King Mswati III is sub-Saharan Africa’s last absolute monarch and certainly the only royal who can lay claim to bankrupting his nation in the modern age.
This bling-loving King is one of the reasons why Swaziland has recently had to ask South Africa for a financial bailout as it sinks into insolvency.
According to 2010 figures, Swaziland’s spendthrift King had a net worth, based on investments and land, of $100 million in a country where the GDP is $4.1 million.
This may seem like a lot, and it is in relation to the national GDP, but when you compare it to the $18 billion fortune of the King of Saudi Arabia, or the $15 billion net worth of the Emir of Abu Dhabi, it isn’t.
Because of this, it seems the Swazi King has an inferiority complex in the way he spends his ‘modest’ sum, splurging on unnecessary expenses.
The man loves fast cars, luxury palaces and extravagant parties. In 2008, he reportedly spent $2.5 million on joint celebrations for 40 years of Swaziland’s independence and his 40th birthday.
Mswati III also seeks to look prestigious by over-the-top national spending, such as the $90.86 million dished out on a new international airport.
Shopping sprees
This bling-loving King is one of the reasons why Swaziland has recently had to ask South Africa for a financial bailout as it sinks into insolvency.
According to 2010 figures, Swaziland’s spendthrift King had a net worth, based on investments and land, of $100 million in a country where the GDP is $4.1 million.
This may seem like a lot, and it is in relation to the national GDP, but when you compare it to the $18 billion fortune of the King of Saudi Arabia, or the $15 billion net worth of the Emir of Abu Dhabi, it isn’t.
Because of this, it seems the Swazi King has an inferiority complex in the way he spends his ‘modest’ sum, splurging on unnecessary expenses.
The man loves fast cars, luxury palaces and extravagant parties. In 2008, he reportedly spent $2.5 million on joint celebrations for 40 years of Swaziland’s independence and his 40th birthday.
Mswati III also seeks to look prestigious by over-the-top national spending, such as the $90.86 million dished out on a new international airport.
Shopping sprees
In April 2010, the Swaziland Solidarity Network, a forum which seeks to support democratic institutions in the nation, did a breakdown of the King’s annual spending over the last few years. Here are some of the highlights;
Each of these ladies has a million-dollar palace built for them, BMWs and personal staff, and almost anything else they desire. They also frequently indulge in overseas shopping sprees by private jet.
In 2009, it is reported that five of the King’s wives went on a foreign shopping spree, spending $86.8m in the process.
Private accounts
Bear in mind that this is happening in a country with the highest HIV/Aids prevalence of any in the world and the lowest life expectancy rate, but no money to deal with these issues.
The King’s personal secretary, Sam Mkhombe, has gone out of his way to clarify that some of the spending is from the Mswati’s private accounts. But the country is suffering from serious financial issues!
Early in 2010, the Swazi Government had ordered 14 per cent cuts across departments to prevent the nation from going bankrupt. Though this strained some departments, such as Education whose ability to provide care for vulnerable children was impaired, it did not include a reduction in expenditure by the Royal family.
Furthermore, in February this year, the King received a 23 per cent increase in his budget when just about every government department had to cut by 20 per cent.
It appears the King does not concern himself with the suffering of his population, brought on by public expenditure cuts. He has pleaded with South Africa to lend a helping hand with a $1.4billion bailout, but many critics see it as nothing but a front for self aggrandisement.
If anything, the money would probably vanish without producing any long-term benefits for the citizens.
- $229m recurrent budget for the Swazi National Treasury under the King’s office
- $72.3m for royal houses and $72.3m for link roads to the royal palace
- $137.5m for official royal trips by the King
- $7.2m for a Rolls Royce Phantom to his endless list of luxury cars
Each of these ladies has a million-dollar palace built for them, BMWs and personal staff, and almost anything else they desire. They also frequently indulge in overseas shopping sprees by private jet.
In 2009, it is reported that five of the King’s wives went on a foreign shopping spree, spending $86.8m in the process.
Private accounts
Bear in mind that this is happening in a country with the highest HIV/Aids prevalence of any in the world and the lowest life expectancy rate, but no money to deal with these issues.
The King’s personal secretary, Sam Mkhombe, has gone out of his way to clarify that some of the spending is from the Mswati’s private accounts. But the country is suffering from serious financial issues!
Early in 2010, the Swazi Government had ordered 14 per cent cuts across departments to prevent the nation from going bankrupt. Though this strained some departments, such as Education whose ability to provide care for vulnerable children was impaired, it did not include a reduction in expenditure by the Royal family.
Furthermore, in February this year, the King received a 23 per cent increase in his budget when just about every government department had to cut by 20 per cent.
It appears the King does not concern himself with the suffering of his population, brought on by public expenditure cuts. He has pleaded with South Africa to lend a helping hand with a $1.4billion bailout, but many critics see it as nothing but a front for self aggrandisement.
If anything, the money would probably vanish without producing any long-term benefits for the citizens.
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