According to press estimates, Strive Masiyiwa has dethroned Patrice Motsepe as the richest black man in Southern Africa, with a net worth over $4.4 billion.
The Richest Black Man in Southern Africa
Masiyiwa’s new title comes as a result of a year-to-date surge in the stock prices of his telecom company, Econet Wireless Zimbabwe, and his smart-tech company, Cassava Smartech. According to Billionaires.Africa, Masyiwa’s net worth had climbed from $2.7 billion to $4.4 billion as of Wednesday.
Masiyiwa still behind Motsepe on Forbes’ list, but both men’s fortunes have risen dramatically since the start of the year, with Motsepe topping the list for the first time since 2008.
Masiyiwa, 61, recently announced his retirement as chairman and director of Econet Wireless Zimbabwe Limited, which he founded and listed on the Zimbabwe Stock Exchange in 1998. He still owns a majority stake in the company.
In reaction to Masiyiwa’s declaration, Econet Wireless’ board of directors appointed Elizabeth Tanya Masiyiwa, one of Masiyiwa’s six children, to the business’s board of directors in order to help the company continue to expand as a going concern.
According to the board of directors, Elizabeth’s hiring will bring a lot of experience, as she has led investment and fundraising programs as well as human capital development in many organizations.