Prior to the colonization of Africa, the dominant political system was the monarchical system of government, which is a government, ruled by a king or queen.
In this system of government, instead of the periodic election to determine who occupies governmental positions as it quite popular in democratic government, power is hereditary.
One thing that is always attached to royalty is wealth, and this has not changed in the 21st century, as the gross net worth of the top four richest monarchs in the world is $83 billion according to the business insider, with King Maha Vajiralongkorn from Thailand topping the list with an estimated net worth of $30 billion.
In Africa, King Mohammed VI leads the chart of the wealthiest monarchs. In this article, we explore the top five monarchs in Africa. According to Forbes, these are the top five monarchs in Africa.
Richest Kings in Africa
1. Mohammed VI of Morocco
The number on our list of the richest Monarch in Africa is Mohammed VI of Morocco, who has an estimated net worth of $2 billion dollars and he is in the top ten rankings of the richest monarchs in the world.
Born on 21 August 1963, Mohammed VI ascended to the throne on 23 July 1999 upon the death of his father. His source of income can be traced to his ownership of the Societe Nationale d’investissement (SNI) a large Moroccan investment holding company with a net worth of $10 billion.
2. Oba Obateru Akinrutan, Ugbo Land, Nigeria
Appointed king in 2009, the oil Magnate and founder of Obat oil is the second on our list of the richest king in Africa, and the richest king in Nigeria, with an estimated net worth of $300 million dollars. It’s obvious that the major source of his income is from oil, given the fact that he owns more than fifty gas stations across Nigeria as well as the largest tank farm.
However, King Obateru Akinrutan owns the landmark Febson hotel and mall in the Central Business District of Abuja, and also a portfolio of commercial and residential real estate in Nigeria and London.
3. King Mswati III, Swaziland
With an estimated net worth of $50 million, King Mswati III is the third richest monarch on our list. He became king at the age of 18, on 25 April 1986, making him the youngest monarch in the world at that time.
King Mswati is the last absolute monarch in Africa, and he earns at 50 million annually from the government. He is also in charge of Tibiyo TakaNgwane, an investment holding company that has an asset worth over $140 million.
4. King Goodwill Zwelithini Kabhekuzulu, South Africa
King Goodwill is the current king of the Zulu nation which is the biggest ethnic group in South Africa. He is the eighth monarchs of the Zulus and he ascended to the throne on 3 December 1971.
Although monarch source of income is unknown, King goodwill has an estimated net worth of $19 million. The monarch receives a yearly allowance of $6 million to cater for his royal households.
5. Otumfuo Nana Osei Tutu II, Ghana
Osei Tutu is the 16th Asantehene and has been in power since 26 April 1999. He is the Chancellor of the Kwame Nkrumah University of Science and technology. He is the Grand Patron of the Grand Lodge of Ghana and the sword-bearer of the United Grand Lodge of England.
Otumfuo Nana Osei Tutu II has a net worth of $14 million and his source of wealth includes Minning Equipment, Property and Jewelry.