Top 10 Richest Politicians In Africa

African politics holds diverse meanings for different individuals. Politicians are esteemed figures in society, as they wield substantial power, wealth, and influence. Their primary duty is to serve the public, yet some have leveraged their positions to amass personal fortunes, potentially at the expense of their constituents.

While some politicians exhibit dedication, serving their communities with sincerity and diligence, others view politics as a means to rapidly accumulate wealth. They perceive it as an avenue to exploit their authority for personal gain, akin to a "Ponzi scheme," rather than a commitment to public service. It's crucial to acknowledge that not all politicians accumulate wealth solely through political avenues; some derive their affluence from diverse sources, including businesses, investments, or inheritances.

Regrettably, numerous politicians have faced allegations of corruption and misappropriation of public funds. Legal proceedings have ensued, accusing them of embezzlement or favoring their own enterprises in contract awards. This compilation of Africa's wealthiest politicians seeks to scrutinize the net worth of each individual listed, along with their respective positions and how their wealth aligns with declared assets and business practices.

While the precise net worth of every African politician mentioned in this list remains challenging to independently verify, extensive online resources and reliable sources that have previously conducted research have been diligently consulted. Furthermore, various factors have been considered in determining their wealth, encompassing properties, vehicles, investments, affiliations, and other tangible assets. These elements have significantly influenced the rankings presented in this list.

Richest Politicians in Africa (2023/2024)

• Bola Ahmed Tinubu - $8.4 Billion
• King Mohammed VI - $5.7 Billion
• Ibrahim Babangida - $5 Billion
• Abubakar Bukola Saraki - $2 Billion
• David Mark - $2 Billion
• Atiku Abubakar - $1.8 Billion
• Ifeanyi Ubah - $1.7 Billion
• Olusegun Obasanjo - $1.6 Billion
• Rochas Okorocha - $1.4 Billion
• Orji Uzor Kalu - $1.1 Billion

1. Bola Ahmed Tinubu – $8.4 Billion

Bola Ahmed Tinubu stands as the wealthiest politician in Africa. A Nigerian accountant and politician, he has held the position of national leader of the All Progressives Congress since its establishment in 2013. Prior to this, he served as a senator representing the Lagos-West senatorial district from 1992 to 1993, followed by a term as the Governor of Lagos State from 1999 to 2007.

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Tinubu emerged as one of the presidential aspirants in the 2023 elections under the All Progressives Congress (APC), successfully winning the election and assuming the presidency of Nigeria. Noteworthy among his acquired properties are 10,000 hectares of Lakowe land near Abijo in 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, and 3.8 hectares of land at the Lagos State Fisheries Office in Victoria Island, assessed at 3 billion naira. Additionally, the Ilubinrin housing estate, previously utilized by Lagos State Civil Servants and judges until 2007, holds a value of N2.5 billion naira.

2. King Mohammed VI – $5.7 Billion

King Mohammed VI of Morocco stands as one of the most affluent figures in African politics, holding the distinction of being both the wealthiest monarch and one of the richest politicians on the continent. While his official title does not designate him as a president, he serves as the sovereign of Morocco, a position within his family's lineage that extends back over four centuries. In 1999, upon the passing of his father, King Mohammed VI ascended to the throne.

Upon his father's demise, King Mohammed VI inherited a significant 35% ownership stake in Societe Nationale d’Investissement (SNI). This conglomerate, known as SNL Capital, exerts substantial influence not only within Morocco but also extends its reach to international markets. Its diverse holdings encompass a range of industries, including banking, telecommunications, renewable energy ventures, and a presence in the food sector, among others. In acknowledgment of his financial standing, Mohammed VI earned a place on Forbes' esteemed Africa Billionaires list in the year 2015.

3. Ibrahim Babangida – $5 Billion

Ibrahim Babangida, often affectionately referred to as IBB, is a retired Nigerian Army general who transitioned into politics, notably serving as the military president of Nigeria from 1985 to 1993. His political journey includes stints as both a military head of state and a democratically elected president.

Babangida wielded significant authority over the Federal Republic of Nigeria from August 27, 1985, until his retirement in August 1993. As an army general, he commanded not only respect but also chaired the Armed Forces Ruling Council during the period from 1985 to 1993. Prior to assuming power, Babangida held the position of Chief of Army Staff from 1984 to 1985, a tenure marked by orchestrating a palace coup d’état, leading to the removal of Muhammadu Buhari, the former president of Nigeria.

During the 1992 Gulf War, Babangida faced allegations of improperly handling approximately $12 billion derived from oil-related activities. While estimates of his wealth vary, with some sources like Forbes suggesting a figure of around $12 billion, he contested this claim. Other assessments place his net worth at over $5 billion, affirming his status as one of the most affluent politicians in both Africa and Nigeria.

4. Abubakar Bukola Saraki – $2 billion

Bukola Saraki stands out as a prominent figure in Nigerian politics, leaving an enduring impact on the country's political landscape. His tenure as the Governor of Kwara State from 2003 to 2011 solidified his position as a significant player in Nigerian governance.

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Subsequently, Saraki transitioned into the Nigerian Senate, representing Kwara Central. His influence grew, culminating in his role as Senate President from 2015 to 2019, where he played a pivotal part in legislative matters.

Before venturing into politics, Saraki contributed to the financial sector as the Director of Société Générale Bank (Nig) Ltd from 1990 to 2000. Prior to this, he also practiced medicine, a profession he pursued before opting for a change from the corporate world.

While facing political hurdles and allegations of financial impropriety and misuse of authority, Bukola Saraki has been exonerated of these charges. Presently, his estimated net worth of $2 billion positions him among the wealthiest politicians in Africa.

