Finance

• Infinity Media
• 7 Min Read

Madagascar Billionaires (2025): Top 10 Richest Men In Madagascar

When many people hear about Madagascar, the first thing that comes to mind is its rich biodiversity, exotic wildlife, and beautiful landscapes. But beyond the rainforests and lemurs, there’s another side to this Indian Ocean island that doesn’t get as much attention—its business elite. In the heart of Madagascar lies a small but powerful circle of wealthy businessmen who have built impressive empires in sectors like telecommunications, energy, real estate, hospitality, and agribusiness.

In this blog post, we will explore the lives and business ventures of the top 10 richest men in Madagascar. These individuals have not only amassed significant wealth but have also played major roles in driving Madagascar’s economic development. Let’s dive in and discover who they are, how they made their money, and what makes them stand out.

1. Ylias Akbaraly – The Conglomerate King

Ylias Akbaraly is without a doubt the richest man in Madagascar. He is the Chairman and major shareholder of the Sipromad Group, one of the biggest conglomerates in the country. Sipromad was founded by his father in the 1970s but under Ylias' leadership, it has grown into a multinational empire.

Today, Sipromad operates in over 10 sectors including agribusiness, aviation, consumer goods, media, hospitality, and security. The company has a presence in various African countries and even outside the continent. It generates annual revenues well above $350 million. Ylias Akbaraly is also known for his philanthropic work through the Akbaraly Foundation, which focuses on healthcare and education for women and children in Madagascar.

His success story is one of vision, innovation, and the smart expansion of a family legacy.

2. Mamy Ravatomanga – The Real Estate and Transport Giant

Mamy Ravatomanga is another household name in Madagascar’s business circle. He is the founder and head of Groupe Sodiat, a diversified group with investments in construction, transportation, real estate, and luxury hotels.

Ravatomanga’s companies are behind some of the most iconic real estate developments in Madagascar. His group also owns a significant number of high-end hotels, including part of the prestigious Azura brand. Interestingly, Groupe Sodiat is also the exclusive distributor of Toyota, Lexus, and Foton vehicles in the Indian Ocean region.

In addition to his business ventures, Mamy Ravatomanga is known for having close political ties. He was a key ally to former President Andry Rajoelina, which gave him access to business opportunities and influence. Nevertheless, his achievements in business are a result of strategic thinking and diversification.

3. Hassanein Hiridjee – The Telecom and Energy Tycoon

Hassanein Hiridjee is the CEO of Axian Group, a pan-African investment group that operates in telecoms, energy, financial services, and real estate. Under his leadership, Axian has become a regional powerhouse with operations in countries like Tanzania, Togo, Comoros, and Senegal.

One of Axian’s most famous brands is Telma, the leading mobile network provider in Madagascar. The group also controls mobile networks in other African countries, showing its impressive expansion drive.

In 2022, Hiridjee was honoured as the “CEO of the Year” at the Africa CEO Forum for his outstanding contribution to business growth on the continent. He has a vision to transform Madagascar into a digital and financial hub, and he’s backing that vision with serious investment.

4. Marc Ravalomanana – From Milkman to President

Before becoming the President of Madagascar, Marc Ravalomanana was a humble milkman. He started Tiko Group, a dairy company that later became the largest in the country. The company produces milk, butter, yogurt, and other dairy products consumed nationwide.

Marc’s journey is one of pure hustle. He started by delivering milk using his bicycle, then invested profits into machinery and land. Eventually, he turned Tiko into a multi-million dollar agribusiness that not only made him rich but also created thousands of jobs.

During his presidency (2002–2009), his businesses came under criticism due to perceived conflicts of interest, but there's no doubt he built Tiko with hard work and smart planning. Even after politics, he remains one of the most influential businessmen in Madagascar.

5. Iqbal Rahim – Oil and Gas Magnate

Iqbal Rahim is the founder of Galana Group, one of Africa’s largest energy services companies. Established in 1991, Galana is involved in the trading, shipping, storage, and distribution of refined petroleum products.

