According to media reports, Strive Masiyiwa has dethroned Patrice Motsepe as the richest black man in Southern Africa, with a net worth of more than $4.4 billion.
Masiyiwa’s new title is a result of a year-to-date increase in the share price of his telecom company, Econet Wireless Zimbabwe, and his smart-tech company, Cassava Smartech. Masyiwa’s net worth had risen from $2.7 billion to $4.4 billion as of Wednesday, according to Billionaires.Africa.
Forbes’ list still places Masiyiwa ahead of Motsepe, but both men’s fortunes have skyrocketed since the start of the year, with Motsepe topping the list since 2008.
Masiyiwa, 61, recently announced his retirement as chairman and director of Econet Wireless Zimbabwe Limited, but he still owns more than half of the company, which he listed on the Zimbabwe Stock Exchange in 1998.
In response to his announcement, the board of directors of Econet Wireless announced the appointment of Elizabeth Tanya Masiyiwa, one of Masiyiwa’s six children, to the telecom company’s board of directors to propel the firm’s growth forward as a going concern.
Elizabeth’s appointment, according to the board of directors, will bring a wealth of experience, as she has worked in various organizations, spearheading investment and funding programs, as well as human capital development.
