Following a $1.5-billion wealth loss in 2022, Zimbabwe’s richest man Strive Masiyiwa has seen a strong rebound in his net worth since the beginning of 2023, owing to a surge in the shares of his publicly traded companies on the Zimbabwe Stock Exchange (ZSE).
According to Forbes, Masiyiwa, the second-richest Black individual in Southern Africa after South African mining mogul Patrice Motsepe, has seen his net worth increase by $800 million since the start of 2023.
His net worth has risen by $800 million since Jan. 1, from $1.2 billion at the start of the year to $2 billion at the time of writing this report.
The strong rebound in his net worth, which cements his position as not only one of Africa’s richest billionaires but also one of the world’s 19 Black billionaires, can be attributed to the strong performance of his publicly traded businesses on the Zimbabwe Stock Exchange, specifically Econet Zimbabwe and EcoCash Holdings.
Masiyiwa derives a portion of his billion-dollar fortune from a 52.85-percent stake in Econet Zimbabwe, the country’s leading telecom services provider, and a 30-percent stake in EcoCash Holdings, a diverse smart technology company that uses digital and financial technologies to build shared economies, encourage financial inclusion, and promote economic empowerment.
Through his interest in Econet Global Limited, a diversified telecom group with operations and investments in Africa, Europe, South America, and the East Asia-Pacific Rim, the Zimbabwean billionaire also has a $145-million stake in Liquid Intelligent Technologies.
Since the beginning of the year, the share price of Econet Zimbabwe has risen by 160.37 percent, from ZWL96.28 ($0.30) on Jan. 1 to ZWL250.68 ($0.78) at the time of writing this report, while the share price of EcoCash Holdings has increased by 69.55 percent, from ZWL40.081 ($0.12) to ZWL67.96 ($0.21) at the time of writing this report.