Being a traditional African monarch is rewarding. Most of these monarchs are formally recognized by state institutions; as a result, many get generous stipends and allowances from the government. The richest kings in Africa also make income off the goodwill and generosity of their people. In this article, TUKO.co.ke speaks to an African historian and accomplished researcher about Africa's richest kings in history.
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The richest kings in Africa are rulers that inherited thriving kingdoms before colonialism. Unfortunately, most of these kingdoms suffered violence, reduced influence, and plundered wealth. But since independence, the content has grown in prosperity and wealth, as seen in these monarchs' lavish lifestyles.
In modern Africa, kings are mandated with the role of safeguarding the economic growth of their people. It is common for rich members of a community to offer their traditional Kings large quantities of money, automobiles, and property in exchange for spiritual blessings or other favours. According to Peakng, these are the 10 richest kings in Africa:
1. King Mohammed VI of Morocco - $2.1 billion
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Mohammed VI is the richest monarch in Africa. He was elected in July 1999 after the death of his father. He is also part of the Moroccan Royal Family, popularly referred to as the Alaouite Dynasty, dating back hundreds of years.
He heads a holding company known as the Société Nationale d’Investissement (SNI). It controls and owns various ventures in:
- Agriculture
- Real estate
- Banking
- Power generation
Some of the other companies that significantly contributed to his success and wealth include:
- Mining (Managem)
- Real estate and tourism (SOMED and Onapar)
- Insurance (Wafa Assurance)
- Hypermarket chain (Marjane)
- He has an estimated net worth of $2.1 billion.
2. Oba Fredrick Akinruntan of Ugbo Land Nigeria - $300 million
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King Oba is the richest king in Nigeria. He is the king of Ugbo in the Ilaje Kingdom of Ondo State in Southwestern Nigeria. His net worth is approximately $300 million. He is the founder and chairman of a Nigerian oil marketing company known as Obat Oil.
King Oba has an extensive portfolio of prime commercial and residential real estate in his home country and others in London. Over the years, he has participated in many large-scale real estate development projects across Lagos. He also owns several estates in the Lekki area. He uses all these to supplement his income.
3. Sultan Sa’adu Abubakar III of Sokoto - $100 million
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King Sultan owns the largest palace in Africa. Even though he is the 20th Sultan of Sokoto, he is largely recognized for his exceptional influence in politics. Sultan is the Nigerian Muslim's spiritual leader, representing 50% of the country's population.
He enjoys profound support from politicians in the northern part of the country. He is a decorated military officer. Sultan served as the commander of the Armoured Corps, guarding General Babangida during his reign. His net worth is estimated at $100 million, but he hasn't offered information about his income sources.
4. King Mswati III of Swaziland - $100 million
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King Mswati is one of the wealthiest monarchs in Africa. He assumed the throne of Eswatini on 25th April 1986, at 18. He reigns as an absolute monarch, thus owning the country's land and all its wealth.
Even though the average person in eSwatini makes less than $2 a day, the king affords a luxurious life since he owns the entire country. Additionally, he is the chief of an investment firm known as the Tibiyo TakaNgwane. The firm’s net worth is around $140 million, while the king's worth is estimated at $100 million.
5. Oba Adeyeye Ogunwusi Enitan - $70 million
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Oba Adeyeye is one of the richest kings in Africa. He is also known as the Ooni of Ife. King Oba is the 51st leader of the Yoruba kingdom after descending to power in 2015 following the death of Oba Sijuwade.
The king enjoys a luxurious lifestyle thanks to his massive wealth of $70 million. He frequently makes public appearances with some of the most expensive cars, such as his white Rolls Royce Phantom. Additionally, he loves travelling to exotic destinations, such as Europe, with his royal entourage.
6. Oba Ewuare II Ogidigan - $70 million
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Oba Ewuare is the king of the Great Benin Kingdom. His common name is 'Oba of the Great Benin Kingdom'. He rose to the position of Oba of Benin after his father's death, Oba Erediauwa. He became the 40th Oba of the kingdom.
Between 1897 and 1902, British rulers looted most of Benin's wealth. But after the British returned stolen artefacts, the king’s prestige and wealth increased. He's one of the traditional rulers in Africa that spent a lot of time in London, holding several diplomatic positions. Oba's net worth is estimated at $70 million.
7. Obi Nnaemeka Achebe of Onitsha, Nigeria - $50 million
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Many consider Obi the richest king in Africa ever, with an estimated net worth of $50 million as of 2023. He is the 21st Obi of Onitsha, Nigeria, having succeeded his father, Alfred Ugochukwu Achebe. He was crowned king in 2002. He makes money through music, oil, and gas in Nigeria and beyond.
Over the years, he has held several high positions in Shell Petroleum Development Company in his home country and many other European countries. Additionally, he is the Chancellor of Ahmadu Bello University and the chairman of the Unilever Nigeria board of directors.
