Strive Masiyiwa, Zimbabwe’s richest man, has increased his fortune by $100 million since the beginning of the year, according to figures from Forbes, a US-based business magazine.
Masiyiwa’s net worth increased by $600 million in 2023, reaching $1.9 billion, up from $1.8 billion at the beginning of the year. The gain is linked to the strong performance of his diverse investment portfolio, which includes telecommunications and technology companies.
Despite the Zimbabwean dollar’s continued depreciation, Masiyiwa’s shares in publicly traded companies on the Zimbabwe Stock Exchange have increased significantly.In 2024, the Zimbabwean dollar lost about 48% of its value versus the US dollar. However, Masiyiwa’s stakes in Econet Zimbabwe and EcoCash stakes increased by triple digits.
Econet Zimbabwe and EcoCash Holdings: Masiyiwa’s core investments flourish despite economic constraints.
Masiyiwa has navigated the challenging economic landscape with remarkable success, owning a 52.85 percent stake in Econet Zimbabwe, the country’s leading telecommunications service provider, and an additional 30 percent stake in EcoCash Holdings, an innovative technology firm specializing in digital and financial solutions.
Econet Zimbabwe’s shares have increased by an impressive 116.8 percent since the beginning of the year, bringing the leading telecom company’s market capitalization above $400 million.
Simultaneously, EcoCash Holdings’ share price has risen by more than 260 percent in 2024 alone, bringing the group’s market capitalization above $135 million.
As Masiyiwa’s fortune approaches $2 billion, he currently ranks 1,609th among the world’s richest persons, according to Forbes. Masiyiwa’s financial success strengthens his standing among the global elite, as his wealth trajectory continues to rise.
In a year marked by economic hardships, Masiyiwa’s shrewd investments and resilient portfolio have not only weathered currency depreciation but also propelled him to new heights of global wealth.
