Africa has had some very rich presidents and other political leaders, who have used their position to amass large sums of wealth. Corruption exists worldwide, and it affects leaders from all backgrounds. It should come as no surprise that many of these individuals inherited their money while serving as President and they ensured it stays within their families.
The richest president in Africa is Mohammed VI with an estimated net worth of about $5.8 billion. It should also come as no surprise that accusations of find embezzlement go back and forth between African presidents when such claims are made. Of course, there are exceptions, one great example would be Nelson Mandela. He never made any attempt to enrich himself using the power of his office for personal gains.
Top 10 Richest Presidents in Africa
1. Mohammed VI
Mohammed VI is the richest president in Africa with an estimated net worth of about $5.8 billion. He was born on August 21st,1964. His wealth emanates from an inheritance from his father King Hassan. He owns 5% shares in Societe Nationale d’Investissement (SNI) a company that has stakes in Atijariwafa Management Group, and Centrale Danone.
2. Ali Bongo Ondimba
Ali Bongo Ondimba is the president of Gabon and among the richest presidents in Africa. He has an estimated worth of $1 billion and has been in power since 2009 October. He is the son of the former president of the country, Omar Bongo. Ali Bongo Ondimba was born on February 9th, 1959 and he owns several properties in foreign nations including a townhouse worth $138 million in Paris.
3. Teodoro Obiang Nguema Mbasogo
Teodoro Obiang Nguema Mbasogo is the 2nd and incumbent president of Equatorial Guinea. He has been in power since 1979. He was born on the 5th of June 1942. The country’s constitution has given him the power to rule through a dictatorship. He has an estimated net worth of $600 million.
In 2007, he was investigated for corruption and the use of funds fraudulently to finance his luxuries and purchase of private mansions. Teodorin, the eldest son of Obiang and the vice president of the country has been accused by various international countries such as France and the USA of money laundering and purchase of property using stolen funds. The family is said to own Equatorial Guinea’s economy.
4. Uhuru Kenyatta
Uhuru Kenyatta is the current president of Kenya serving his second term as the 4th ruler of the republic. He was born on the 26th of October, 1961. His father, Mzee Jomo Kenyatta was the first president of the nation. The president has an estimated net worth of about $500 million, making him one of the richest presidents in Africa.
According to Forbes, his main source of wealth is real estate. He is the heir to the largest land holdings in the country with over 500,000 acres of land acquired by his father in the 1960s. Uhuru Kenyatta and his family members also own popular businesses in the country such as Brookside Dairies. They have shares in K24, a television station, and a commercial bank among others.
5. Paul Kagame
Paul Kagame, the president of Rwanda was born in October 1957, in Tambwe Ruanda-Urundi. He rose into power in 2000 and has been the president of Rwanda after the resignation of Pasteur Bizimungu. He has an estimated net worth of about $500 million.
Paul Kagame and his family own the majority of investments in Rwanda such as Crystal Ventures. The company has $500 million worth of assets inclusive of a Bombardier Global Express private jet worth $50 million. Most of his wealth is also hidden offshore under the names of his children. Ivan Kagame is said to have a house in Beverly Hills, California worth $2 million.
6. Cyril Ramaphosa
Cyril Ramaphosa is the current president of South Africa. According to Time Magazine Cyril Ramaphosa was among the most influential people in 2021. The South African president had an estimated net worth of about $450 million making him one of the richest presidents in Africa.
He is also among the richest South Africans and he is a self-made millionaire. He was the chairman of Shanduka Group which merged with the Pembani Group to form Pan African Industrial Holding Group, with total assets amounting to $900 million. Shanduka owns financial institutions and, bottling plants among other businesses.
7. King Mswati III
King Mswati III is the leader of a monarch that currently rules Swaziland. He has an estimated net worth of about $200 million according to Forbes and his wealth comes from his enormous investments. The 51-year-old monarch owns several vehicles including a Maybach worth $500,000.
He also has a private jet that he received in 2018 as a gift for his birthday as he turned 50 which is worth $17 million. Allegedly, his over 13 wives spent $6million on shopping in the summer of 2020. The king has however been criticized due to his extravagant lifestyle as the rest of the citizens suffer and over 40% of the population is also unemployed.
8. Abdel Fattah el-Sisi
The president of Egypt since 2014 is Abdel Fattah el-Sisi. He was among the top 50 powerful people on Forbes List 2018. The president was born in November 1954 and he has an estimated net worth of about $185 million making him one of the richest presidents in Africa. His source of wealth includes inheritance, land assets as well as family success as reported by the Guardian.
9. Isaias Afwerki
Isaias Afwerki was born on the 2nd of February 1946, in Asmara, Eritrea. He has been in power since 1993 as the president of Eritrea. He has an estimated net worth of about $100 million. His wealth is said to have come from compensation as a world leader.
10. Idriss Déby
Idriss Déby was born on June 18th, 1952 has been the president of Chad since 1990. He won the presidency in 1990 through a coup to become the 6th president of Chad. He has consecutively won the five other presidential elections that have been held in Chad.
Idriss Déby has an estimated net worth of about $50 million making him one of the richest presidents in Africa. In 2006, Chad was listed as the world’s most corrupt nation by Forbes Magazine. Chad’s wealth comes from oil but over 10 million of its citizens live below the poverty line.