RSS 2.0 FeedAugust 2010 Vol 22, Featured Articles, Weird world
Morocco and Swaziland Kings among the richest royals in the world
King of Morocco, Mohammed VI, 46, in 2008 held the seventh position among the richest royals in the world, according to Forbes magazine’s top 15 wealthiest royals. Mohammed VI’s wealth, estimated at 500 million in 2000, has grown five times more in ten years.
Until now, no member of the Moroccan dynasty had ever managed to climb the ladder of international fortune. Mohammed VI, only ten years into his reign, has done it!
Forbes Magazine’s ranking of the world’s richest royals for the year 2008 places the Moroccan King right in the middle of a coveted fifteen man (sorry, royal) list, in seventh place. With a cool 2.5 billion dollars in assets, the Moroccan king has effortlessly overtaken some of the wealthiest emirs of the Gulf states, namely Qatar and Kuwait. The fortune of the king of Morocco is six times higher than that of his Kuwaiti counterpart.
Inheriting about $ 500 million in 2000 at his enthronement, Mohammed VI has successfully multiplied his family’s personal wealth by five. Morocco is Africa’s leading producer of phosphate and has benefited a great deal from an increase in demand in the commodity in recent times, leading some analysts to link the monarch’s increasing wealth to this trend. However, a retired officer of the Morrocan Department of phosphate (OCP – Office Chérifien des Phosphates) has rejected this argument. In an interview with Courrier International, the officer is quoted as saying, “the Office of Morocco Phosphates (OCP) is a public company and the king does not have shares in it”. According to the officer,"It is true that in the past, part of the profits from phosphate sales was reserved for the monarchy, especially during the beginning of Hassan II’s reign, pursuant to a decree that had existed since the protectorate. But since then, this decree has been repealed."
"King of business"
The most recurrent argument, however, comes from the belief that the Moroccan monarch is also a "business king". Mohammed VI is in fact the number one banker, the number one manufacturer and the number one insurer in the Kingdom.
According to the American magazine, as indicated by Courrier International, the Moroccan monarch’s wealth include, twenty palaces, several thousand hectares of farmland, Omnium Nord-Africain (ONA — a specialized mining group), large holdings in the agricultural industry, communications, insurance, distribution ... Sevam (a packaging and bottling company), Primarios (furniture), La Compagnie de textiles Chérifienne (textiles and agricultural greenhouse films) ... real estate and properties in France and the United States.
The "king of the poor" has now become "King of fortunes," writes the Courier International. At a time when Morocco counts more than 5 million people living on less than one euro per day (10 dirhams) and is ranked 108th in terms of income per capita (according to the UN), this Forbes ranking leaves more than an uneasy chill. Moreover, Morocco’s annual external debt went up by 10% in 2008 and is estimated at US$ 16.6 billion, i.e, 20% of the kingdom’s GDP.
Swazi King
The most striking of all the royals on the list is King Mswati III of Swaziland, also known as Africa’s last absolute monarch. Albeit taking the last position on the wealthiest royals’ list, he ably overtakes the Spanish and Japanese royals with an estimated fortune of $ 200 million. King Mswati is famous for his penchant for luxury and an ever growing list of wives (14 wives at the last count, each of them living in a palace). His hopes to acquire a $ 48 million 19-seater Bombardier Global Express long-range jet were recently dashed, when he was dissuaded from going ahead with the purchase.
By virtue of a recently passed law, the king owns 10% of every mining company in the landlocked kingdom. Less than a year ago, the Swazi monarch threw a $ 6.5 million birthday party in a backdrop of drought and starvation in Swaziland. The country is counted as one of Africa’s poorest countries with an unemployment rate of about 40%. Over 70% of its 1.1 million people live on less tha
More Featured Articles
CAUGHT CHEATING? HOW TO MOVE FORWARD AFTER BEING UNFAITHFUL
We all learn to look out for signs that our man is cheating, or subtle hints that he might be seeing someone else on the side, but what if you are the one that cheated? Assuming that you still want to work on your current relationship, we have 7 ways to move on successfully after you’ve been unfaithful. This is not a “loop-hole” and is not praised, but the reality is 14 percent of married women have had affairs at least once during their married lives and 17 percent of divorces in the United States are caused by infidelity. If you fall into this category, and don’t want to be part of the divorce statistic, take a look at these helpful steps.
