Entrepreneurs, financial researchers, and curious observers are often asking: “Who is the richest man in Madagascar in 2025?” This article gives a full breakdown of the top 10 richest men in Madagascar, including their estimated net worth in USD, business interests, and sector influence.
From vanilla exports and oil exploration to banking, media, and real estate — the wealthiest people in Madagascar dominate industries that shape the country's economy. Whether you're studying Madagascar’s financial elite or looking for inspiration from successful African entrepreneurs, this list provides all the key details.
Who Are the Richest Men in Madagascar in 2025?
The richest men in Madagascar in 2025 are primarily self-made entrepreneurs, investors, and political figures who have played major roles in national development. Many have business operations across Africa, while some focus strictly on the local market.
They are involved in vanilla trade, mining, oil, telecom, banking, energy, real estate, shipping, and food production. Let’s now explore each of them and how they made their money.
Summary Table – Richest Men in Madagascar 2025
| Rank | Name | Estimated Net Worth (USD) | Main Sectors |
|---|---|---|---|
| 1 | Andry Rajoelina | $900 Million – $1 Billion | Media, Energy, Politics, Infrastructure |
| 2 | Ylias Akbaraly | $850 Million | Telecom, Industry, Trading |
| 3 | Hassanein Hiridjee | $500 Million | Telecom, Energy, Finance |
| 4 | Marc Ravalomanana | $400 Million | Food, Dairy, Logistics, Politics |
| 5 | Mamy Ravatomanga | $350 Million | Construction, Media, Government Contracts |
| 6 | Ilyas Omar | $300 Million | Oil, Real Estate, Import/Export |
| 7 | Eric Rakoto | $200 Million | Shipping, Maritime Logistics |
| 8 | Rolland Ranja | $150 Million | Agriculture, Mining, Construction |
| 9 | Jean-Claude Rabarijohn | $120 Million | Retail, Supermarkets, Beverage Production |
| 10 | Toavina Rasamimanana | $100 Million | Banking, Real Estate, Hospitality |
1. Andry Rajoelina – Net Worth: $900M – $1B
Andry Rajoelina is the richest man in Madagascar in 2025 and also one of the most influential political and business figures in the country.
How he made his money:
Before politics, he built a media empire with Viva Group, which includes radio, TV, and event businesses. His companies expanded into construction, transport, and energy. As a former President, his position increased access to contracts and national projects.
Why he leads the list:
His combined influence in media, infrastructure, and politics makes him the closest Madagascar has to a billionaire.
2. Ylias Akbaraly – Net Worth: $850M
Akbaraly is a powerful business magnate with vast holdings in telecoms, trade, and manufacturing.
What built his wealth:
He heads the Sipromad Group, which operates in over 10 sectors including paper, aviation, finance, and IT. His companies supply both the private sector and public infrastructure.
Why he ranks high:
His firm is one of Madagascar’s largest employers, with cross-border investments that bring consistent revenue.
3. Hassanein Hiridjee – Net Worth: $500M
Hiridjee is a telecom and finance leader known for his strategic acquisitions.
Income sources:
His Axian Group controls Telma (Madagascar’s top telecom operator), energy distribution networks, and mobile money platforms.
Why he's key:
Hiridjee is among the most global of Madagascar’s elite, with partnerships in Comoros, Togo, and France.
4. Marc Ravalomanana – Net Worth: $400M
Marc Ravalomanana is a businessman-turned-politician who built his empire on dairy and food processing.
Main business:
He founded TIKO Group — a leading player in dairy, beverages, and logistics. His supply chain model revolutionized local food distribution.
Political influence:
He served as President and used that position to grow his business influence across the country.
5. Mamy Ravatomanga – Net Worth: $350M
Ravatomanga is a low-profile mogul involved in construction, road works, and media.
What made him rich:
His companies win key state contracts in transport, public works, and logistics. He also owns shares in media outlets that shape public opinion.
Reputation:
Known as a kingmaker behind the scenes, he is closely tied to Madagascar’s political and business elite.
6. Ilyas Omar – Net Worth: $300M
Omar is a modern investor with holdings in oil, property, and import/export trade.
Business focus:
He owns several fuel distribution companies and large-scale storage facilities. He also invests in land and rental properties in Antananarivo.
Why he ranks here:
His oil and fuel supply businesses are tied to both government and private sector clients, giving him steady cash flow.
7. Eric Rakoto – Net Worth: $200M
Rakoto controls major logistics operations in Madagascar’s shipping sector.
Business interests:
He operates freight terminals, port logistics companies, and marine transport services for goods and minerals.
What makes him wealthy:
He expanded Madagascar’s maritime trade network and handles import/export for many large firms.
8. Rolland Ranja – Net Worth: $150M
Ranja is a diversified businessman with roots in agriculture.
Core wealth sources:
His companies deal in cash crops, cattle, mining support services, and mid-size construction contracts.
Why he made the list:
He leveraged land ownership into full-scale agro-industrial production, selling to both local and export markets.
9. Jean-Claude Rabarijohn – Net Worth: $120M
Rabarijohn made his name in retail and beverages.
Key achievements:
He owns a chain of supermarkets and beverage plants that produce bottled water and soft drinks. His goods dominate supermarket shelves in Madagascar.
Business model:
Focus on affordability and high distribution efficiency.
10. Toavina Rasamimanana – Net Worth: $100M
Toavina is a respected banker and real estate investor.
Main sources of wealth:
He manages investment portfolios across banks and hotel chains. His family also owns property in major cities and coastal areas.
Why he's on the list:
His wealth is stable, diversified, and spread across tourism, finance, and hospitality.
Key Lessons from Madagascar’s Richest Men in 2025
Diversify your investments – Most of them operate across 2–3 industries.
Own infrastructure, not just services – Control of logistics, ports, fuel, and telecom means long-term profits.
Use local demand – Food, transport, energy, and finance are all essential in Madagascar’s economy.
Leverage public-private influence – Several of them rose faster by aligning business with government goals.
Think regionally – Many now operate in other Indian Ocean and African countries.
FAQs – Richest Men in Madagascar 2025
Who is the richest man in Madagascar in 2025?
Andry Rajoelina is the richest man in Madagascar in 2025, with an estimated net worth of $900 million to $1 billion.
Is there a billionaire in Madagascar?
While no official billionaire has been confirmed, Andry Rajoelina is very close to the $1 billion mark and could become the first.
Which industries make the most millionaires in Madagascar?
Telecom, energy, food production, logistics, and government-backed infrastructure projects.
Do any of Madagascar’s richest appear on Forbes?
While not always on the Forbes global billionaire list, some, like Ylias Akbaraly and Hassanein Hiridjee, have been profiled on Forbes Africa.
Are these businessmen investing outside Madagascar?
Yes. Many of them have partnerships in East Africa, France, and across Indian Ocean islands.
Final Thoughts on the Top 10 Richest Men in Madagascar 2025
The top 10 richest men in Madagascar in 2025 prove that success comes through solving local problems, controlling vital industries, and thinking long-term. From dairy empires and mobile networks to oil depots and supermarket chains, these men have built strong financial foundations that influence millions of lives.
As Madagascar grows its economy, expect to see more of these names stepping into regional influence and, possibly, billionaire status.
If you’re looking for business inspiration in Madagascar or across Africa, studying the journey of these men is a great place to start.