Richest People In Zimbabwe

Zimbabwe’s widespread poverty and unemployment rate rose to a staggering 94% in 2008, which ensued the worst economic and political crisis in history. In 1998, the country’s involvement in the Second Congo War along with Zimbabwe's controversial land reform programme and the hyperinflation of the Zim Dollar, all contributed to the subsequent downturn in Zimbabwe’s economy.

Since the abandonment of the Zimbabwean dollar and the adoption of a government of national unity however, the country did experience a period of positive economic growth. However due to some factors that may not be clear to many, the tables have once again turned.

Despite the present conditions in the country, there are some that are bringing in the coin and making it big. 

Let’s have a look at 5 of the Richest People in Zimbabwe:

Strive Masiyiwa


  • Net worth: Estimated US$600 million
  • Age: 54
  • Industry: Telecommunications

Strive Masiyiwa is the founder and executive chariman of the Econet Group. It is a privately held diversified telecommunications group with operations and investments in Africa, Europe, South America, North America and East Asia Pacific Rim. Its local unit is Econet Wireless Zimbabwe (EWZ) whose market capitalisation was US$455 million by the end of last week.

Strive


Although the savy businessman’s exact holding is unknown, he has indicated on a Facebook post that his holdings are less the 50% of the mobile telephone company.

“When we listed the company (1998), I only had a direct interest of about 35 percent. Out of the 60 percent, that I held in my personal company, 25% was held by friends who had helped me. Within a few years they had sold their shares and moved on. 

I never sold shares, except at the beginning, to help build the largest church in the country. Over the years I just continued to buy whenever I has some cash. Even today, I still hold less than 50% of that particular business. The public hold the majority,” he said


Philip Chiyangwa


  • Net worth: Estimated US$2 billion
  • Age: 60
  • Industry: Real Estate

Philip Chiyangwa’s decision to venture into Real Estate and Property Development seems to be paying off. It is estimated that this maverick businessman holds approximately 12 000 hectares of the country. The Zimbabwean Government and the Harare City Council decided to return to him contested land in and around Harare. Ordar Farm and Ordar Housing Development Consortium made up of 56 companies, homes more than 20 000 families.

Philip


Should they decide to compensate Chiyangwa US$4 per square metre, he stands to make a $20 million payday.

With engineering firm Zeco Holdings being the only listed firm that Philip Chiyangwa has, he also owns over 40 other companies.

Prophet Emmanuel Makandiwa


  • Net worth: Estimated US$120 million
  • Age: 37
  • Industry: Religion

Prophet Emmanuel Makandiwa has achieved at only 37 years old is nothing short of phenomenal. He is a televangelist and this shows to be lifting the local business landscape in Zimbabwe.


Makandiwa
He grew up in the rural village of Muzarabani, Mashonaland Central and got his education in Chitungwiza. He then became and Apostolic Faith Mission Pastor.
Outside church, the founder of United Family International Church (UIFC) is quite a businessman.

It is believed that Prophet Makandiwa has a controlling stake in the Zimbabwe stock exchange-listed Radar Holdings (Private) Limited among other multi-million dollar businesses. 

Emmanuel Makandiwa also owns shares in the entertainment giants that is Ster Kinekor’s Franchise in both Zimbabwe and Zambia. It is estimated that he draws crowds of over 50 000 church congregants per weekly service.

Shingi Mutasa


  • Net worth: Estimated US$142 million
  • Age: 60
  • Industry: Construction & Commodity

Shingi Mutasa is a businessman from Zimbabwe with various interests around the country and within the region. Labelled as one of the richest men in the country, he has interests in construction, energy and he also serves on the Boards of a number of companies.


Mutasa
He was born in Zimbabwe on the 26th November 1958 and is 60 years old. He studied at the University of London and holds a degree in Economics. Shingi Mutasa returned to Zimbabwe in 1980 and joined his family business as a commodity broker. Shingi owns TA Holdings which is listed on the Zimbabwean Stock Exchange and BP’s refined oil marketing assets in Zimbabwe.

After several failed attempts at aqcuiring TA Holdings, he eventually gained ownership, however with the unfortunate state of it being riddled with debt. He also has 51.32% shares in Masawara plc

Mutasa was also the brains behind the tallest Zimbabwean building which is in the country’s capital Joina City. He serves on the board of several companies in Zimbabwe, Malawi and South Africa.

Shingi Mutasa paid US$20.5 million to assume control of the business empire that has fertiliser manufacture Sable Chemicals and Cresta Group of Hotels under it’s portfolio.

Moses Chingwena


  • Net worth: Estimated US$105 million
  • Age: Unknown
  • Industry: Automotive & Insurance

Moses Tonderayi Chingwena is a Zimbabwean entrepreneur. He co-founded and is shareholder of Croco Motors and is also currently its chairman. He has a degree in Marketing Management and a Masters of Business Administration degree in strategic Management. He also has a diploma in General Management and Marketing.


Moses
Chingwena served as the COO of Orion Insurance Company. He joined the group in 1997 as its General Manager of Operations with the leasing company of Zimbabwe, and then in 1998 he was appointed as the Managing Director of the division. 

He has also served as a non-executive director of CFX Bank and became the Group Chief Operating Officer in charge of the commercial bank, leasing company and the insurance company. Then then later left to begin Croco Motors with his wife Anne-Marie Chingwena. Croco Motors acquired Madza dealership within a year of starting up.

Chingwena has interestes in Croco Motors, Duly Holdings, Premier Auto Services and Kia Legacy. It is also believed that he has shares in quite a number of companies listed on the ZSE.

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Written by:
ZIMBOlebs Team