In March 2014, Forbes, the renowned American business magazine, released its list of Africa’s Richest Kings, highlighting the wealthiest monarchs on the continent. This ranking provided insights into the financial standing of African royalty, with the net worth of each individual being estimated in United States dollars, based on their assets and liabilities. The list notably excluded politicians and dictators whose wealth stems from their political roles, as Forbes’ definition of a “king” focused strictly on sovereign or constituent monarchs reigning through traditional monarchical succession.
The list was led by King Mohammed VI of Morocco, whose estimated wealth was a staggering US$2 billion. As the sovereign ruler of Morocco, his wealth stemmed largely from investments in various sectors, including real estate and agriculture, as well as significant shares in Morocco’s leading business ventures. King Mohammed VI’s fortune made him not only the wealthiest monarch in Africa but also a notable figure globally.
Taking the second spot on the list was King Fredrick Obateru Akinruntan, the Olugbo of the Ugbo Kingdom in Nigeria. King Akinruntan’s wealth, estimated at $300 million, is largely derived from his successful oil ventures. He is the founder of Obat Oil, one of Nigeria’s largest privately held oil companies, which significantly contributed to his high ranking.
The third position was held by another Nigerian monarch, King Okunade Sijuwade, also known as Olubuse II, the Ooni of Ife. At the time of evaluation, his net worth was placed at $75 million. King Sijuwade was regarded as one of Nigeria’s most influential monarchs, with investments in real estate, oil, and other sectors. Sadly, King Sijuwade passed away after this evaluation, and his wealth was inherited by his lineal heirs within the Sijuwade family. He was succeeded by King Ojaja II, a distant relative, who now serves as the current Ooni of Ife.
King Mswati III of Eswatini (formerly Swaziland), who is the Ngwenyama of the nation, secured the fourth spot on the list. As of 2014, King Mswati III’s estimated net worth was $50 million. While his wealth was more modest compared to other monarchs, his influence and power within his country were unmatched. Mswati III is Africa’s last absolute monarch, with control over much of Eswatini’s resources.
Rounding out the top five was King Osei Tutu II, the Asantehene of the Ashanti Kingdom in Ghana, whose wealth was estimated at $10 million. King Osei Tutu II has been instrumental in preserving the cultural heritage of the Ashanti people and has made significant strides in business and philanthropy.
The Legacy of African Monarchs and Their Wealth
African monarchs often wield both traditional influence and economic power, with their wealth stemming from various sectors such as oil, agriculture, real estate, and investments. While some monarchs like King Mohammed VI are sovereign rulers of their nations, others, like King Fredrick Obateru Akinruntan and King Osei Tutu II, rule over constituent monarchies within modern states.
The wealth of these kings is often deeply tied to their roles in preserving their cultural heritage, while also actively participating in business and national development. For instance, King Mohammed VI’s Al Mada holding company owns substantial assets in key industries in Morocco, while King Akinruntan’s ventures in oil have positioned him as one of Nigeria’s most successful entrepreneurs.
However, it’s important to note that these estimates are reflective of the period in 2014. Since then, the wealth and status of many of these kings may have shifted, especially following the death of King Okunade Sijuwade. His successor, King Ojaja II, continues the lineage but has not been publicly evaluated for his personal wealth.
The Influence of Monarchy in Modern Africa
Despite modern Africa’s evolving political landscape, where most nations have transitioned to democratic governance, many traditional monarchs retain significant influence. Their roles are often symbolic, acting as custodians of culture, religion, and heritage. However, their economic impact, especially in their respective regions, remains substantial.
These monarchs’ businesses, investments, and social projects are often vital to the development of their communities. From King Mohammed VI’s initiatives in poverty alleviation to King Osei Tutu II’s contributions to education and cultural preservation, Africa’s monarchs continue to be pillars of both tradition and modernity.
As Africa continues to grow and develop, it is likely that the wealth and influence of these kings will evolve, whether through increased business ventures, philanthropic efforts, or their continued engagement in the political and cultural spheres of their nations.
Conclusion
The 2014 Forbes ranking of Africa’s Richest Kings offers a fascinating glimpse into the financial and cultural impact of Africa’s royalty. Topped by King Mohammed VI of Morocco, the list highlights the role of African monarchs in maintaining their traditional roles while also engaging in modern business. Monarchs like King Fredrick Obateru Akinruntan and King Okunade Sijuwade have diversified their influence through ventures in oil, real estate, and other industries.
Although the rankings may have shifted over time, the cultural and economic influence of these kings remains significant in their countries. As Africa continues to modernize, the roles of these monarchs will remain essential in shaping the future of their regions and communities.
