Madagascar might be best known for its stunning wildlife and natural beauty, but it also has a small circle of ultra-high-net-worth individuals driving much of its economy.
With a GDP of about 17.42 billion USD, the country doesn’t yet have a dollar billionaire on record, but some of its wealthiest figures are inching closer to that milestone. For readers interested in financial literacy, this offers a valuable lesson: individual wealth often grows faster than a nation’s economy, especially when concentrated in essential industries like telecoms, construction, and banking.
By the way, did you know that Madagascar is the world’s fourth-largest island?
At the top of Madagascar’s rich list in 2025 is Andry Rajoelina. He was first a business man, later turned politician, actually, he is the current president of Madagascar.
His ventures in media, construction, and energy have pushed his fortune to the front making Rajoelina the richest person in Madagascar.
For years, Ylias Akbaraly held the crown as Madagascar’s richest man, but recent numbers suggest Rajoelina may have overtaken him. Both men remain strong contenders to become the nation’s first official billionaire.
The rest of the top 10 includes names like Hassanein Hiridjee, Marc Ravalomanana, Toavina Rasamimanana, and Ilyas Omar, each building their fortunes across banking, telecoms, real estate, and agriculture. Together, these individuals highlight the industries that generate the most wealth in Madagascar. They also show how business and politics often go hand in hand on the island.
Let’s dive in and explore their net worth, businesses, and the stories behind how they became the richest people in Madagascar.
Key Takeaways
Toavina Rasamimanana is the tenth richest person in Madagascar. He has spent decades building his wealth through banking and real estate. Over the years, he has grown into one of Madagascar’s most seasoned investors, with stakes in major banks, hotel chains, and prime properties in Antananarivo as well as along the country’s scenic coastline.
By spreading his investments across finance, tourism, and property, Rasamimanana has created a fortune that isn’t just impressive, but also built to last. His diversified approach means he’s less vulnerable to economic ups and downs, securing his position as one of Madagascar’s wealthiest figures.
Jean-Claude Rabarijohn made his fortune in retail and consumer goods. He owns a chain of supermarkets and beverage plants producing bottled water and soft drinks. His products are widely available across Madagascar, making him a household name.
Rabarijohn’s focus on affordability and distribution efficiency allowed him to dominate consumer markets. His fortune reflects the growing demand for retail and FMCG (fast-moving consumer goods) in Madagascar.
Rolland Ranja is a diversified entrepreneur with a strong foundation in agriculture. His companies produce cash crops and cattle for both domestic consumption and export. Over time, he expanded into construction and mining support services.
By leveraging large tracts of land into agro-industrial production, Ranja has built a fortune that reflects Madagascar’s agricultural strengths. His diversified portfolio secures his place in the top ten.
Eric Rakoto has built his name around literary moving Madagascar’s economy. He oversees some of the country’s largest logistics operations, running freight terminals and port services that handle much of the island’s imports and exports, from minerals to industrial goods.
By expanding maritime trade and strengthening supply chains, Rakoto has positioned himself as a key player in Madagascar’s economy. His control over critical logistics hubs has not only made him indispensable to the flow of goods in and out of the country, but it has also fueled a fortune that grows alongside Madagascar’s expanding trade.
Ilyas Omar has built his fortune through oil distribution and real estate. He owns several fuel companies that supply both government and private sector clients. His storage facilities and fuel logistics network make him a critical player in Madagascar’s energy sector.
Beyond oil, Omar has diversified into land and property investments, particularly in Antananarivo. His blend of stable fuel revenues and real estate assets ensures steady growth, securing his position among Madagascar’s top ten richest.
Mamy Ravatomanga is one of Madagascar’s wealthiest yet most discreet businessmen, often described as a billionaire-in-the-making. His companies dominate sectors like road construction, logistics, and transport, regularly landing major state contracts. Beyond infrastructure, he also owns media outlets that give him influence over public opinion.
Despite keeping a low public profile, Ravatomanga is widely seen as a kingmaker behind the scenes. His close ties with political leaders and his knack for blending business with politics have secured his place among Madagascar’s richest and most influential figures.
Marc Ravalomanana is another businessman-turned-politician on the list. He founded TIKO Group, which revolutionized Madagascar’s dairy and food processing industry. His vertically integrated model controlled everything from production to logistics, enabling rapid expansion.
Ravalomanana later became President of Madagascar, a role that elevated both his political and economic influence. Despite periods of political turbulence, his businesses remain among the country’s most successful. His story highlights how business acumen combined with political power can build lasting wealth.
Hassanein Hiridjee is often described as one of Madagascar’s most forward-looking entrepreneurs. As the CEO of Axian Group, he has turned the company into a regional giant with interests that stretch far beyond Madagascar’s borders.
