Paul Biya Net Worth: $200 Million (100 billions F Cfa)
Paul Biya who has a reportedly huge personal fortune between $200 to $300 million according to Foreignpolicy.com. With his wealth mostly based in Europe, he owns several mansions there as reported. He is currently the longest ruling Non-Royal head of state in the world. He has rigged the term limit laws twice to make sure he stays in power.
The Cameroonian president is said to be the richest man in Cameroon. In a 2009 , the Catholic Committee against Hunger and for Development (CCFD) denounced Paul Biya as being among a list of leaders with ill-gotten wealth. According to a French online newspaper, Rue 89, Paul Biya’s vacation was over the top more expensive than that of the American President. He was widely criticized for having rented a villa for 30,000 euros per day in August 2009. Cameroon is one of the poorest countries in the world (with $2,257 GDP per capita as of 2011) with 48% of its population living below the poverty line.
The U.S. imported $544 million worth of crude and fuel oil from Cameroon in 2008 and exported $59 million worth of drilling and oilfield equipment but still the citizens don’t see all this profit. Because of its modest oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems confronting other underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, and a generally unfavorable climate for business enterprise.
Other Rich Cameroonians on the list:
The founder of Kadji Sport Academy in Cameroon.
Read more here.
by Foreignpolicy.com | August 6, 2012 |