8. Oba Rilwan Akiolu of Lagos, Nigeria - $40 million
King Oba of Lagos, Nigeria, is one of Africa's richest kings. He was crowned the 21st Oba of Lagos in May 2003. Oba hails from the ancient ruling family of Lagos. Before ascending to his forefathers' throne, he served in the Nigerian Police Force for 32 years.
While in the police department, he rose through the ranks, becoming an Assistant Inspector General of Police. He was in charge of all investigations in the country. King Oba's net worth is approximately $40 million.
9. Togbe Afede XIV of Asogli State Ghana - $30 million
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King Togbe is one of the wealthiest kings in Africa, with a net worth of $30 million. He was formally crowned King of Asogoli State Ghana in October 2003. Before leadership, he ran several successful businesses in Ghana after graduating from the University of Ghana.
Today, he is the executive chairman of the World Trade Centre Accra. Furthermore, he holds a majority ownership interest in various noteworthy businesses.
10. Ogiame Atuwatse III, Olu of Warri, Nigeria - $20 million
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Ogiame Atuwatse III is one of the most powerful kings in Africa currently. He is the monarch of the Ìtsẹ̀kírì people in Warri, Delta State, Nigeria.
King Ogiame was crowned Olu on 21st August 2021. He receives patronage from wealthy citizens and politicians in the country. The king’s net worth is approximately $20 million.
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Interview with an African historian
In an exclusive interview with TUKO.co.ke, Dr. Catherine Bosibori, a distinguished African historian, lecturer and researcher, opened up about Africa's richest kings in history and the evidence that these rulers amassed vast fortunes. Take a look.
Q: When we describe famous African kings as some of the richest people in history, we are often applying a modern concept of personal wealth to societies with very different political and economic systems. As an African historian who has examined the relationship between wealth and political power, how should we understand royal wealth in the African context? Where should we draw the line between a ruler's wealth and that of the state or kingdom they governed?
Understanding the wealth of African kings requires us to move beyond the modern concept of personal wealth. In many precolonial African societies, royal wealth was measured not only in gold, livestock, and material possessions but also in control over land, trade, tribute, labour, and extensive family networks.
For example, Mansa Musa of the Mali Empire derived his power from the empire’s gold-producing regions and trans-Saharan trade networks, while Asante kings in present-day Ghana accumulated wealth through gold, commerce, territorial expansion, and control over labour.
Polygamous families were also important sources of political and economic power, as royal marriages could establish alliances, strengthen dynasties, and expand networks of influence. The Asante king Osei Bonsu, for instance, was reported by the early nineteenth-century traveller Thomas Edward Bowdich to have had 3,333 wives, although this extraordinary figure should be treated as a historical report rather than a verified count.
However, we must distinguish between a king’s personal wealth and the resources of the kingdom he governed. A ruler might control extensive territories, productive land, royal households, and enslaved labour without personally owning every resource or person under his authority.
Some wealth supported the royal family, while other resources sustained administration, military activities, ceremonies, and the wider political institution. Royal wealth was therefore both material and relational: it depended on what a ruler possessed and on his ability to mobilise people, resources, and political alliances.
A comprehensive understanding must also recognise the labour of farmers, miners, traders, dependants, and enslaved people whose work sustained royal accumulation. Rather than simply asking who was the richest king, we should examine how wealth was acquired, who controlled it, who benefited from it, and how it reinforced political power in different African societies.
Q: Stories about extremely rich African kings have been passed down through the generations and recorded in historical accounts. More recently, they have spread online. However, not every figure or claim attributed to a famous king can necessarily be verified. Based on your experience as a historian and researcher, what kind of evidence would convince you that a particular ruler was exceptionally wealthy?
I would evaluate claims about the extraordinary wealth of African kings through critical source analysis, corroboration, and historical contextualisation. I would examine diverse sources, including oral traditions, contemporary accounts by travellers, merchants and diplomats, archival records, archaeological evidence, and scholarly research, assessing who produced each account, when and why it was produced, the author’s possible biases, and their proximity to the events.
For example, accounts of Mansa Musa’s 1324–1325 pilgrimage to Mecca, considered alongside historical and cartographic evidence, demonstrate the extraordinary resources he could mobilise, although these must be distinguished from his personal possessions. Claims concerning vast quantities of gold, numerous wives, enslaved people, or extensive landholdings similarly require corroboration and careful scrutiny.
Ultimately, I would consider a ruler exceptionally wealthy when multiple credible sources demonstrate an extraordinary capacity to accumulate, control, and mobilise resources within the economic and political realities of the period. Historical research requires us to distinguish what the evidence establishes, what it suggests, and what remains uncertain, acknowledging that historical sources are often incomplete and shaped by particular perspectives.