Galana operates in several African countries and recorded over $1.8 billion in revenue in 2016 alone. Iqbal owns at least 50% of the group, making him one of the wealthiest individuals not just in Madagascar but in the Indian Ocean region.

His business philosophy revolves around value chain integration. Instead of just trading oil, Galana controls every part of the supply chain—from refinery partnerships to transportation and retail. That’s how you build a billion-dollar empire.

6. Karim Barday – Master of FMCG and Distribution

Karim Barday started from small beginnings, trading fabrics. Today, he runs Basan Group, one of Madagascar’s top companies in food distribution and manufacturing.

Basan Group began as a distributor of biscuits, sweets, and chocolates. Over time, the company started producing its own brands, gaining a strong foothold in the fast-moving consumer goods (FMCG) sector.

Karim’s secret lies in understanding local tastes and supply chain optimization. By owning both the manufacturing and the distribution arms, Basan ensures competitive pricing and reliable delivery. The group’s footprint has expanded across the Indian Ocean region, bringing consistent income and business growth.

7. Salim Ismail – Industrialist Behind Socota Group

Salim Ismail is the Chairman of Socota Group, a company with roots in textile manufacturing. Established in 1930, Socota has evolved into a major industrial player with operations in agriculture, aquaculture, and even seafood export.

Socota is the largest exporter of finished garments in Madagascar, and its factories employ thousands of Malagasy workers. It also operates large aquafarms and seafood processing plants, helping Madagascar maintain its position as a top seafood exporter.

Salim’s strategy revolves around value-added processing. Instead of just exporting raw materials, Socota processes them locally, creating jobs and increasing profit margins.

8. Henri Fraise – The Machinery and Logistics Leader

Henri Fraise heads Henri Fraise Fils & Cie, a family-owned conglomerate founded in 1921. The company is a major player in logistics, machinery, power generation, and hospitality.

The group is the exclusive distributor for top international brands like John Deere, Caterpillar, and Atlas Copco. It also offers insurance, airline charter services, and owns the famous Carlton Hotel in Antananarivo.

Henri’s business model is built on long-term partnerships and service excellence. By offering maintenance and customer support, the group has become the go-to provider for construction and agricultural equipment in Madagascar.

9. Edgard Razafindravahy – Media and Trading Mogul

Edgard Razafindravahy is the chairman of Prey Group, a conglomerate with over 10 companies. His group is involved in trading, transport, and media. The most famous of his holdings is L’Express de Madagascar, the top-selling newspaper in the country.

Edgard has also made significant investments in import-export businesses, bringing in consumer goods, industrial equipment, and technology. He has dabbled in politics too, but his business achievements speak louder than his political ambitions.

10. Naina Andriantsitohaina – Modernizing a Family Legacy

Last on the list but definitely influential is Naina Andriantsitohaina, the head of Andriantsitohaina Group. The group was founded by his father and operates in several sectors including printing, banking, chemicals, and media.

Naina modernized the group, bringing in innovation and new partnerships. The group owns NIAG, a major printing and publishing company, and Prochimad, a leading chemicals distributor. It also had major stakes in BMOI Bank before it was sold to BOA.

Naina is respected not just for his business acumen but also for promoting youth empowerment and corporate transparency.

Summary Table: Richest Men in Madagascar

Final Thoughts

While Madagascar may not be the first country that comes to mind when discussing African billionaires, the men on this list have proven that wealth and success can be built anywhere with the right mix of strategy, timing, and vision. These 10 richest men in Madagascar have made their mark through resilience, diversification, and a strong grip on local and international markets.

For any African entrepreneur looking to learn from others in Africa, these Malagasy moguls offer valuable lessons in scaling businesses despite economic and infrastructural challenges. Whether it’s in telecoms, dairy, oil, or real estate, they’ve all carved out their own lane and made their names known across the continent.

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