In a remarkable turn of events, African billionaires who suffered significant losses in 2022 are now on the path to recouping their fortunes.
Among them is Strive Masiyiwa, the telecom tycoon hailing from Zimbabwe, who has seen a remarkable increase in his net worth since the beginning of this year.
Forbes, the leading U.S. business magazine renowned for tracking the wealth of the world’s ultra-high-net-worth individuals, reports that Masiyiwa, the richest man in Zimbabwe, has witnessed a staggering $1-billion surge in net worth in 2023.
Data compiled by Billionaires.Africa reveals that Masiyiwa’s net worth has soared from $1.2 billion on Jan. 1 to an impressive $2.2 billion on May 17, solidifying his position not only as Zimbabwe’s wealthiest individual but also as one of the most prominent black billionaires in the global business landscape.
The primary catalyst behind Masiyiwa’s tremendous year-to-date net worth increase is the exceptional performance of his 52.85-percent stake in Econet Zimbabwe, a subsidiary of the Econet Group, a telecommunications conglomerate with a successful track record spanning over two decades.
The surge in his fortunes can also be attributed to the remarkable market value growth of his 30-percent stake in EcoCash Holdings, a versatile intelligent technology company driving digital and financial solutions to foster shared economies, promote financial inclusion, and empower communities.
Masiyiwa’s strategic interest in Econet Global Limited, a diversified telecom group operating across Africa, Europe, South America, and the East Asia-Pacific Rim, has allowed him to amass a $145 million stake in Liquid Intelligent Technologies.
Masiyiwa also holds a significant position in ADC, a leading carrier-neutral data center provider under the Cassava Technologies umbrella.
Cassava Technologies, founded by Masiyiwa in 2021, specializes in fiber and telecom solutions and aims to transform lives and businesses across the African continent.
As African billionaires continue to recover their wealth losses, the inspiring journey of Masiyiwa stands out. His unwavering pursuit of success, combined with astute investments in the telecom and technology industries, has not only solidified his position as Zimbabwe’s richest man but also positioned him as one of the most influential businessmen in Southern Africa and a prominent figure among the world’s Black billionaires.
