The 5 Richest Kings In Africa

Africa may be full of
democratically governed
countries, but it is still the
land of many kings. Sure,
there are only three African
countries with constitutional
monarchies – Morocco,
Swaziland and Lesotho — but
there are several hundred
traditional monarchs
dispersed across Africa in
urban, semi-urban and rural
communities in independent
countries. Mostly, these
monarchs wield little or no
formal political power, but
they fulfill spiritual and
ceremonial obligations to
members of their community.
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 ate air travel and
keeps an exotic collection of
automobiles, all paid for by
South Africa’s taxpayers.
Many African monarchs also
earn a significant income
through the goodwill and
generosity of their
communities. It is not
uncommon for wealthy
members of a tribe or
community to give
substantial sums of money,
cars, land or houses to their
traditional Kings in return for
spiritual blessings or
unrelated favors. And since
these traditional monarchs
may wield significant
influence in political circles,
some of them get invited join
boards of large corporations.
Obi Nnaemeka Achebe, the
Obi (King) of Onitsha, a mid-
sized commercial town in
Nigeria’s southeastern region,
serves as the Non-Executive
Chairman of Unilever Nigeria,
a large publicly-listed
manufacturer of consumer
goods, and he previously
served as Chairman of
Diamond Bank, a leading
Nigerian commercial bank.
Oba Adedotun Gbadebo, who
is the Alake (King) of
Egbaland, a clan of Yoruba-
speaking people in Nigeria, is
the Chairman of Oando, a
large Nigerian energy
company.
Some of these rulers control
large fortunes. Some have
built their fortunes from
scratch by starting successful
enterprises and shrewdly
reinvesting their profits into a
diverse range of business
concerns. Others have simply
had wealth transferred to
them by their forefathers.
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.
Meet the 5 richest Kings in
Africa.
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.

Oba Obateru Akinrutan, Ugbo
Land, Nigeria
Estimated net worth: $300
million
Source: Oil
Oba Obateru Akinrutan is the
Olugbo (traditional King) of
Ugbo land, a small oil-rich
community in Ondo state, in
Nigeria’s southwestern
region. Oba Akinrutan, who
ascended the throne in 2009,
is also the founder ofObat Oil,
one of Nigeria’s largest
privately-held oil trading
companies. He founded the
company in 1981 with a
single gas station to meet the
needs of his family and
neighboring community.
OBAT Oil now owns more
than 50 gas stations across
Nigeria as well as one of the
largest tank farms in Africa- a
modern storage facility that
has the capacity to store 65
million liters of petroleum
products. He also owns an
extensive portfolio of prime
commercial and residential
real estate in London and
Nigeria, including the
landmark Febson Hotels and
Mall in the Central Business
District of Abuja

Oba Okunade Sijuwade, Ile-
Ife, Nigeria
Estimated net worth: At least $
75 million
Source: Construction, Property,
Oil
Alayeluwa Oba Okunade
Sijuwade, Olubuse II, is the
traditional King (Ọọ̀ni) of Ile-
Ife’, an ancient city located in
Osun state in Nigeria’s south-
western region. Ile-Ife is
generally believed to be the
traditional home of the
Yoruba civilization. Oba
Sijuwade, 84, who ascended
the throne in 1980, is also a
prosperous businessman.
The Ọọ̀ni first cut his teeth in
business by working in his
father’s trading business as a
teenager before going to the
United Kingdom to study for
a degree in business. Upon
his return back to Nigeria, he
worked as a manager for the
Leventis Group and as a
sales executive for National
Motor. He struck out on his
own in 1964, when he started
WAATECO, an automotive
distribution business that
imported vehicles and vehicle
parts from the Soviet Union
to sell in Nigeria. He went on
to build the Motel Royal hotel
and several residential and
commercial properties. He is
the founder of the Sijuwade
Group, a Nigerian
conglomerate with interests
in oil & gas, construction,
property development and
hospitality, which he
incorporated in 1975. The
group owns stakes in two
onshore oil blocks in
partnership with London-
listed energy giant Centrica
PLC as well as a construction
outfit that handles large-ticket
road construction projects in
Nigeria and was awarded a
concession by the Federal
Government to construct and
manage a tollgate along the
Ibadan-Ife dual carriageway-
one of the major vehicular
routes in Nigeria. The King
also owns several residential
properties in Nigeria and the
U.K.
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.
American R&B artist Erykah
Badu performed for the King
during the expensive
celebrations, irking thousands
of human right activists.
Reason: The poverty rate is
escalating – more than 65%
of the Swaziland’s 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.
Otumfuo Osei Tutu II, Ashanti,
Ghana
Estimated net worth: $10
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. After studying
in the United Kingdom, Osei
Tutu II worked briefly in
private and public
organizations in the United
Kingdom and Canada before
returning to Ghana in 1989 to
set up Transpomech Ghana,
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.
Source: Forbes