Who are the top 10 Richest Presidents in Africa 2019 and how do they accumulate wealth in countries where citizens can’t afford basic needs like food, shelter and healthcare?
Ironically, the poorest people in Africa live in the richest countries while you will easily find the richest people living in some of the poorest countries. Some of the richest presidents inherited their wealth from colonial spoils while others just became rich through business or corruption because their grandparents were paupers.
That said, here is a list of the top 10 Richest Presidents in Africa 2019 with reference to Forbes, People With Money magazine, CelebrityNetWorth:
Top 10 Richest Presidents in Africa 2019:
1. Mohammed VI ($5.8 billion)
2. Ali Bongo Ondimba ($1 billion)a
3. Teodoro Obiang Nguema Mbasogo ($600 million)
4. Uhuru Kenyatta ($500 million)
5. Paul Kagame ($500 million)
6. Cyril Ramaphosa ($450 million)
7. King Mswati III ($200 million)
8. Abdel Fattah el-Sisi ($185 million)
9. Isaias Afwerki ($100 million)
10. Idriss Déby ($50 million)
Mohammed VI of Morocco is the richest president in Africa with an estimated net worth of about $5.8 billion. Born on August 1963 in Rabat, Morocco, Mohammed VI has been the King of Morocco for the past 15 years. Raised in wealth, power and royalty, he had the opportunity to be educated at the most prestigious schools worldwide. After he ascended to office in July 1999 following the death of his father, King Hassan II.
His net worth is said to be $5.8 billion. According to reports, Mohammed VI’s fortune largely stems from a Moroccan company called (SNI) Societe Nationale Investissement, where he has large assets worth over $10 billion and also from gigantic companies such as Marjane Holding and SNI’s 48% shareholding in Attijariwafa – Morocco’s largest bank.
While the majority of Africans are barely getting by financially, African presidents are known to be among the wealthiest individuals in Africa and there is a general understanding that it is the office that swells up the bank accounts of African presidents and their families.
Who is Africa’s poorest president?
We all know of the world’s ‘poorest president’, Uruguay’s José Alberto “Pepe” Mujica Cordano. He served as the 40th President of Uruguay from 2010 to 2015. It is said that Africa’s poorest president is Nigeria’s Muhammadu Buhari who is said to have no private companies, factories and accounts in any foreign banks.
As at last year, these where his assets according to www.nigerianinfopedia.com: five houses, two mud houses, undeveloped ground area in the Southern region of the country, undeveloped land in the Northern region of the country a ranch with an orchard, cattle (270 heads), poultry, five horses and 25 sheep shares in Berger Paints, Union Bank and Skye Bank; two new vehicles.
Most of the African Presidents are richer than you can imagine. In fact, a good number of them are paid well for this occupation. When it comes to the wealth of the political class in the Africa continent, their riches are often considered ill-gotten, however, that’s not all true since these political leaders are also businessmen.
Upon assuming power, most African leaders start amassing wealth, often using unorthodox means. They see leadership as an opportunity to enrich themselves over the mandate to serve their people. Countries leading in corruption menace are mostly from Africa, and in most cases under the web of the presidents and people close to them.
Some are genuine business people, but the seat of presidency and its influence comes with loopholes to grow their vast businesses. In such cases, it’s prudent to include both current and former presidents when ranking them in terms of their wealth.
How do they accumulate wealth in countries where citizens can’t afford basic needs like food, shelter and healthcare?