Sure signs she's cheating on you
MARRIAGES often break down on account of husbands not being loyal to their wives.
Who wants to be a monkey?
A student has been left feeling a little red-faced after an embarrassing incident with a monkey made her a global star. Charmian Chen, who just happens to be a model, was visiting the Sacred Monkey Forest Ubud in Bali last month when two of the primates decided she was a little overdressed.The 22-year-old student, from Taiwan, was on holiday on the tropical Indonesian island feeding long-tailed macaques when she was singled out.
Striker Benjani set for Blackburn deal
Blackburn Rovers boss Sam Allardyce is set to offer free agent striker Benjani Mwaruwari a contract at Ewood Park.
Rejoice Ngwenya :Zimbabwe: Vices and virtues of a multi-currency economy
The first learning point I have encountered is that adopting the use of ‘foreign’ currency as legal tender in one’s country has very little impact on a country’s failed state or HIPC status.
Diamond sale a false economic dawn
An auction of Zimbabwean diamonds has created an air of expectation that the country’s economic plight will be eased or even improved, but the stones realised as little as a fifth of their value, and most of the proceeds are expected to benefit controversial mining companies.
Teenage girls most at risk as STIs in the UK reach record levels
Sexually transmitted infections have reached record levels, with teenage girls most at risk, doctors warned last night.
Children Crossing Borders in Search of HIV Treatment
A new type of migration is taking place in Zimbabwe. While in the past people crossed the borders into South Africa and Botswana seeking work and fleeing from their repressive circumstances, now a silent migration of HIV-positive children seeking antiretroviral treatment (ART) is taking place writers Ignatius Banda for IPS.
Diamond sale a false economic dawn
HARARE, - An auction of Zimbabwean diamonds has created an air of expectation that the country’s economic plight will be eased or even improved, but the stones realized as little as a fifth of their value, and most of the proceeds are expected to benefit controversial mining companies.
Zimbabwe's 'new' farmers finally start to blossom
Douglas Mhembere had only a plastic bag in hand when he took over a farm eight years ago under Zimbabwe President Robert Mugabe's land reforms.
Dating site where UGLY is beautiful
THE world's first dating site for UGLY people has been launched in the UK.
DON-MARTN ROPAFADZO: Time for honest presidents to quit SADC
SADC's habit of being involved in regional issues by remote control will never bear fruit.
Yvonne Mashayamombe We are sick and tired of jingles
Zanu PF should not continue to hide behind the word neo-colonialism to maintain a grip on the nation of Zimbabwe. We have seen with our own eyes, what the so-called liberators have done to enslave us through their jingles and songs on a national broadcaster, and having professors defending this lame excuse of an album is disheartening.
ZIMBABWE: Diaspora can also discuss new constitution
HARARE, (IRIN) - The parliamentary committee in charge of reviewing Zimbabwe's constitution is actively inviting feedback and recommendations from the millions of Zimbabweans living abroad. (3 - 2 million Zimbabweans leave abroad)
Brian Mangwende:Real war vets, please stand up!
Chinese nationalist Mao tse Tung taught that a “fish and water” symbiosis between people and guerillas was essential for the success of any revolution.
International Prayer Day for Zimbabwe
The Call is ringing out to return to God, unite and help the poor by training them to farm in a profitable and sustainable way. In response to this call, on the 26th September 2010 many thousands of people across Zimbabwe will gather together in urban and rural-combined church meetings, in order to cry out to God together in prayer for Zimbabwe announces LOVE ZIM.
