Eswatini’s millionaires, the
MBABANE – Forbes Magazine is renowned for its list of billionaires. The Forbes world’s billionaires list is a snapshot of wealth using stock prices and exchange rates from a certain a period in time.
It lists individuals rather than multigenerational families who share fortunes, though it does include wealth belonging to a billionaire’s spouse and children if that person is the founder of the fortune.
With Forbes, an estimated US$1 billion (E17 billion) is needed to make the cut.
Some businessmen are open enough to share their balance sheets with the publication, but it discounts fortunes where documentation isn’t available.
It then values a variety of assets, including private companies, real estate, art and more. It is understood that Eswatini’s economy, though at a growth path, is still small to produce billionaires in US Dollars, particularly those who can make the cut in the Forbes billionaires list. Since Eswatini’s wealth is a private matter, it wasn’t possible to access the balance sheets of the people who own property and companies with a reasonable turnover.
It was, therefore, advisable and safer to look at their assets and companies that they own, to estimate their wealth.
It must be said that the list has been compiled to appreciate hard work and excellence in entrepreneurship.
This is due to the fact that they put food on the table of thousands of emaSwati. They are the country’s power brokers.
The list is endless but we chose a few we know to be contributing immensely or positively to the economy.
The first entrepreneur to come to mind is obviously Nathan
Kirsh, who makes the cut in the Forbes billionaires. This newspaper deliberately left him out because he now features in an upper league of global commerce, where he heads the Kirsh Group, which holds a majority stake in New York State cash and carry operation Jetro Holdings, Jetro Cash & Carry and Restaurant Depot.
AG THOMAS
One successful businessman who comes to mind, arguably one of the richest persons in Eswatini is AG Thomas. Thomas hardly features in the media space.
In 2011, AG Thomas as a business entity was hailed by His Majesty King Mswati III for its investment, valued at E150 million. It built the prestigious Riverstone Mall in Manzini.
“I have been informed that the new mall is a significant investment, which cost E150 million. Such an investment demonstrates the confidence that AG Thomas, a private sector business, continues to have in our economy,” His Majesty the King said in 2011, when he officially opened Riverstone.
It must be said that AG Thomas (Pty) Ltd has been in operation since 1979, specialising in road construction, asphalt concrete manufacturing and paving, infrastructural development projects and township development.
The company has been doing jobs outside the country. With regard to its asphalt concrete manufacturing, companies awarded tenders to pave or rehabilitate roads are bound to place orders at AG Thomas. This is one of the huge businesses in the country.
MANSOORS
On the list of successful entrepreneurs and job creators in the country, one cannot afford to leave out the Mansoors family, whose companies run a chain of supermarkets and own prestigious malls.
The asset, Manzini Lifestyle Centre, which offers eateries, clothing shops and a variety of business entities, demonstrates without doubt that the Mansoors could feature in Forbes Magazine, focusing on the richest people in Eswatini.
The Matsapha Lifestyle Centre which is under construction is another example of a life investment. It was reported by the media that the mall would cost about E200 million.
The history of the Mansoors dates back to the early 1950 when a closeknit family in South Africa journeyed to Eswatini.
This was during the reign of King Sobhuza II. They started with one retail shop at Luyengo, which was known as KaMacondza. They now have an undisclosed number of companies, one of which specialises in the property market.
They also run the Buy n’ Save Supermarkets.
MOSES MOTSA
Based on assets, he is undoubtedly one of the richest emaSwati. He runs companies that own land in urban areas, such as the old bus rank in Mbabane. Motsa’s business acumen was first noticed when he started his chain of supermarkets, the defunct Evukunzele. It is understood that he started his business in 1965.
He is proud to say that he started his first business with a capital of E21.
Motsa is a noted hotelier, as one of his companies runs The George Hotel in Manzini. This hotel has a selection of 114 well-equipped accommodation options, ranging from luxurious bedrooms to executive suites.
In one of his vast acquisitions was the Carson Group in 2012. This business entity was licensed to deal in car brands such as BMWs, Mazda and Ford. In 2011, the Siteki-based business mogul sold his shareholding in the Inyatsi Construction Group Holding Company.
He sold his entire 56.3 per cent shareholding to a former employee of the company. He once owned Tiger City building, now Inyatsi House, in Manzini. Motsa once sold a portion of land between Kowloon and Estel House to the Eswatini National Provident Fund (ENPF).
He bought the Royal Hotel in Durban in 2012. In 2015, the Eswatini business tycoon decided to sell it.
According to Timeslive, it was bought by Durban property mogul Saantha Naiudu at a price of E78 million. The hotel first opened its doors in 1845.
TOM KIRK
Matsapha business tycoon owns farms and the Matsapha Shopping Mall (Mahhala). He is a property mogul. Deputy Prime Minister Themba Masuku, at some point, declared that Kirk was one of emaSwati he envied their business acumen and discipline.
OSWIN FAMILY
Desmond is the face of the Oswin family, which runs Esibayeni Lodge in Matsapha. It is one of the largest lodge in Eswatini, with more than 200 ensuite rooms.
The initial concept of Esibayeni Lodge came into fruition in December 2000, according to the establishment’s website. It has a history of being built on land that has been in the Oswin family since the 1800’s. It is family-owned.
If it were to be sold, one property valuator said it would not go cheap.
DU PONT FAMILY
Henry is the face of the Du Pont family, a shrewd businessman who revamped The George Hotel, which he sold to Moses Motsa. It was known as Tums George Hotel. He now owns the Tums Water World Hotel at Sidvokodvo, which sits on a huge farm.
Du Pont also owns the Tums General Suppliers.
MUZIWANDILE DLAMINI – MA
Muziwandile Dlamini, the proprietor of the MA Group is one of the successful businessmen in Eswatini. It is understood that companies in which Dlamini is a director own shopping malls, lodges, farms and other property such as rental apartments.
At his age, many economists predict that Dlamini’s acquisitions may soon introduce him to the billionaires club. This is because they regard him as a disciplined, professional and ethical businessman.
The MA Group owns a multimillion office park and shopping complex in Ezulwini and the Bridge Mall in Mbabane.
STEFFANI FAMILY
The Steffani family in Big Bend is one of the successful entereprenuers in the country.
One of its achievements is the construction of the Matata Shopping Mall in Big Bend, which has some features of a town. Although Matata has not been declared a town in terms of the country’s laws, because it is located on private land, it has all the features of a town.
It is home to the business known as Matata Group of Companies, businesses which include supermarkets, retail stores, farm machinery outlets, abbatoirs, cattle ranches, butchery, sugar farms, and maize plantations. The Steffani family was also involved in sugar cane farming.
S’THOFENI GININDZA
S’thofeni Ginindza is a successful businessman. He started from humble