Top 10 Richest Presidents In Africa (2024)

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Politics in Africa is believed by many to be an act used for exploitation. Causing many to believe it’s a dirty game. The continent of Africa is a land of abundance with rich human (a large portion of her population are youth) and mineral (of oil reserves, gold, platinum, tin, diamond, and other precious metals and minerals) resources that drive and contribute to the global economy. The dark continent as some refer it to be is home to 1 billion people.

It is said that despite the presence of these abundant rich resources, Africa is still plagued by poverty as the majority of Africans are barely buoyant financially. Not just that, including lack of proper and basic amenities that would improve the living standard of the vast population. On this note, the African presidents (selected by-election) or Monarchs (Kings) seems to be less concerned or moved by these conditions but are busy enriching themselves, this is factual because they are known to be among the wealthiest individuals in Africa and a large chunk of African citizens believe that the office of the president is used to swell up the bank accounts of African presidents and their families. Thus, it is against this backdrop that this article will focus on the Top Ten Richest Presidents in Africa.

Top 10 Richest President In Africa 2023

1. Mohammed VI of Morocco – $5 billion

First on our list is the Morrocan Monarch who is also the president. He was birthed in August 1963 in Rabat, the capital of Morocco. He has been ruling Morocco for 15 years and counting, the position he rose to as a result of the death of his father, King Hassan II. He is the most educated president in Africa obtaining different degrees from different prestigious institutions worldwide due to his background of been raised in a wealthy family combined with power and royalty.

During his ascension to the throne formerly sat on by his late father, Mohammed VI promised the Morrocan citizens that he’ll tackle poverty and corruption in the country as well as reduce the unemployment rate and improve human rights status which is demeaned in the country. Fortunately, it hasn’t been an empty promise so far as he is. Leaving no stone unturned to ensure most of these promises are kept and this trait has earned him the title “the defender of the poor”.

2. President Ali Bongo Ondimba – $2 billion

Ali Bongo Ondimba has been ruling Gabon for 10 years and counting having assumed office from October 2009 till date. Gabon has been ranked the fifth-largest oil producer in Africa, thus, the country depends largely on crude oil exportation. Yet, poverty is still a matter of concern in the country as the people of Gabon live below the poverty line, it was also reported by Daily Mail that the president spent $129 million for a mansion in Paris.

3. Uhuru Kenyatta – $650 million

The fourth president of Kenya, President Uhuru Muigai Kenyatta was born on October 26, 1961. He has occupied the office of the presidency since the 9th of April 2013 and he is undoubtedly one of the richest men in Kenya. Before becoming a president, he served in the Government as the Minister for Local Government from 2001 to 2002. The former minister turned president accrue a large chunk of his wealth in the real estate industry owning land of over 500,000 acres in Kenya. In addition to his sources of income, President Uhuru also has stakes (shares) in Kenyan media companies, hotels, banks among others.

4. Teodoro Obiang Nguema Mbasogo – $600 million

Fourth on the list is President Teodoro of Equatorial Guinea. Born on 5th June 1954 to Santiago Nguema Eneme (father) and María Mbasogo Ngui (mother) in Acoacán, Guinea. For 34 years and counting, President Teodoro has been ruling Equatorial Guinea, the office he occupied after a military coup overthrowing his uncle from office in 1979 in a military coup.

A large chunk of his wealth is believed to have been acquired through looting and plundering the oil-rich nation. A country still suffering abject poverty by more than half of its citizens living below the poverty line (living below $1 per day) because the president shares none of the country’s wealth with the citizens. The report has it that his son has followed in his step; living lavishly in a $35-million estate built in Malibu and having three Buggati Verona costing $1.7-million.

5. Paul Kagame – $500 million

Paul Kagame is the fifth on our list and he is one of the famous African presidents. He is the Sixth President of Rwanda occupying the office in the year 2000. President Kagame was born in Ruanda-Urundi on the 23rd of October 1957. He was a soldier in the Armed Forces prior to entering politics, and as such one of his noteworthy acts was his involvement to help put an end to the Rwandan Genocides in 1994. He was able to achieve this fit because he was a leader of the Rwandan Patriotic Front that invaded Rwanda to end the killings by Hutus of Tutsis.

His style of leadership has been questioned heavily and criticized as well by global watchdog organizations particularly Amnesty International, who claim that Kagame’s leadership and the regime do not give room for freedom to oppose his role and organize parties as a result.

6. King Mswati III – $500 million

The king of the landlocked kingdom located in Southern Africa (Swaziland) is the eighth Richest President in Africa and he has been in office for over 30 years. Despite the fact that over 60% of her population living below the poverty line($1.25) per day, King Mswati still spends lavishly and lives expensively amidst criticism. He is married to 15 wives each living in her own expensive apartment. King Mswati has 13 palaces, fleets of Mercedes and BMW cars including at least one Rolls Royce and a $500,000 Maybach 62. To add to his collection is a private jet that is estimated to cost $17 million and was speculated to have been purchased with public funds.

7. Matamela Cyril Ramaphosa – $450 million

Matamela Cyril is the seventh on this list. He is a South African politician and the current president. Cyril was formerly a businessman, Deputy President, and activist before he succeeded Jacob Zuma. In 2017, Cyril was the President of the African National Congress (ANC) and the former Chairman of the National Planning Commission. He was elected President on May 22 by the National assembly.

8. Paul Biya – $200 million

Among the wealthiest presidents in Africa, Paul Biya has been the President of Cameron since 1982 (37 years of running in office). President Biya was born 13 February 1933 in Mvomeka’a and has gotten married twice. His first wife Jeanne-Irène Biya is late (died on 29 July 1992) and on 23rd April 1994, he married Chantal Biya. President Biya is the richest man in Cameroon and it was reported that Biya lives an expensive and lavish lifestyle and he spends about $40, 000 on accommodation alone during vacations. More so he has houses, investments, and businesses in different countries around the world. He is said to be autocratic rather than democratic in his leadership style and the citizens are getting wearied of him.

9. President Isaias Afwerki – $120 million

Eritrean president is the ninth richest president in Africa. It is amazing that President Afwerki is the only president of Eritrea because he has been presiding over the country since they gained independence in 1993. His leadership quality has been questioned because of how the rules using a draconian style of government.

This report is backed with charges of human rights violations by the United Nations and Amnesty International. He oversees the nation’s finance causing him to have much money making him be on this list despite the dilapidated state of his country.

10. President Joseph Kabila – $100 million

The last on the list as we draw the curtain is president Joseph Kabila Kabange of the Democratic Republic of Congo. In 2001, He took over from his late father President Laurent-Désiré Kabila who was assassinated. He is believed to have many investments in Congo. One of the challenges Joseph Kabila has been facing is the continuous yet to end wars in the Eastern part of Congo which has led to the weakening of his government.

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Conclusion

That is the list of the top ten richest presidents in Africa. It is surprising that half of the presidents that appeared on the list of top ten richest presidents have their country’s economy facing serious challenges including the welfare and wellbeing of the people which is not up to standard. No wonder the majority of Africans often see their leader as leaders that are after their own wellbeing and not of the citizens.