Money

Richest Kings in Africa: How Africa’s Wealthiest Monarchs Flaunt Their Wealth

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Who are the richest kings in Africa? Is the monarchy dead in Africa? You bet not. Even after years of colonial rule which basically shifted the role of kings and previously powerful traditional rulers across Africa, some of them have somehow managed to retain and grow their wealth (if not their power).

We take a look at some of the wealthiest/richest kings in Africa;

  • King Mohammed VI of Morrocco

King Mohammed VI of Morrocco

King Mohammed VI of Morrocco was named as the richest king in Africa by Forbes Magazine in 2014 and 5th richest king in the world. Born on 21 August 1963 he belongs to the Alaouite dynasty and became king on 23 July 1999 upon the death of his father, King Hassan II.

According to Wikileaks documents there is apparently high level of corruption in Morocco where the King has interests in many spheres of business. Wikileaks published diplomatic cables which alleged high-level corruption involving the king himself in December 2010. In April 2016 the King’s personal secretary was named in the Panama papers.

Mohammed is Morocco’s leading businessman and banker. He is estimated to be worth over $3 billion. Mohammed is also a leading agricultural producer and land owner in Morocco, where agriculture is exempted from taxes. His holding company “Siger” has shares in the large agricultural group “Les domaines agricoles” (originally called “Les domaines royaux”, now commonly known as “Les domaines“), which was founded by Hassan II. Les domaines has annual revenue in hundreds of millions of dollars. His palace’s daily operating budget is reported by Forbes to be $960,000 as at 2014.

After the death of his father Hassan II, King Mohammed VI of Morocco inherited a 35% stake in Societe Nationale d’Investissement (SNI), a holding company that has stakes in several publicly traded companies, including the country’s largest bank, Attijariwafa; mining company Managem Group; sugar producer Cosumar; and dairy firm Centrale Danone.

  • King Frederick Obateru

Fredrick Obateru Akinruntan

Fredrick Obateru Akinruntan (born 1950) is a Nigerian monarch and traditional ruler of Ugbo kingdom Ondo state, Southwestern Nigeria. He is worth at least an estimated $200 million. He has a custom built 2012 Rolls Royce similar to that of Queen Elizabeth II.

Obateru was born into the royal family of Sir Frederick Adetolugbo at Ugbo, a riverine area in Ilaje as the 4th child in a family of 8.

He is the founder of founder of Obat Oil, one of Nigeria’s largest privately and locally owned oil companies. The company owns one of the largest tank farms in Africa, a modern storage facility able to hold 65 million litres of petroleum products.

  • King Mswatini III

King Mswatini III

Mswatini III of Eswatini (formerly Swaziland) was born on 19 April, 1968. He was crowned King of Swaziland at age 18 making him the youngest ruling monarch in the world at the time. He rules the country as an absolute monarch together with his mother Ntfombi Tfwala, now Queen Mother.

Mswatini III has 15 wives and leads a lavish lifestyle. He owns several luxury cars including a $500,000 Maybach. In 2018 he was reported to have got himself a plane and an airport worth $190 million for his birthday.

He is reportedly worth over $200 million

  • King Osei Tutu II of Ghana

Osei Tutu II

Osie Tutu II (born Nana Barima Kwaku Duah) is a monarch in Ghana, the Kumasehene of Kumasi. He studied Accountancy at the University of Professional Studies (formerly Institute of Professional Studies) in Accra. He later obtained a Diploma in Management and Administration at the now London Metropolitan University.

Between 1981 – 1985 he was a senior consultant at the Mutual of Omaha Insurance company in Toronto, Canada. He returned to London and later founded his own mortgage finance firm, Primoda Financial Services Limited, located on Kilburn High Road, North West London.

He became the Asantehene in 1999. The Asantehene is highly revered in the Asante territories (Ashanti Region and other parts of Ghana), and is often regarded as the first among equals of traditional rulers in Ghana.

Osei Tutu is the owner and chief executive officer of Transpomech Ghana; a mining company that provides large industrial companies in Ghana. He is believed to be worth more than $15 million. He also owns extensive real estate in Ghana and South Africa as well as a collection of valuable gold crown jewels.

  • Togbe Afede XIV of Asogli

Togbe Afede XIV

Togbe Afede XIV is the Agbogbomefia of the Asogli state, President of Asogli Traditional Area, and former President of the National House of Chiefs in Ghana.

Togbe is the executive chairman of World Trade Centre Accra and was voted member of the Board of Directors of the World Trade Centre in 2015. SAS Finance Group Ltd, constituting Strategic African Securities Ltd, a stock brokerage and corporate finance advisory firm, and SAS Investment Management Ltd, an asset management firm. Other firms he owns or co-owns include Strategic Initiatives Ltd (SIL) a portfolio and private equity investment firm, Databank Financial Services and Africa World Airlines.

He is estimated to be worth at least $10 million

  • Obi Nnaemeka Alfred Achebe

Obi of Onitsha, Alfred Nnaemeka Achebe

Nnaemeka Alfred Achebe is the 21st Obi of Onitsha in Anambra State, Nigeria. Before he became the Obi of Onitsha is 2002 he had a long, accomplished career in the Royal Dutch Shell Group where he served as Director in several companies in the group.

He has been Chancellor of Ahmadu Bello University. His several corporate board positions include Chairman of the board of Directors of Unilever Nigeria as well as Chairman of the board of Directors of International Breweries Nigeria (ABInBev).

He is estimated to be worth between $5 – $10 million. His fleet of cars includes a 2016 Rolls Royce costing around $200,000.

  • Sultan Sa’ad Abubakar of Sokoto

Sultan Sa'ad Abubakar of Sokoto

Mohammed Sa’ad Abubakar is the 20th Sultan of Sokoto. The Sultan is regarded as the spiritual leader of the muslims in Nigeria.

Sultan Abubakar served in the Nigerian military and retired as a Brigadier General. He has several cars including a Rolls Royce 2017 model.

Sultan of Sokoto Rolls Royce 2017

The Sultan of Sokoto’s networth is estimated at between $5 – $10 million.

Recommended Read: See some of the treasures stolen by the Europeans from Africa

 

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