The age of this article exceeds nine years. Eventhough there are many democratically run nations in Africa, there are still a lot of monarchs there.
While Morocco, Swaziland, and Lesotho are the only three sovereign monarchies in Africa, there are hundreds of traditional monarchs spread throughout the continent’s rural, semi-rural, and urban communities in independent nations.
These monarchs typically have little to no official political power, but they nonetheless perform ceremonial and spiritual duties for the people in their community. In Africa, holding the title of traditional monarch can be quite profitable.
Since many of these rulers are officially acknowledged by state institutions, the government provides them with substantial stipends and allowances.
For instance, the traditional ruler of the Zulu people, the biggest ethnic group in South Africa, King Goodwill Zwelithini kaBhekuzulu, receives an annual grant of almost $6 million to support his royal household.
He also receives additional benefits from South African taxpayers, such as regular private jet trips and ownership of an exotic car collection.
A large portion of the wealth earned by many African kings comes from the kindness and charity of their communities.
Rich people in a tribe or town frequently pay their traditional Kings large quantities of cash, vehicles, property, or houses in exchange for spiritual blessings or other favors.
Furthermore, some of these traditional monarchs are invited to join the boards of major firms since they may have a lot of political clout.
Several of these kings are very wealthy. Some have made their fortunes entirely from the ground up by launching profitable businesses and wisely repurchasing their gains into a variety of different company ventures.
For others, wealth has simply been passed down to them from their ancestors.
Which African kings are the richest? I tried to find out for quite some time. I did not include in my research for this list any money that kings held or controlled in trust for their country or area. Meet the top 5 Richest Kings in Africa.
Listed Below Are The Top 5 Richest King In Africa
1. King Mohammed VI
The wealthiest king in Africa is Morocco’s His Majesty King Mohammed VI. His ownership of Société Nationale d’Investissement (SNI), a sizable Moroccan investment holding firm with assets estimated at over $10 billion, is the source of his wealth.
The main asset owned by SNI is a 48% share in Attijariwafa, the largest bank in Morocco. It also has controlling interests in Marjane Holding, a massive distributor of goods, Managem Group, a mining firm, and Inwi, a mobile telecoms company. A large portion of the world’s phosphate reserves are also owned by the King.
After taking the throne in July 1999, King Mohammed VI, the 27th member of the Alaouite dynasty, quickly began a number of socio-political and economic changes that have improved the Kingdom’s freedom and prosperity compared to when his father, King Hassan II, was in power.
The King enacted a new family legislation in 2014 that granted women legal equality with men in certain sectors.
His economic policies have also resulted in the establishment of new industrial zones, which has increased the number of multinational companies establishing operations in Morocco.
In terms of politics, he has amended the nation’s constitution several times, taking away some of his political authority in the process.
Listed Below Are The Top 5 Richest King In Africa
2. Oba Obateru Akinrutan
The Olugbo (traditional King) of Ugbo land, a tiny, oil-rich village in Ondo state in southwest Nigeria, is Oba Obateru Akinrutan.
One of the biggest privately held oil trading enterprises in Nigeria, Obat Oil, was founded by Oba Akinrutan, the 2009 heir to the throne. In 1981, he started the business with just one petrol station to provide for his family and the communities around them.
In addition to owning one of Africa’s biggest tank farms—a state-of-the-art storage facility with the ability to hold 65 million liters of petroleum products—OBAT Oil currently operates more than 50 gas stations around the country of Nigeria.
In addition, he possesses a sizable collection of high-end residential and business properties in Nigeria and London, including the renowned Febson Hotels and Mall in Abuja’s Central Business District.
Listed Below Are The Top 5 Richest King In Africa
3. Oba Okunade Sijuwade, Ile-Ife Nigeria
Alayeluwa The traditional King (Ọọ̀ni) of Ile-Ife, a historic city in Osun state in southwest Nigeria, is Oba Okunade Sijuwade, also known as Olubuse II. Most people agree that Ile-Ife is where the Yoruba civilization originally originated.
The 84-year-old Oba Sijuwade, who came to the throne in 1980, is a successful businessman as well.
Before moving to the UK to pursue a business degree, the Ọọ̀ni gained experience in the industry as a teenager working in his father’s trading company.
He worked as a manager for the Leventis Group and a sales executive for National Motor after returning to Nigeria.
In 1964, he ventured out on his own by founding WAATECO, an automobile distribution company that brought automobiles and auto parts from the Soviet Union to Nigeria for sale.
He proceeded to construct multiple residential and commercial properties, including the Motel Royal hotel.
He is the creator of the Sijuwade Group, a Nigerian conglomerate he founded in 1975 with holdings in real estate development, construction, oil and gas, and hospitality.
Along with a construction company that manages expensive road construction projects in Nigeria, the group owns stakes in two onshore oil blocks through a partnership with London-listed energy giant Centrica PLC.
The group was also granted a concession by the Federal Government to build and operate a tollgate along the Ibadan-Ife dual carriageway, one of Nigeria’s main vehicular routes. In addition, the King owns a number of homes in the UK and Nigeria.
Listed Below Are The Top 5 Richest King In Africa
4. Swaziland’s King Mswati III
The last absolute ruler of Africa is better remembered for his extravagant parties and his relationships with women—at least 15 marriages at the time of the latest count. His birthday fell on the Christian Easter holidays, and he recently turned 46.
King Mswati delayed his birthday celebrations for five days in order to have a real national holiday celebrated in his honor, as he was unwilling to share the limelight with Jesus.
During the lavish festivities, American R&B singer Erykah Badu entertained the King, which infuriated hundreds of human rights advocates.
Motive: The King is unfazed by the rising poverty rate in Swaziland, where over 65% of the population survives on less than $1.25 per day and unemployment rates can reach 40%.
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One of the wealthiest royals in Africa is the King. Taking into account the $50 million salary he receives annually from government coffers, his personal net worth is at least $50 million.
In addition, he is the owner of Tibiyo TakaNgwane, an investment holding company that has holdings in the following businesses: dairy Parmalat Swaziland; dairy major Ubombo Sugar; spirits producer Swaziland Beverages; and hotel chain Swazi Spa Holdings.
Although he holds the company’s assets in trust for the Swazilandi people, they are worth over $140 million.
5. Ghana’s Otumfuo Osei Tutu II, Ashanti
The largest ethnic group in Ghana, the Asantes, reside in the gold-rich Ashanti kingdom, which is ruled by Otumfuo Osei Tutu II.
He became the Asante people’s political and spiritual leader when he assumed the throne in 1999. Following his studies in the UK, Osei Tutu II worked for a short time in both public and private organizations in the UK and Canada.
He then returned to Ghana in 1989 and founded Transpomech Ghana, a $12 million (sales) company that supplies mining equipment to a number of major industrial companies in the country.
In addition, the King possesses a collection of priceless gold crown jewels and a sizable amount of real estate in South Africa and Ghana.