africa’s largest ethnic tribe, receives an annual allowance of about $6 million to cater to the needs of his royal household. He also gets to enjoy other perks like frequent private air travel and keeps an exotic collection of automobiles, all paid for by South Africa’s taxpayers.
Meet the 5 richest kings in Africa.
1 King Mohammed VI, Morocco
Estimated net worth: $2 billion
Source: Investments
His Majesty King Mohammed VI of Morocco is the wealthiest monarch in Africa. He derives his fortune from his control of Société Nationale d’Investissement (SNI), a large Moroccan investment holding company with assets valued at more than $10 billion. SNI’s largest asset is a 48% stake in Morocco’s largest bank, Attijariwafa, as well as controlling stakes in mass distribution giant Marjane Holding; mining company Managem Group and mobile telecoms company Inwi. The King also owns a substantial chunk of the world’s phosphate reserves. King Mohammed VI, the 27th king of the Alaouite dynasty, ascended the throne in July 1999 and immediately set out to initiate a series of socio-political and economic reforms that have made the Kingdom freer and more prosperous than during the reign of his father, King Hassan II. In 2014, the King introduced a new family law giving women legal equality with men in key areas; his economic strategy has led to the creation of new industrial zones which in turn has given a boost to the number of global industrial corporations setting up shop in Morocco. On the political front, he has enacted a series of reforms to the country’s constitution, including amendments that stripped him of some of his political powers.
2 Oba Obateru Akinruntan.
Net Worth: $300 Million
Date Of Birth: 1950
Country Of Origin: Nigeria
Regarded not only as of the wealthiest Nigerian king but also the second richest king in Africa boasts of; Oba Akinruntan is the traditional ruler of Ugbo land –one of the influential communities in Nigeria’s South West, precisely Ondo State. Ugbo land happens to be the major producer of the vast oil deposit in Ondo State and through this natural endowment, Oba Akinruntan was able to carve out his business fortune by setting up a mini petrol station many years ago. Oba Akiinruntan ascended the throne –as the new Olugbo of Ugbo land –in 2009. Despite his dignified status as a king, the massive portion of Oba Akinruntan’s wealth comes from Obat Oil –the voluminous oil company he set up in 1981. With a view to promoting the welfare of his family as well as that of neighboring zones, Oba Akinruntan set up the oil company –Obat Oil –as an individual enterprise but today, the oil company has expanded massively with over 50 petrol stations across Nigeria. Besides his control of the voluminous oil business, Oba Akinruntan has a wide range of assets locally and internationally and his current net worth hovers around $300 million.
3 Oba Okunade Sijuwade, Nigeria
The late King Alayeluwa Oba Okunade Sijuwade, also known as Olubuse II, was born in January 1930 and died in July 2015. He was the fifth traditional ruler and king of Ife, a traditional Yoruba state in Osun State, Nigeria. He ruled from 1980 to 2015 and at the time of his demise, he was worth an estimated $75 million. He founded WAATECO, an automobile distribution company, and Motel Royal. He also owned Sijuwade Group, a Nigerian corporation with interests in oil, gas, construction, real estate, and hospitality.
4 King Mswati III, Swaziland
Estimated net worth: At least $50 million
Source: Investments
Africa’s last absolute monarch is more well known for his relationships with women (he had at least 15 wives at the last count), and for his flamboyant parties. He turned 46 recently, with his birthday coinciding with the Christian Easter holidays. Not willing to share the spotlight with Jesus, King Mswati postponed his birthday celebrations for five days so that a proper national holiday could be held in his honor. population gets by on less than $1.25 a day, while unemployment rates are as high as 40% — but the King remains unaffected. The King is one of Africa’s wealthiest royals. His personal net worth is at least $50 million, based on the annual $50 million salary that he is paid out of government coffers. He also controls Tibiyo TakaNgwane, an investment holding company that owns stakes in sugar refining giants Ubombo Sugar and Royal Swaziland Sugar Corporation (RSSC), dairy company Parmalat Swaziland, spirits manufacturer Swaziland Beverages and hotel chain Swazi Spa Holdings. The company has assets worth over $140 million, but he holds it in trust for the people of Swaziland.
5 Otumfuo Osei Tutu II, Ashanti, Ghana
Estimated net worth: $14 million
Source: Mining Equipment, Property, Jewelry
Otumfuo Osei Tutu II is the King of Ghana's gold-rich Ashanti kingdom, home to the country’s largest ethnic group, the Asantes. He ascended the throne in 1999 and serves as the political and spiritual head of the Asante people. Osei Tutu set up Transpomech Ghana in 1989, a $12 million (sales) company that provides mining equipment to several large industrial companies in Ghana. The King also owns extensive real estate in Ghana and South Africa as well as a collection of valuable gold crown jewels.
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