African politics can imply various things to various individuals. Politicians are highly esteemed in society due to their wealth, power, and influence. Some of them have used their positions to line their own wallets at the expense of those they are supposed to serve.
Some politicians are devoted and serve their communities with sincerity and diligence, whereas others see politics as a means to become wealthy quickly. They perceive it as a “Ponzi scheme” in which they can use their positions to consume the “national cake” and become wealthy. It is important to observe, however, that not all politicians become wealthy through politics. Some have acquired wealth through other enterprises, investments, or inheritances.
Sadly, numerous politicians have been accused of corruption and misappropriation of public funds. Their alleged crimes, such as stealing money or awarding contracts to their own companies, have been tried in various tribunals. This list of the wealthiest politicians in Africa, however, intends to investigate the net worth of each politician on the list in relation to their position and how their wealth corresponds to their declared assets and business practices.
Methodology and Criteria for Ranking
While we are unable to independently confirm the precise net worth of every African politician on this list, we have utilized extensive online resources and reputable sources that have previously conducted research into these individuals’ potential wealth.
In addition, we have considered various factors, such as their properties, vehicles, investments, affiliations, and other assets, when determining their wealth. These factors played a significant role in determining the wealth rankings of the politicians on this list.
Top 5 Richest Politicians in Africa
1. Bola Ahmed Tinubu – $8.4 Billion
Richest Politician in Africa – Bola Ahmed Tinubu
Bola Ahmed Tinubu has the most wealth of any politician in Africa. He is a politician and accountant from Nigeria. Since the 2013 formation of the All Progressives Congress, he has served as its national leader. In addition, he served as a senator for the Lagos-West district from 1992 to 1993 before becoming the governor of Lagos State from 1999 to 2007.
Bola Ahmed Tinubu was one of the presidential candidates for the 2023 election under the All Progressive Congress (APC) party, where he won and became president of Nigeria. Among his acquired properties are 10,000 hectares of Lakowe land near Abijo at Ibeju-Lekki valued at N80 billion naira, a Fishery Landing jetty in Badore valued at N500 million naira, the Ogudu foreshore scheme valued at N5 billion naira, 3.8 hectares of land at the Lagos State Fisheries Office in Victoria Island valued at 3 billion naira, and Ilubinrin housing estate,
Bola Ahmed Tinubu’s net worth is estimated to be $8.4 billion, making him the richest politician in Africa and also the richest politician in Nigeria. Tinubu has served as both governor and senator, and he is presently the president of the most populous country in Africa.
2. King Mohammed VI – $5.7 Billion
Richest Politicians in Africa – King Mohammed VI
King Mohammed VI of Morocco is both one of Africa’s wealthiest politicians and the continent’s wealthiest monarch. Although he is not explicitly referred to as president, he is the leader of the state of Morocco, which his family has ruled for approximately 400 years until he became king in 1999, succeeding his father.
After the death of his father, King Mohammed VI inherited a 35% stake in Societe Nationale d’Investissement (SNI). SNL Capital, a holding company with stakes in several publicly traded companies in Morocco and beyond, is primarily controlled by the king and the royal family. SNL Capital has investments in a variety of fields, including banking, telecommunications, renewable energy businesses, and the food industry, among others. In 2015, Forbes’ Africa Billionaires list included Mohammed VI.
The Moroccan king, Mohammed VI, is one of the wealthiest politicians in Africa, with an estimated net worth of $5.8 billion, the majority of which is attributable to his business dealings. He is one of the wealthiest politicians in Africa who have amassed their fortunes through business enterprises in addition to politics.
3. Ibrahim Babangida – $5 Billion
Ibrahim Babangida is a retired Nigerian Army general and politician who served as the country’s military president from 1985 to 1993. IBB, as he is affectionately known, is one of the wealthiest politicians in Nigeria and a former head of state or president who has served in both a military and democratic capacity.
Babangida led the Federal Republic of Nigeria with a firm hand from August 27, 1985, to August 1993, when he stepped down. As an army general from 1985 to 1993, he not only commanded respect, but also the Armed Forces Ruling Council. Babangida served as Chief of Army Staff from 1984 to 1985, and it was during this time that he orchestrated a palace coup d’état, deposing Muhammadu Buhari, the former president of Nigeria.
During the 1992 Gulf War, Babangida was accused of illegally transferring approximately $12 billion in hydrocarbon profits. Some publications, such as Forbes, claimed he was worth approximately $12 billion, but he denied this. Other sources estimate his net worth to exceed $5 billion, making him one of the wealthiest African and Nigerian politicians.
4. Abubakar Bukola Saraki – $2 billion
Bukola Saraki is a prominent Nigerian politician who has left an indelible impression on the political landscape of his country. From 2003 to 2011, he served as the governor of Kwara State.
After that, he was elected to represent Kwara Central in the Nigerian Senate. From 2015 to 2019, he served as Senate President, where he exerted considerable influence and was instrumental in legislative affairs.
Bukola Saraki was the Director of Société Générale Bank (Nig) Ltd from 1990 to 2000 before entering politics. Before deciding to leave his white-collar employment, he worked as a medical doctor for some time.
Although Bukola Saraki faced political obstacles and allegations of corruption and abuse of power involving mismanagement of money, he has been exonerated of these charges. He is currently estimated to have a $2 billion net worth, making him one of the wealthiest politicians in Africa.
5. David Mark – $2 billion
David Mark is a well-known Nigerian politician who served as senate president from 2007 to 2015, when Abubakar Bukola Saraki succeeded him. Before entering politics, he served in the military and attained the rank of brigadier general.
Mark is one of the few politicians who amassed a substantial fortune while serving in office. From 1984 to 1986, he served as governor of Niger State under the military government. From June 1999 to June 2019, he also served as the senator for Benue South.
Mark has held significant positions throughout his career and is known for being composed and thoughtful. However, it is alleged that he used his position for his own benefit. David Mark has diversified investments and an estimated $2 billion net worth.
