Strive Masiyiwa’s Net Worth Drops by $100 Million as Zimbabwe’s Economic Challenges and ZiG Currency Shake the Market
Strive Masiyiwa — the billionaire founder of Econet Wireless and Zimbabwe’s most prominent entrepreneur — has reportedly seen his net worth fall by over $100 million. The decline follows the revaluation of his shares in Harare-listed companies amid Zimbabwe’s ongoing economic instability and the introduction of the new ZiG currency.
This latest development reflects the broader financial turbulence facing local investors and business leaders as the country continues to battle inflation, currency reforms, and shifting market dynamics. Despite the dip, Masiyiwa remains one of Africa’s wealthiest and most influential business figures, with significant investments spanning telecommunications, renewable energy, and philanthropy.
The Financial Setback
After reaching a peak of $1.3 billion in August, Strive Masiyiwa's wealth has experienced a notable decline. According to Forbes, his net worth now stands at approximately $1.2 billion, reflecting a $100 million drop in recent months.
This is part of a larger trend for the year, which has seen his net worth fall by a staggering $600 million year-to-date.
Economic Headwinds
The drop follows a significant revaluation of Masiyiwa's public holdings in companies listed on the Harare stock exchange. Zimbabwe's volatile economy played a major role, particularly the government's decision in May to replace the local currency with the new gold-backed ZiG to combat inflation.
The introduction of the ZiG unsettled investors and disrupted market confidence. Corporate valuations tumbled across various sectors, directly dragging down the value of Masiyiwa’s stakes. His companies, including Econet and its subsidiaries, faced immense pressure from reduced liquidity and fluctuating exchange rates.
Public Reaction
News of the billionaire's financial setback sparked a wide range of reactions from Zimbabweans on social media, reflecting a mix of awe, empathy, humour, and critique.
- Awe at his wealth: "God I pray that I reach a level where if I lose 100 million I will still be miles away from being broke."
- Relatability: "When our sales drop at the market, we are called failures 😢 but look, even this billionaire is feeling the pressure."
- Humour: "It's okay, he will come back stronger, even Liverpool dropped points yesterday 😢."
- Critique: "You can't change Smartbiz to Smart Suite and charge us $70 for data, Strive... Don't faint on us, do the right thing."
Frequently Asked Questions
According to the latest Forbes data, his net worth now stands at approximately $1.2 billion, down from a peak of $1.3 billion in August.
The decline is primarily due to the revaluation of his holdings in Zimbabwean companies following the introduction of the new ZiG currency, which created market instability and caused corporate valuations to fall.
Yes. Despite the significant drop, he remains Zimbabwe's richest man and one of Africa's most influential billionaires.
David (Sales)