Angola is the second largest oil-producing country in Sub-Saharan Africa. It also has abundant rich natural resources, including minerals like gold and copper, and precious stones like diamonds. Angola has experienced an increase in economic growth since the end of the civil war in 2002. This growth is attributed to increased oil production, as well as domestic and foreign investment.
Before checking out the list of the top 5 richest people in Angola, here is a list of the areas where these millionaires earn their income.
- The Oil Industry – Some of these individuals have stakes in oil exploration, production, and distribution, as well as owning oil companies or service companies that support the oil industry.
- Diamond Trade – The abundance of diamonds in Angola presents an opportunity for wealthy individuals to have access to or control diamond mines or trading networks.
- Political Connections – This is common in most African countries. Individuals who have close ties to the government or ruling party gain access to licenses, tenders, government contracts, etc.
- Real Estate – The economic growth that the country is experiencing has led to an increased demand for infrastructure, particularly residential and office buildings. Individuals who own construction companies are therefore well placed to gain from the growth in the real estate industry.
- Telecommunications and Technology – Angola’s economic growth has also led to increased demand for reliable and innovative products and services related to telecommunications. Anyone who invests in this sector is bound to rake in high profits.
- Banking and Finance – As Angola’s economy stabilizes, the demand for stable banking and financial services has increased, making these sectors a good source of income for any investor.
Top 5 Richest People in Angola
5. Joaquim David
- Joaquim David is the co-founder of Somoil S.A., the largest private oil exploration and production company in Angola. This company, founded in 2000, also has a presence in petroleum distribution.
- This millionaire, whose main source of wealth comes from the oil industry, is the former Director General of Sonangol.
4. Jean-Claude Bastos de Morais
- Jean-Claude Bastos de Morais is a Swiss-Angolan entrepreneur whose main source of wealth comes from private equity. He is the founder and CEO of Quantum Global Investment Management, which started operations in 2004.
- This company specializes in private equity, asset management, macroeconomic research, equity investments, etc.
3. Zandre Campos
- Zandre Campos is one of the top 5 richest people in Angola, having made most of his money from investing in private equity. He is the founder, chairman, and CEO of ABO Capital, a private equity firm based in Angola.
- He was previously the CEO of Nazaki Oil & Gas S.A., and before that, the CEO of Movicel Telecommunications.
2. Agostinho Kapaia
- Agostinho Kapaia’s main source of wealth comes from Grupo Opaia S.A., a conglomerate that was founded in 2012.
- This group, one of Angola’s fastest-growing conglomerates, has holdings in financial services, agriculture, civil construction services, etc. The agricultural division of this group is the largest cereals producer in Angola.
- Kapaia is the nephew of Antonio Mosquito who is also one of Angola’s most wealthy individuals.
- Antonio Mosquito M’Bakassy
- Antonio Mosquito owns one of the largest privately-owned conglomerates in Angola, Grupo Antonio Mosquito. He is a prominent investor and businessman who made his initial fortune in auto distribution before venturing into oil trading.
- This individual also controls BAI Micro Financas and has shares in Global Media Group, one of Portugal’s largest media houses.
- Antonio Mosquito was born in Calenga, Huambo Province, Angola.
These top 5 richest people in Angola represent a growing number of individuals who are benefitting from the increased number of investment opportunities in the country.