Whenever we talk of monarchies, we instantly think of the British royals. However, there are some monarchies in Africa. Since Africa is diverse, there are different systems of monarchies on the continent. According to Face 2 Face Africa, there are two types of monarchies: sovereign and sub-traditional. Regardless of the type of monarchy, African kings relied on international trade to be wealthy. These days, they derive their wealth from government taxes, community donations and personal business ventures. This article will identify the ten richest African monarchs in 2022 and how they achieved their net worth.
10. Benjamin Ikenchuku Keagborekuzi I ($10 million)
This king has broken two records in his lifetime. First, he became king at two years old when his father passed on. As a result, his name was recorded in the Guinness Book of Records as the youngest monarch. Another record was when he became the youngest Chancellor at the University of Ilorin. He became one after amassing many degrees in the United Kingdom. The assets he amassed as king include a palace worth $4.8 million and a fleet of cars.
9. Otumfuo Osei Tutu II, Ashanti, Ghana ($14 million)
Otumfuo took over the region as king in 1999 and remains one today. Unlike most African kings, he does not rely on the position to earn an income. He is a businessman and the Chancellor of the Kwame Nkrumah University of Science and Technology (KNUST). Between 1981 and 1985, he was a senior consultant at an insurance firm in Canada. In 1989, he returned to Ghana to start a transport business, the Transpomech International (Ghana) Limited. The company supplies mining equipment to several companies in Ghana. He later became king in 1999.
8. Godfrey Emiko, Nigeria ($30 million)
Godfrey reigns in the Niger-delta region. The region is known for its abundant oil supply, so he controls this resource. Therefore, oil is the major source of his wealth. He is one of the few kings not to own a luxury car. Perhaps, he knows he does not need to show off his wealth by driving luxury vehicles.
7. Oba Rilwan Akiolu, Lagos, Nigeria ($40 million)
Oba became king of Lagos in 2003. He was different from other kings in that he did not wield any political power. Instead, he served as the ceremonial face of Lagos. Despite not having much power, he has been able to influence the political landscape of Lagos due to his charisma. Before he became king, he was a police officer. In 2002, he was promoted to the Assistant Inspector General of Police position. However, his new role would not last long since he was asked to replace the king of Lagos, who had passed on in 2003.
6. Adeyeye Enitan Ogunwusi Ooni, Nigeria ($70 million)
He is the king of Ile-Ife, which is considered the birthplace of the Yoruba tribe. Before assuming kingship, he was an Associate Accounting Technician, a member of the Institute of Chartered Accountants of Nigeria, and the Chancellor at the University of Nigeria. People chose him as king because they considered him an astute entrepreneur who turned impossibilities into possibilities.
5. Lamido Sanusi Lamido, Nigeria ($80 million)
He was born into affluence since his father was the Nigerian ambassador to Canada, China, and Belgium. As a result, he attended an economics school. When he graduated from the course, he used his economic knowledge to advance his career as an economist. He worked as a banker and later became the governor of the Central Bank of Nigeria. He then became king in 2014.
4. Sa'adu Abubakar, Nigeria ($100 million)
He rules over the Sokoto Caliphate in Northern Nigeria. Since the region predominantly practices Islam, he is also the region's spiritual leader. Sa'adu became king of the region in 2006 after succeeding his brother, who perished in a plane crash. Before 2006, he had a military career. In 1977, he was commissioned to serve as a second lieutenant in the Armored Corps. His responsibility was to protect the then military ruler General Ibrahim Babangida during the 1980s.
3. King Mswati III, Eswatini ($200 million)
The king rules over Eswatini, the second smallest country in Africa. Due to its small size, the country has a small population. According to Statistics Times, the country's population is 1.17 million as of 2021. His father passed on in 1982 when he was 14 years old. Since he was too young to rule, a regency was established to rule until he turned 18. When he took over, he consolidated power by dissolving the Liqoqo, the king's traditional advisory board. As a result, he has been able to stay in power. Most of his wealth comes from his annual salary paid to him out of government coffers.
2. Fredrick Obateru Akinruntan, Nigeria ($300 million)
He derives most of his wealth from his position. However, he owns an oil company called Obat Oil. The company is one of Nigeria's leading and largest privately-held oil companies. The king has purchased a Bentley Mulsanne 2014 model and a custom-built Rolls-Royce 2012 edition. When he bought the former car, he became the first black person to own it.
1. King Mohammed VI, Morocco ($2.1 billion)
He is the second child and oldest son of King Hassan II. Immediately after he was born in 1963, he was named the heir. He ascended to the throne in 1999 when his father was passed on. His ascension to the throne is considered a significant event. Moroccans celebrate The Throne Day on 30th July to commemorate his ascension to power. When he became king, he promised to tackle poverty and became known as the "defender of the poor." That was because he made most of his promises.
Most of the wealthiest monarchs in this list did not rely on their position as the sole source of income. Some of them established businesses. Remember, not everyone in a family will be lucky to ascend to the throne. However, with a business, there is a high chance of every family member working there. So, if you were lucky to become an African king, do not be satisfied with your position. You can still establish businesses, and in that way, you will create employment.
Written by Dana Hanson
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