Forbes has announced that Isabel Dos Santos is Africa’s richest woman and the first to be worth more than a billion dollars. But her riches appear to have little to do with hard work or doing smart business. Here are 6 facts about Isabel and her suspicious wealth... She’s The Daughter of Angola’s President
Dos Santos, age 40, is the oldest daughter of Angolan President José Eduardo dos Santos, a noted autocrat and perhaps even a despot. She was born to his first wife, Tatiana Kukanova, who her father met while studying in Azerbaijan. They divorced before he became president of Angola in 1979 and Isabel lived with her mother in London, where she studied electrical engineering and business management. The president is known to indulge his children: Isabel is often called ‘The Princess’ by sneering Angolans for the opulence bestowed on her. José Eduardo recently handed control of Angola’s $5 billion sovereign wealth fund to his son José Filomeno dos Santos.
Dos Santos, age 40, is the oldest daughter of Angolan President José Eduardo dos Santos, a noted autocrat and perhaps even a despot. She was born to his first wife, Tatiana Kukanova, who her father met while studying in Azerbaijan. They divorced before he became president of Angola in 1979 and Isabel lived with her mother in London, where she studied electrical engineering and business management. The president is known to indulge his children: Isabel is often called ‘The Princess’ by sneering Angolans for the opulence bestowed on her. José Eduardo recently handed control of Angola’s $5 billion sovereign wealth fund to his son José Filomeno dos Santos.
Business In Angola Is Very Political And Shady
Corruption and a lack of transparency has become a hallmark of Angola. Oil and diamonds keep the country flush in cash, yet the average Angolan survives on a mere $2 a day. There is only one daily newspaper - and it is state-run. But the biggest indictment of Angola’s civic rot is the reign of President José Eduardo dos Santos, who despite a four year term limit has been in charge since 1979 - the second-longest in Africa. His opponents also have a habit of being intimidated, arrested and dying. He retains the power to manage the state budget as he sees fit, with no scrutiny, interference or transparency.
Corruption and a lack of transparency has become a hallmark of Angola. Oil and diamonds keep the country flush in cash, yet the average Angolan survives on a mere $2 a day. There is only one daily newspaper - and it is state-run. But the biggest indictment of Angola’s civic rot is the reign of President José Eduardo dos Santos, who despite a four year term limit has been in charge since 1979 - the second-longest in Africa. His opponents also have a habit of being intimidated, arrested and dying. He retains the power to manage the state budget as he sees fit, with no scrutiny, interference or transparency.
Her Early Failed Business Ventures
Dos Santos was named Angola’s entrepreneur of the year in 2012 by Jornal de Angola, the state-owned - and only daily - newspaper in Angola. But her business career doesn’t make it clear how she qualified. Dos Santos started her first business at age 26, a Luanda-based restaurant called Miami Beach. It was a failure and badly managed. She followed with a garbage collection business, which also failed despite ‘winning’ contracts that were arranged by her father. Critics say there is a long list of similar failures and Dos Santos has proven more successful at owning stock and sitting on the boards of businesses arranged through her political connections.
Dos Santos was named Angola’s entrepreneur of the year in 2012 by Jornal de Angola, the state-owned - and only daily - newspaper in Angola. But her business career doesn’t make it clear how she qualified. Dos Santos started her first business at age 26, a Luanda-based restaurant called Miami Beach. It was a failure and badly managed. She followed with a garbage collection business, which also failed despite ‘winning’ contracts that were arranged by her father. Critics say there is a long list of similar failures and Dos Santos has proven more successful at owning stock and sitting on the boards of businesses arranged through her political connections.
The Sources Of Her Wealth
Being crowned Africa’s richest woman is a remarkable achievement. Dos Santos did so through investments in numerous Angolan and Portuguese businesses. Forbes reports that she owns significant shares in a Portuguese media conglomerate and at least one bank. She also has similar respective stakes in an Angolan bank and telecoms firm. But how she acquired these is not so clear: analysts agree that her wealth is due to her father’s long reign and Angola’s notoriously corrupt government.
Being crowned Africa’s richest woman is a remarkable achievement. Dos Santos did so through investments in numerous Angolan and Portuguese businesses. Forbes reports that she owns significant shares in a Portuguese media conglomerate and at least one bank. She also has similar respective stakes in an Angolan bank and telecoms firm. But how she acquired these is not so clear: analysts agree that her wealth is due to her father’s long reign and Angola’s notoriously corrupt government.
The Questions About Her Wealth
Dos Santos may be rich, but she is far from a self-made billionaire. It is an open secret that the inner circle of Angola’s ruling party hold a lot of business interests through political strong-arming. According to activists, much of Dos Santos’ wealth come from deals arranged by her father and transferred to her. Many of the shares in Portugal were bought by Angola’s oil giant Sonangol, which were then transferred to her. Media in Portugal have also questioned her use of political connections in the country and allegations of insider trading have been levied against her.
Dos Santos may be rich, but she is far from a self-made billionaire. It is an open secret that the inner circle of Angola’s ruling party hold a lot of business interests through political strong-arming. According to activists, much of Dos Santos’ wealth come from deals arranged by her father and transferred to her. Many of the shares in Portugal were bought by Angola’s oil giant Sonangol, which were then transferred to her. Media in Portugal have also questioned her use of political connections in the country and allegations of insider trading have been levied against her.
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