Business Insider reported that he has a net worth of US$200 million. In a short report, it said, ‘King Mswati III has often been criticized for his lavish lifestyle, with many local and international media outlets accusing him of living an extravagant life, while his people languish in poverty.’
The wealth of the King who
is sub-Saharan Africa’s last absolute monarch, has been the subject of
speculation outside of Swaziland for years. He rules over a population of about
1.3 million people and seven in ten of them live in abject poverty with incomes
of less than US$2 a day.
In 2014 Forbes magazine reported the King had a
personal fortune of US$50 million, but this did 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 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’.
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 was not the first time
Forbes reported on the King. In 2012, Forbes
named King Mswati as one of the
top five worse rulers in Africa.
It added, ‘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.
In 2009, Forbes named King Mswati among the top 15 wealthiest royals in the whole world.
In February 2011 the Mail & Guardian
newspaper in South Africa reported King Mswati also had
US$10 billion that was put in trust in King Mswati’s name for the people of
Swaziland by his father, King Sobhuza II.
In 2015, a report
from the United States government concluded there was no oversight in the
kingdom on how the King, his 15 wives and vast Royal Family spent public money.
See also
KING
DIVERTS WEALTH FROM HIS SUBJECTS
KINGDOM’S
WEALTH STAYS WITH THE KING
KING
MSWATI SPENDS AND SPENDS
http://swazimedia.blogspot.co.uk/2014/05/king-mswati-spends-and-spends.html
CALLS TO PROBE KING’S WEALTH
http://swazimedia.blogspot.com/2011/07/calls-to-probe-swazi-kings-wealth.html
CALLS TO PROBE KING’S WEALTH
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