King Mswati III of
Swaziland is Africa’s third wealthiest monarch with a personal fortune of US50
million, even though more than 65 percent of his 1.3 million subjects are
forced to scrape by on less than $1.25 a day, according to new data published
by Forbes magazine.
The fortune does
not include the estimated US$140 million he holds through the conglomerate Tibiyo
TakaNgwane, that he supposedly ‘holds in trust’ for the Swazi nation.
King Mswati III,
who rules as sub-Saharan Africa’s last absolute monarch, owns 13 palaces, a
private jet airplane, fleets of Mercedes and BMW cars and at least one Rolls
Royce, while the majority of his subjects rely on some form of food aid to avoid
hunger. At least 40 percent of the working population is unemployed.
Forbes, in an analysis of the richest monarchs in Africa reported that the
King was ‘more well known for his relationships with women (he had at least 15
wives at the last count), and for his flamboyant parties’.
It added, ‘He
turned 46 recently, with his birthday coinciding with the Christian Easter
holidays. Not willing to share the spotlight with Jesus, King Mswati postponed
his birthday celebrations for five days so that a proper national holiday could
be held in his honor.
‘American R&B
artist Erykah Badu performed for the King during the expensive celebrations, irking thousands of human right activists.’
Forbes reported, ‘The King is one of Africa’s wealthiest royals. His personal
net worth is at least $50 million, based on the annual $50 million salary that
he is paid out of government coffers.
‘He also
controls Tibiyo TakaNgwane,
an investment holding company that owns stakes in sugar refining giants Ubombo
Sugar and Royal Swaziland Sugar Corporation (RSSC), dairy company Parmalat Swaziland, spirits manufacturer Swaziland Beverages
and hotel chain Swazi Spa Holdings. The company has assets worth over $140
million, but he holds it in trust for the people of Swaziland.’
This is not the
first time Forbes has reported on the
King. In 2012, Forbes named King Mswati as one of the top five worse
rulers in Africa.
It reported the
King ruled over a kingdom which has one of the world’s highest HIV prevalence
rates: ver 35 percent of adults. Its average life expectancy is the lowest in
the world at 33 years; nearly 70 percent of the country’s citizens live on less
than $1 a day and 40 percent are unemployed.
It added, ‘But for
all the suffering of the Swazi people, King Mswati has barely shown concern or
interest.
‘He lives lavishly,
using his kingdom’s
treasury to fund his expensive tastes in German automobiles, first-class
leisure trips around the world and
women. But his gross mismanagement of his country’s finances is now having
dire economic consequences. Swaziland is going through a severe fiscal crisis.
‘The kingdom’s
economy is collapsing and pensions have been stopped. In June last year, the
King begged for a financial bailout from South Africa.’
In 2009, Forbes named King Mswati among the top 15
wealthiest royals in the whole world.
No comments:
Post a Comment