While some African billionaires have faced substantial declines in their fortunes this year, Zimbabwe’s richest man Strive Masiyiwa stands out as one of the few enjoying remarkable wealth growth since the beginning of 2023.
His net worth has surged by US$600 million, attributing the rise to the impressive performance of his diversified investment portfolio, spanning various industries such as telecommunications and technology.
At the start of the year, Masiyiwa’s fortune was valued at US$1.2 billion, according to US business magazine Forbes, which tracks the wealth of the world’s ultra-high-net-worth individuals. However, due to the strong performance of his broad assets, managed through his technology group, Econet Global, Masiyiwa’s net worth has now soared to US$1.8 billion.
This recent increase has solidified his standing as not only one of Africa’s richest businessmen but also one of the world’s Black Billionaires, joining the ranks of prominent figures like Jay-Z, Oprah Winfrey, Robert F. Smith, Patrice Motsepe, and Abdul Samad Rabiu.
The notable US$600-million surge in Masiyiwa’s net worth can be attributed in large part to the outstanding growth of his publicly traded businesses on the Zimbabwe Stock Exchange, particularly Econet Zimbabwe and EcoCash Holdings.
Masiyiwa holds a majority 52.85-percent stake in Econet Zimbabwe, the country’s largest telecom services provider, and another 30-percent stake in EcoCash Holdings, a diversified intelligent technology company focused on digital and financial solutions to foster shared economies, promote financial inclusion and empower communities.
Through his ownership of Econet Global, a diversified telecom group with widespread operations and investments across Africa, Europe, South America, and the East Asia-Pacific Rim, Masiyiwa possesses a US$145-million equity position in Liquid Intelligent.
As the billionaire landscape across Africa experiences mixed fortunes, Masiyiwa’s wealth growth showcases his resilience and savvy business acumen in navigating the region’s economic challenges. The impressive growth further bolsters his reputation as a prominent figure in both the African and global business spheres – Harare