Through Axian, Hiridjee controls Telma, the country’s largest telecom operator, along with energy distribution networks and mobile money platforms that millions of people rely on every day. His push for better connectivity and energy access has made Axian not just a business success, but also a key driver of modernization in Madagascar.
What sets Hiridjee apart is his international reach. Under his leadership, Axian has expanded into the Comoros, Togo, Senegal, and even France, showing that Malagasy businesses can compete on the global stage. His fortune reflects both his dominance at home and his growing influence abroad, cementing his place as one of the country’s most globalized business leaders.
Ylias Akbaraly is the chairman of Sipromad Group, one of Madagascar’s largest privately owned conglomerates. The group operates in more than ten sectors, including aviation, paper manufacturing, telecommunications, and information technology. Sipromad has become a backbone of Madagascar’s economy, supplying both private enterprises and public infrastructure.
Akbaraly’s reputation extends beyond Madagascar, with investments and partnerships across Africa. His group is one of the island’s largest employers, driving job creation and industrial development. Known for his philanthropy, Akbaraly also funds health and education initiatives across the country. His vast and diversified portfolio makes him the second-richest person in Madagascar.
Andry Rajoelina is not only Madagascar’s wealthiest individual, he is also one of its most influential figures. Long before stepping into politics, Rajoelina made a name for himself as an entrepreneur by creating Viva Group, a media empire that grew from radio and television into events and entertainment. From there, his business interests spread into construction, energy, and transport, sectors that have kept him at the heart of Madagascar’s economic growth.
His move into politics took his influence to another level. First as mayor of Antananarivo and later as President of Madagascar, Rajoelina’s leadership gave him access to major state projects and contracts, helping expand his fortune even further.
Today, he stands as the closest the country has to a dollar billionaire. With his mix of entrepreneurial drive, political power, and wide-ranging investments, Rajoelina has shaped not just industries but also the economic direction of Madagascar itself.
If you’re curious about how Madagascar’s wealth compares to other African nations, check out our breakdown of the: Top 10 Richest People in South Africa in 2025
|
Rank |
Name |
Net Worth (2025) |
Age |
Source of Wealth |
Major Holdings |
|
1 |
Andry Rajoelina |
$900M – $1B |
51 |
Media, Construction,
Energy |
Viva Group,
infrastructure, transport |
|
2 |
Ylias Akbaraly |
$850M |
63 |
Diversified Conglomerate |
Sipromad Group (aviation,
telecoms, IT, paper) |
|
3 |
Hassanein Hiridjee |
$500M |
52 |
Telecoms, Finance, Energy |
Axian Group, Telma,
Jovenna |
|
4 |
Marc Ravalomanana |
$400M |
75 |
Food & Beverages,
Logistics |
TIKO Group |
|
5 |
Mamy Ravatomanga |
$350M |
58 |
Construction, Media |
Road works, logistics,
media shares |
|
6 |
Ilyas Omar |
$300M |
56 |
Oil & Property
Investments |
Fuel distribution, land
holdings |
|
7 |
Eric Rakoto |
$200M |
54 |
Shipping & Logistics |
Freight terminals, port
logistics |
|
8 |
Rolland Ranja |
$150M |
61 |
Agriculture &
Construction |
Cash crops, cattle, mining
services |
|
9 |
Jean-Claude Rabarijohn |
$120M |
59 |
Retail & Beverages |
Supermarkets, beverage
plants |
|
10 |
Toavina Rasamimanana |
$100M |
62 |
Banking & Real Estate |
Hotels, banking
portfolios, property |
As of 2025, Andry Rajoelina is the richest person in Madagascar with a net worth estimated between $900 million and $1 billion. His wealth stems from his diversified business empire in media, construction, and energy, combined with his political influence as a former President.
While several wealthy Malagasy families include influential women in leadership roles, no woman currently ranks among the top ten richest individuals in Madagascar by disclosed net worth. However, heirs and next-generation leaders in families such as the Akbaraly and Hiridjee dynasties are increasingly playing visible roles in business.
Madagascar’s wealthiest individuals illustrate how business and politics remain deeply intertwined in the country. From Andry Rajoelina’s rise as a media mogul and political leader to Ylias Akbaraly’s globally connected Sipromad Group, these fortunes reflect both entrepreneurial drive and strategic positioning in key industries.
Though Madagascar has yet to produce a dollar billionaire, several individuals are closing in. Their stories underscore a broader truth: wealth often begins with vision, persistence, and the ability to seize opportunities in a challenging environment. For Madagascar, these magnates will continue to play an outsized role in shaping its economic future.
I am Eddah, a professional blogger specializing in wealth analysis and financial insights. As a contributor to Fineducke.com, I explore the world’s richest individuals, their net worth, and financial moves shaping economies. With a keen eye for detail, I turn complex data into engaging, easy-to-read content that informs and inspires
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