Our responsibility as historians is therefore to move beyond popular narratives and spectacular figures, separating verifiable evidence from exaggeration, legend, and modern reinterpretation while remaining open to revising our conclusions when new evidence emerges.
Q: A king who controlled gold, fertile land, major trade routes or other valuable resources could become powerful. However, political authority also determined who could access and profit from these resources. Examining Africa's historical kingdoms, how did wealth and political power reinforce each other, and what impact did this have on a king's ability to expand his influence, maintain authority, reward his supporters and project his kingdom's strength?
Wealth and political power reinforced each other in Africa’s historical kingdoms because control over valuable resources, such as gold, fertile land, trade routes, and labour, enabled kings to generate revenue and strengthen their authority.
For example, Mansa Musa of the Mali Empire benefited from gold production and trans-Saharan trade, which supported his administration, military, and diplomatic activities. In turn, political authority enabled rulers to control access to resources, collect tribute, expand territories, and establish trade relationships.
Kings also used their wealth to reward chiefs, warriors, and loyal supporters with gifts, land, and positions of authority, strengthening political alliances and loyalty. Royal ceremonies, palaces, and impressive displays of wealth further demonstrated the kingdom’s power and prestige.
However, this relationship depended on the king’s ability to manage resources and maintain the support of influential groups; excessive demands or unequal distribution of wealth could also create resistance and political instability.
Q: When the European colonial powers expanded into Africa, they encountered not only political boundaries but also existing systems of authority, trade, taxation, land ownership and resource control. Building on your knowledge of African political history and colonial resistance, how did European intervention generally impact the economic foundations that had supported powerful African rulers and kingdoms?
European colonial intervention significantly transformed the economic foundations that had sustained powerful African rulers and kingdoms by undermining their control over land, labour, trade, taxation, and natural resources. Through land alienation and the introduction of plantation agriculture, colonial governments transferred large tracts of fertile land to European settlers and companies, weakening land as a source of wealth, authority, and political influence for African rulers and communities.
Colonial taxation, forced labour, and the redirection of trade towards European markets further reduced the economic independence of African societies. In some regions, livestock confiscation and destruction, particularly during colonial military campaigns and punitive measures, also undermined wealth accumulation, especially among pastoralist communities whose social status and political power were closely linked to cattle ownership.
Colonial rule also weakened traditional kingships by restructuring systems of leadership and authority. Rather than recognising wealth, age, lineage, and established political legitimacy as the primary foundations of leadership, colonial administrations sometimes appointed young, Western-educated Africans or loyal intermediaries to positions of authority, undermining established rulers and elders.
Traditional leaders who resisted colonial rule were often deposed, exiled, or stripped of their powers, while others were incorporated into colonial administration with limited authority. These changes disrupted existing political hierarchies and weakened the relationship between wealth and the ability to command loyalty, mobilise people, and exercise independent authority.
Consequently, many African rulers lost control over the economic resources that had sustained their kingdoms, while colonial governments increasingly determined who could access land, accumulate wealth, and exercise political power.
Q: While putting a dollar figure next to a historical king's wealth makes the comparison easy to understand for a modern reader, it can also create the impression of precision that the historical evidence may not support. As a historian, how would you advise on handling these modern-day wealth estimates responsibly? Are there important details, such as purchasing power, the value of natural resources, control of trade, tribute, the size of the kingdom or the difference between state and personal wealth, that can be overlooked when everything is reduced to a present-day dollar figure?
As a historian, I would advise treating modern-day dollar estimates of African kings’ wealth with caution because they risk presentism and anachronism. Presentism involves interpreting the past through the values and assumptions of the present, while anachronism occurs when modern concepts are applied to historical periods in which they did not exist in the same form.
For example, describing Mansa Musa as a trillionaire imposes modern financial measurements on a fourteenth-century ruler whose wealth was embedded in control over gold-producing regions, trans-Saharan trade, tribute, labour, and political authority.
Such estimates may overlook the distinction between a king’s personal possessions and the resources of the empire he governed, as well as differences in purchasing power, land rights, and systems of wealth accumulation. In many African societies, wealth was also expressed through livestock, land, dependants, family networks, and the ability to mobilise people and resources.
Therefore, rather than simply converting historical wealth into present-day dollars, historians should examine how wealth was acquired, controlled, distributed, and understood within its original social, economic, and political context. The challenge is not merely to determine how much a king was worth in modern monetary terms but to understand what wealth meant in the African society in which he lived.
Wrapping up – richest kings in Africa
Some of the richest kings in Africa have built their fortunes from scratch by starting successful businesses and wisely investing their profits in various ventures. Others have had their wealth transferred to them by their wealthy forefathers. Some of them have accumulated wealth from the goodwill of wealthy community members. Regardless, these personalities live largely.
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