5. David Mark – $2 billion

David Mark is a prominent figure in Nigerian politics, having held the position of Senate President from 2007 until 2015, when he was succeeded by Abubakar Bukola Saraki. Prior to his political career, Mark distinguished himself in the military, achieving the rank of Brigadier General.

Notably, Mark stands out as one of the select politicians who amassed substantial wealth during their time in public office. He served as the Governor of Niger State from 1984 to 1986 during a military administration. Furthermore, Mark represented Benue South as a senator from June 1999 until June 2019.

Throughout his illustrious career, Mark has occupied pivotal roles and is recognized for his composed and thoughtful approach. Nevertheless, there have been allegations suggesting that he utilized his position for personal enrichment. Mark's financial portfolio is diversified, and his net worth is estimated at $2 billion, affirming his status as one of the wealthiest politicians in Africa.

6. Atiku Abubakar – $1.8 Billion

Atiku Abubakar is a retired military officer, a prominent Nigerian politician, and a successful businessman. Notably, he held the position of Vice President of Nigeria from 1999 to 2007, serving alongside President Olusegun Obasanjo.

Abubakar dedicated two decades to the Nigeria Customs Service, ascending to the role of Deputy Director, a position of considerable influence at the time. His departure from the military in April 1989 marked a pivotal shift towards a dual focus on both business and politics. In 1991, he pursued the governorship of the former Gongola State, now recognized as Adamawa and Taraba States. Additionally, in 1993, he contended for the presidency, although he did not secure the position.

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Throughout his distinguished career, Atiku Abubakar has vied for the presidency of Nigeria on five separate occasions, in the years 2003, 2007, 2015, 2019, and 2023. Despite not clinching the highest office, Abubakar has amassed substantial wealth, with an estimated net worth of $1.8 billion, attesting to his financial success and influence.

7. Ifeanyi Ubah – $1.7 Billion

Ifeanyi Ubah is a Nigerian entrepreneur and politician known for his innovative approach. Through his ventures, he has made significant contributions to job creation and economic growth, particularly in his hometown and across Nigeria. Notably, Ubah has extended his business operations by exporting motor tires and spare parts to West African nations such as Ghana, Liberia, Sierra Leone, and the Democratic Republic of Congo. His entrepreneurial reach has further expanded to include operations in Belgium and the United Kingdom.

Ubah's diverse portfolio includes being the founder of The Authority Newspaper and the proprietor of Ifeanyi Ubah F.C (previously known as Gabros International Football Club). Additionally, he holds the position of CEO at Capital Oil and Gas Limited.

By 2023, Ifeanyi Ubah has achieved notable financial success, securing a place as one of the wealthiest politicians in Africa with a net worth of $1.7 billion. While recognized for his political role, he is predominantly celebrated for his astute business acumen and dedication to profit-making.

8. Olusegun Obasanjo – $1.6 Billion

Olusegun Obasanjo holds the distinction of being the first military ruler in Africa to oversee a peaceful transition of power to a civilian government. He assumed the role of Nigeria's military ruler from 1976 to 1979 and was later democratically elected as president, serving from 1999 to 2007.

Regarded as one of the prominent figures among the second generation of post-colonial African leaders, Obasanjo is widely hailed as one of Nigeria's finest presidents, owing to his numerous notable accomplishments.

Beyond his political career, Obasanjo has demonstrated prowess in business ventures and investments, further bolstering his wealth. He has diversified his interests across sectors including agriculture, telecommunications, and energy, showcasing his aptitude for business and establishment of varied income streams. Notably, he presides over Otta Farms, a substantial poultry enterprise recognized as one of the largest in West Africa. Additionally, Obasanjo has played a substantial role in Nigeria's significant oil production, marketing, and distribution endeavors.

9. Rochas Okorocha – $1.4 Billion

Rochas Okorocha, a Nigerian Senator representing the Imo West Senatorial District, embarked on his political journey in 1999 during the restoration of democracy in Nigeria. His charisma and wide-reaching appeal garnered substantial support, paving the way for his gubernatorial bid in the 2007 general election, initially under the banner of the Peoples Democratic Party (PDP).

In the lead-up to the 2011 general election, Rochas made a strategic move by affiliating with the All Progressive Grand Alliance (APGA), later transitioning to the APC where he clinched the governorship of Imo State, a position he held for two consecutive terms.

While there are indications that Rochas Okorocha was already affluent prior to assuming the role of Imo State's governor, his present estimated net worth stands at $1.4 billion. This remarkable financial standing positions him as one of the wealthiest politicians in Africa.

10. Orji Uzor Kalu – $1.1 Billion

Orji Uzor Kalu is a prominent figure in Nigerian politics and a shrewd businessman. Currently serving as the Chief Whip of Nigeria’s House of Senate, he represents the Abia North Senatorial District. Kalu also boasts a former gubernatorial tenure, having served two consecutive terms as the Governor of Abia State from 1999 to 2007.

Kalu's entrepreneurial journey began at a remarkably young age of 19 when he ventured into trading commodities such as palm oil, rice, and sugar. Over time, he diversified into furniture manufacturing and transportation, achieving significant financial success. By the age of 20, he had already amassed considerable wealth, attesting to his astute business acumen. This early success has solidified his status as one of Nigeria's most accomplished and prosperous politicians.

Orji Uzor Kalu's estimated net worth stands at $1.1 billion, a testament to his substantial financial resources. However, it's worth noting that controversies and criticisms surrounding his wealth accumulation persist, casting a shadow on his overall legacy.

In conclusion, this compilation offers insight into the wealth of influential politicians in Africa, shedding light on both their political roles and business endeavors. While political wealth is a multifaceted phenomenon, these individuals collectively represent a dynamic spectrum of African political landscapes.