It is rare to find a poor ruler as riches and royalty go hand-in-hand. In this century, some of these monarchs acquire their wealth from government taxes, community donations, business, inheritance and more. Also, in addition to their wealth is influence which results in large corporation inviting them to join their board. For instance the Alake (King) of Egbaland, Oba Adedotun Gbadebo, is the Chairman of Oando, a large Nigerian energy company.
Irrespective of their wealth, these monarchs are governed by written national laws and constitutions. Also, they are tasked with ensuring the economic development of the ruled, even as they amass personal wealth.
Below is a list of the top 5 richest kings in Africa:
King Mohammed VI of Morocco- $2 billion
The wealthiest monarch in Africa is His Majesty King Mohammed VI of Morocco. The 27 member of the Alaouite dynasty ascended the throne in July 1999 after the passing away of his father, King Hassan II.
King Mohammed VI is a successful banker and businessman in Morocco. He derives his wealth from Societe Nationale d’Investissement (SNI), one of the largest investment holding companies with a diverse portfolio. He also owns phosphate reserves, extensive land, and is a leading agricultural farmer in Morocco, where agricultural activities are not taxed.
His net worth is estimated to be $2 biliion, while his palace’s daily operating budget is estimated at $960,000.
Oba Fredrick Obateru Akinrutan of Ugbo Land, Nigeria
The Olugbo of Ugbo Land was born in 1950 and became king in 2009. He owns Obat Oil, a leading privately-owned oil company in Nigeria, founded in 1981 with a single gas station to meet the needs of his family and neighbouring community. He also owns an extensive portfolio of residential and prime commercial real estate property in Nigeria and London.
He has an estimated net worth of $300 million.
Sultan Sa’adu Abubakar III of Sokoto
Sa’adu, born on 24th August 1956, served in the military from 1977 and retired in 2006 as Brigadier General and became the 20th Sultan of Sokoto in November 2006 after the death of Sultan Miccado on ADC Airlines Flight 53.
Sa’adu is the most powerful traditional leader in Northern Nigeria and is the Nigerian head of the Islamic religion. He has an estimated net worth of $100 million.
King Mswati III of Swaziland
King Mswati, 46, ascended the throne at 18 years old, is Africa’s last absolute monarch. His personal net worth is at least $50 million, based on the annual $50 million salary that he is paid out of government coffers. He also controls Tibiyo TakaNgwane, an investment holding company that has assets worth over $140 million, but he holds it in trust for the people of Swaziland.
Mswati renamed Swaziland to the Kingdom of eSwatini. As of 2020, he had 15 wives and is known for leading a flamboyant lifestyle despite the high poverty and unemployment rate in Swaziland.
Obi Nnaemeka Alfred Ugochukwu, Achebe of Onitsha, Nigeria.
Nnaemeka Alfred is one of the prominent kings in Eastern Nigeria. He emerged the throne in May 2002 and is currently the Chancellor of Ahmadu Bello University as well as chairman of the board of directors of Unilever Nigeria.
The Obi also serves as the chairman of International Breweries (ABInBev), Nigeria. The Achebe of Onisha estimated net worth is $50 million.