Zimbabwe’s richest man Strive Masiyiwa’s wealth soars by $600 million in 2023

In a year when several African billionaires have faced setbacks in their wealth, Zimbabwe’s wealthiest individual Strive Masiyiwa has emerged as a standout success story.

Masiyiwa’s net worth has skyrocketed by a staggering $600 million since the start of 2023, a remarkable feat attributed to the outstanding performance of his diverse investment portfolio spanning the telecommunications and technology sectors.

At the start of the year, Forbes, the U.S. business magazine tracking the fortunes of ultra-high-net-worth individuals, pegged Masiyiwa’s wealth at $1.2 billion. However, thanks to the robust performance of his extensive assets managed through his technology conglomerate, Econet Global, Masiyiwa’s net worth now stands at an impressive $1.8 billion.

This surge has not only solidified his position as one of Africa’s wealthiest entrepreneurs but has also propelled him into the exclusive league of Black billionaires worldwide, alongside top figures such as Jay-Z, Oprah Winfrey, Robert F. Smith, Patrice Motsepe, and Abdul Samad Rabiu.

The $600-million expansion in Masiyiwa’s wealth can be chiefly attributed to the exceptional growth of his publicly traded companies on the Zimbabwe Stock Exchange, particularly Econet Zimbabwe and EcoCash Holdings.

Masiyiwa maintains a controlling 52.85-percent stake in Econet Zimbabwe, the nation’s leading telecommunications service provider, and an additional 30-percent stake in EcoCash Holdings, an innovative technology firm specializing in digital and financial solutions, with a focus on enhancing financial inclusion and empowering communities.

Through Econet Global, a diversified telecom group with expansive operations and investments across Africa, Europe, South America, and the East Asia-Pacific Rim, Masiyiwa also possesses a $145-million equity position in Liquid Intelligent.

As the landscape of African billionaires fluctuates, Masiyiwa’s remarkable wealth surge underscores his resilience and exceptional business acumen in navigating the region’s economic challenges. His impressive growth further cements his reputation as a significant figure in both the African and global business arenas.

With a diverse and expanding portfolio, Masiyiwa continues to demonstrate his ability to adapt to changing market dynamics, making him a prominent beacon of success in Zimbabwe and beyond.