Glusea.com brings to the richest King in Africa and the list of the Top 5
Africa has some of the powerful Kings in the world. They are regarded as the traditional monarchs of their respective kingdoms.
Being a King in Africa is an extremely lucrative affair. They generally earn income through generosity givings from community members, Sale of community assets including land, allowances from governments, among others.
However, most Kings in Africa are also successful businessmen. Take a look at the richest King in Africa and the list of the top 5 below.
Richest King in Africa
King Mohammed VI of Morocco is the richest King in Africa. He has a net worth of about $5.4 billion.
King Mohammed 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.
Mohammed is Morocco’s leading businessman and banker.
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.
Mohammed is also a leading agricultural producer and landowner in Morocco, where agriculture is exempted from taxes.
His holding company “Siger” has shares in the large agricultural group “Les domaines agricoles”
His palace’s daily operating budget is reported by Forbes to be $960,000—which is paid by the Moroccan state as part of a 2.576 billion Dirhams/year budget as of 2014—owing much of it to the expense of personnel, clothes, and car repairs.
Read Also Richest Men in Africa
Top 5 Richest Kings in Africa
Fredrick Obateru Akinruntan – Nigeria
Fredrick Obateru Akinruntan is a Nigerian monarch, the traditional ruler of Ugbo Kingdom, a town in Ilaje Local Government, Ondo State, southwestern Nigeria. His net worth is estimated at $300 million making him the richest in Nigeria.
He is an oil magnate and founder of Obat Oil, one of Nigeria’s largest and leading privately-held oil companies. He has a custom-built 2012 Rolls Royce similar to that of Queen Elizabeth II
Obateru established Obat Oil in 1981. Today, the company has more than 50 gas stations across the six geopolitical zones of Nigeria and the company owns one of the largest tank farms in Africa, a modern storage facility able to store 65 million liters of petroleum products.
Adeyeye Enitan Ogunwusi – Nigeria
Oba Adeyeye Enitan Ogunwusi, Ojaja II, is a Nigerian monarch. He is the traditional ruler, or Ooni, of the Yoruba kingdom of Ile-Ife. He has held his title since 2015 after the death of king Olubuse II
Adeyeye Enitan Ogunwusi is worth an estimated value of $70 million.
He is a member of the Institute of Chartered Accountants of Nigeria.
He is also an Associate Accounting Technician. Oba Ogunwusi is a certified member of the Institute of Directors.
He is also a member of the Global Real Estate Institute. He holds a number of honorary doctorate degrees: one in Public Administration from the University of Nigeria, Nsukka, and another in Law from Igbinedion University.
Oba Ogunwusi is the Chancellor at the University of Nigeria, Nsukka.
King Mswati III – Swaziland
King Mswati III is worth $50 million. Mswati III is the king of Eswatini and head of the Swazi Royal Family.
He was crowned as Mswati III, Ingwenyama and King of Swaziland, on 25 April 1986 at the age of 18, thus becoming the youngest ruling monarch in the world at that time.
In the 2014 national budget, parliament allocated $61 million (US) for the King’s annual household budget.
Read Also Richest Presidents in Africa
The king currently has 15 wives and 35 children(may be more)
He is known for his love for luxury vehicles including luxury cars, including a $500,000 DaimlerChrysler’s flagship Maybach 62 luxury automobile and many more
Mswati has a personal stake in a large portion of Eswatini’s economy which is a factor in its below-average economic growth for a Sub-Saharan nation.
As an absolute monarch, he holds the power to dissolve parties, and can veto any legislation parliament passes.
5th Richest King in Africa
Otumfuo Osei Tutu II, Ashanti, Ghana
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 is worth about $ 10 million
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.
Read Also Richest Kings in Ghana