General Knowledge

Who is: The Richest Man in Zambia

Hakainde Hichilema Richest Man in Zambia

Hakainde Hichilema is the richest man in Zambia. He was born in 1962. He is a successful businessman and a politician; having served as the President of United Party for National Development. Back in 2008, as a presidential candidate he said that he had already made his money through private ventures; so he need not more; therefore he only wanted to serve people, if elected. The political party of Hakainde Hichilema is in opposition since 2006. He is often given a shortname HH. Due to his wealth and lifestyle, a lot of people in Zambia are interested in knowing more about him. This article tries to explore the wealth secret behind the richest man in Zambia through openly available information.

It’s worth mentioning that in Zambian culture, not many people disclose their money. They think that it’s a way to remain cautious against evil eyes.

Hakainde Hichilema: The richest man in Zambia and his Wealth Declaration

In Zambia, when you’ve to contest elections, there is a need to declare your wealth. The wealth declaration of Hakainde Hichilema as reported in 2016; shows that he has topped the list with K73.16 million in assets. Remember that K means Kwacha which is the local currency of Zambia. If we apply the recent USD conversion rates for Zambian Kwacha then it amounts to around $4 million. In 2016, this was close to around $10 million.

Hakainde Hichilema is a savvy investor. He has invested in agriculture in the cattle farming sector which yields good returns. Zambeef is one the top most food producers companies in Zambia. Hakainde Hichilema holds the most shares in the company. Therefore, it’s worth knowing that Hichilema has a role to play in the meat market of Zambia.

Sources claim that Hakainde Hichilema is one of the major taxpayers. Further, after government jobs, his business ventures provide employment to the local people. In the past Hichilema is worked in the corporate sector which possibly gave him a view on how to invest and increment wealth. Om 29th May 2020; in a press statement he offered his services to the Zambian government for restructuring the debt owned to a French Firm. Therefore; his offer is one proof that he knows economics in a well understood manner.

During the Covid-19 times; Hakainde Hichilema stepped up his efforts to donate protective equipments like hand sanitisers, face masks and hygiene soaps.

Is Hichilema really the richest man in Zambia?

It’s worth mentioning that despite being the richest man in Zambia; Hichilema doesn’t make up to the richest man in Africa’s list. If we look at the richest people of Africa as declared by Forbes; then no Zambian is present on the list. It appears that Hichilema wealth is below $1 billion. More details can’t be extracted because in Africa there are no companies like Forbes or Bloomberg. There might be more rich people in Zambia; however, due to a lack of authentic open source information and tax documents; only those who declare their assets in a way or other catch the eyes of media.

The extent of money with Hichilema can be guessed from the court documents which mention police allegedly stealing millions of kwacha during a raid on his house. The lawyers of Hichilema claimed in an affidavit that police stole not only money but also food of value.

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