Ever since José Eduardo dos Santos stepped down from the post of the President of Angola, the first spot among the top 10 richest presidents in Africa has been up for grabs.
So who is the richest president in Africa now?
Who has managed to earn this title since dos Santos’ resignation?
Let’s find out. Now, before we get to it, we want to mention something. When people talk about richest presidents in Africa, they frequently count the kings as well. In order to avoid the confusion, we have decided to talk about both the richest president and the richest ruler in Africa overall.
So let’s get to it!
Africa’s richest president/ruler
If we use the term ‘president’ loosely and count all kinds of rulers, then the richest president in Africa is Mohammed VI, the King of Morrocco. He has occupied his post for almost 20 years (since 1999) and will probably remain there until his son Moulay Hassan succeeds him. Now, let’s talk about Mohammed VI a little bit more in more detail. As you might have guessed, the King comes from a royal family. He was born on August 21, 1963 in a family of then-King Hassan II and Lalla Latifa Hammou, his second wife. As Mohammed is the eldest son in the family, it has always been apparent that the throne is going to be his. It is also not surprising that he occupies the first place among Africa’s richest rulers.
According to TheRichest, King Mohammed VI is currently worth $2.5 billion. While it does not compare with dos Santos’ $20 million, it is still an insurmountable amount for any other African rulers. The Royal Family of Morocco actually owns one of the biggest fortunes in the whole world. But where exactly does this money come from? Well, Mohammed VI and his family are all big players in Morocco business. They all have major stakes in Société Nationale d’Investissement, a holding company that operates in various fields (from banking to food industry) and has stakes in big national companies.
In addition to that, Mohammed VI is also a landowner and major agricultural producer. He has shares in Les domaines agricoles, which is his father’s agricultural group. At least 12 thousand hectares of land belong to it. Even though not all people are satisfied with their king, and some have even suspected him as a corrupt leader, King Mohammed VI has still managed to improve the lives of his people.
The richest president in Africa
If we limit our search of the richest president in Africa to the actual presidents and not all kinds of rulers, then the current richest president in Africa is none other than Teodoro Obiang Nguema Mbasogo. He has been the President of Equatorial Guinea since 1979, and he is only the second president in the country’s history. Teodoro was born on June 5, 1942 in Acoacán. While our previous subject of conversation was born into his current post, Obiang’s path to power was much bloodier. In 1979, he overthrew then-President Francisco Macías Nguema (who was actually his uncle), executed him and took his place.
Over the years, Teodoro has managed to keep his postion as President through several allegedly fraudulent elections. This makes his rule second longest among the non-royal heads of state. Now, when it comes to his wealth, it does not seem quite as impressive, especially considering the net worth of his other colleagues. According to several sources, Teodoro’s net worth is $600 million. Nevertheless, this is still more than most people can even imagine.
The source of this wealth, however, is highly questionable. Since 2011, there has been an ongoing investigation of Teodoro’s possible corruption. He and his son are suspected in appropriating government funds and spending them on luxurious mansions abroad, supercars and wine collections. They have also allegedly received billions in oil revenue from the oil production in Equatorial Guinea. Despite the fact that Equatorial Guinea is technically a democratic country, Obiang does not seem to be aware of that. He has seemingly survived around 12 coup attempts and is currently planning to ‘give’ the country to his son, whose name is also Teodoro, and who is already quite wealthy. If Obiang succeeds, he will be able to become even richer in the coming years. There is much more that can be said about either of these men, but we do not want to bore you with trivial details. That said, let us know, what else you would like to read about when it comes to the richest African rulers. We would love to hear from you.