So This Is Why Strive Masiyiwa Was Dropped From Forbes 50 Richest Africans 2015 List

Seven people from last year’s list of 50 Richest Africans failed to make the cut this year. Currency devaluations, falling oil prices and stock dips were some of the factors that affected their fortunes. This year, the minimum net worth needed to make the Forbes list of Africa’s 50 Richest was $330 million, down from $510 million for the 2014 list. Zimbabwe's Strive Masiyiwa was among the 7 members from 2014 who failed to make it to the list of Africa’s 50 Richest this year and here the reason why;

Strive Masiyiwa is the controlling shareholder of publicly-listed mobile telecom company Econet Wireless Zimbabwe. The share price fell more than 63% in value since last year on the back of declining revenues and new taxes imposed on the company. That in turned lowered Masiyiwa’s fortune. Econet has been laying off workers and in June reportedly cut the salaries of workers by 35%. But for Masiyiwa, a devout Christian, redemption may be coming soon: He plans to list his Liquid Telecoms, a UK-based broadband group with operations across Africa, on an European Stock Exchange in a move that could significantly boost his dwindling fortune.

Check out Forbes Africa's 50 Richest 2015 below and make sure to visit Forbes for a more indepth Article

Source: Forbes

Mungwadzi Godwin

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