Africa is still the home of many rulers, despite the fact that the vast majority of its nations are democratically run.
The remaining three sovereign state monarchy in Africa—Morocco, Swaziland, and Lesotho—have one king serving as the head of state, and these monarchs play a variety of functions within their societies.
The remaining kingdoms are scattered over the continent as sub-national monarchy.
Most of the time, these kings have little to no official political power, but they still have ceremonial and spiritual duties to their people.
Many of these rulers earn hefty stipends and allowances from the state because they are officially recognized by their own governments in addition to running their companies.
Below are the five richest kings in Africa.
5. Otumfuo Nana Osei Tutu II (Ghana) ─ R203 million
King Otumfuo Nana Osei Tutu II, ruler of the Ashanti people, is first on the list. The Ashanti are the largest tribe in Ghana and one of the few matrilineal cultures in West Africa, where each individual is identified with their matriline, or mother's lineage.
Additionally, the 71-year-old is the Kwame Nkrumah University of Science and Technology's Chancellor (KNUST).
With a net worth of $14 million (R203 million), King Otumfuo Nana Osei Tutu II derives his wealth from mining, real estate, and jewelry.
4. The Zulu Kingdom (South Africa) ─ R290 million
The late King Goodwill Zwelithini Kabhekuzulu of the Zulu nation, the largest ethnic group in South Africa, had a net worth of $20 million at the time of his dying (R290 million).
King Misuzulu Zulu, his heir apparent, will inherit a sizable portion of his fortune.
In addition to receiving a yearly stipend from the government, the Zulu King also serves as the chairman of the Ingonyama Trust, which is the owner of one-third of all livable land in KZN.
The trust had R25. 290 billion in total assets at the end of the 2019/2020 fiscal year.
3. King Mswati III (Swaziland) ─ R2.9 billion
King Mswati III of Eswatini, the head of the Swazi Royal Family, is the following monarch on the list. His name is "Ingwenyama yemaSwati."
With an estimated net worth of $200 million, King Mswati III ranks among the top 15 wealthiest monarchs in the world and leads the nation under an absolute monarchy (R2.9 billion).
King Mswati is the owner of Tibiyo TakaNgwane, a holding company for investments that holds shares of a variety of businesses, including Ubombo Sugar and Royal Swaziland Sugar Corporation (RSSC), two of the world's largest sugar refiners, Swaziland Beverages, and Swazi Spa Holdings. The business's assets are valued more than $140 million.
2. Oba Obateru Akinrutan (Nigeria) ─ R4.4 billion
Oba Obateru Akinrutan, the head of the Ugbo Kingdom in southwest Nigeria, is the second-richest king in Africa.
The king's wealth, which is estimated to be around $300 million (R4.4 billion), is largely derived from his ownership of Obat Oil, one of Nigeria's largest and most successful privately held oil firms.
In 1981, the king founded Obat Oil. A modern storage facility with a capacity to hold 65 million liters of petroleum products, the company currently owns more than 50 gas stations spread across Nigeria's six geopolitical zones. It also owns one of the continent's largest tank farms.
The finest things in life appeal to the King.
He said, "I have a $1 million watch, I use the same type of car like the Queen of England," in an interview with Daily Post in 2014. He owns a custom-built 2012 Rolls Royce that is similar to Queen Elizabeth II's.
1. King Mohammed VI (Morocco) ─ R81 billion
In all of Africa, King Mohammed VI is the wealthiest head of state. The king's estimated net worth ranges from $2 billion (R29 billion) to $8 billion (R116 billion), but according to Forbes, it is somewhere around R81 billion.
Family businesses and investments account for a large portion of the King's fortune. Additionally, he received from his late father, King Hassan, a 35% ownership position in holding company Société Nationale d'Investissement (SNI).
Forbes claimed that the daily running budget for his castle was $960,000 (R1.4 million), with expenses for staff, clothing, and auto repairs accounting for a large portion of that amount.
These five kings/kingdoms have a combined net value of approximately R8 billion, making us understand that being an African traditional monarch can be a lucrative endeavor.
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