Eritrea Billionaires: Meet The Top 10 Richest Men In Eritrea
Let’s be honest—when most people hear “Eritrea,” their minds wander to its political history, border clashes, or the majestic old-school charm of Asmara. You hardly hear anyone talking about money, and definitely not about billionaires. But hold on tight, because today we’re stepping behind the curtain to talk about Eritrea’s most financially powerful men—the low-key millionaires (and possibly billionaires) who have mastered the art of flying under the radar.
Yes, Eritrea is one of the world’s most secretive nations, but money? It still flows. And it flows mostly through a very tiny, very quiet elite circle. These guys don’t flaunt yachts on Instagram or do flashy interviews. In fact, some of them might walk past you in a market and you’d never know you just brushed shoulders with someone sitting on serious wealth.
So if you're ready for some mind-blowing reveals, let's take a look at the top 10 richest men in Eritrea—what they do, how they got their wealth, and why their stories will blow your socks off (or at least make you reflect on life a bit differently).
1. Isaias Afwerki – The President Who Has It All
Let’s start at the very top of the pyramid. No Eritrean rich list is complete without Isaias Afwerki, the country’s one and only president since independence in 1993.
Now, depending on who you ask, his net worth could range anywhere from $100 million to $700 million. But truthfully? The man doesn’t really need a big bank balance. Why? Because he controls the country’s resources like a landlord collecting rent from tenants who can’t move out.
He’s got his hands in telecoms, mining, foreign investments, and yes, even the notorious diaspora tax—Eritreans living abroad are expected to send back 2% of their income to the government. Let that sink in. If you’ve ever imagined what it’s like to literally own the economy, Afwerki might just be the poster child.
Still, his wealth isn’t loud. It’s wrapped up in state machinery, government control, and a network of trusted loyalists. Some even say he doesn’t own private property in the traditional sense—he is the property. Chilling, right?
2. Sebhat Ephrem – The Soldier with Gold in His Backyard
Next up is a war hero turned government heavyweight, Sebhat Ephrem. This man fought in the liberation war and later became Eritrea’s Minister of Defense. Sounds patriotic, but it gets even more interesting—he was later placed in charge of Energy and Mines.
And guess what Eritrea is rich in? You got it—gold, copper, zinc, and other juicy minerals that foreign companies are lining up to mine.
While his exact net worth is a mystery (as are most things in Eritrea), what we do know is that Sebhat had the keys to the vault. Mining contracts? He signed them. Resource exports? He oversaw them. Influence? He had it in spades. He’s believed to have amassed tens of millions—if not more—through his access to Eritrea’s underground treasure chest.
3. Ahmed Haj Ali – The Silent Billionaire of the Red Sea
If there was an award for Eritrea’s most strategically placed man, Ahmed Haj Ali would win, hands down. Not only did he serve in the Ministry of Fisheries and Tourism, he also briefly headed the Ministry of Energy and Mines.
Now imagine combining control over marine exports, tourism inflows, and mining licenses. That’s like having a three-in-one money-making machine, and Ahmed played his cards right.
What makes him fascinating is how little is known publicly about his personal life or spending habits. The man moves in silence, but the ripple effects of his decisions have made him immensely wealthy. From offshore deals to foreign investor negotiations, Ahmed’s name comes up again and again in whispers and reports. He may not flash wealth, but insiders know—he’s not in anyone’s poverty bracket.
4. Tesfai Ghebreselassie – The Godfather of Eritrea’s Mining Boom
You know how every empire has a builder? For Eritrea’s mining sector, that title belongs to Tesfai Ghebreselassie. He served as the Energy and Mines minister from the early days of independence until 2011.
Tesfai helped shape the entire structure of Eritrea’s extractive industries. He laid down the rules, built partnerships, and essentially turned buried rock into revenue streams. Today, mining accounts for a significant chunk of Eritrea’s economy, and Tesfai is often credited with that boom.
Although he’s no longer in office, his fingerprints—and, some would argue, his investments—are still all over the mining landscape. Trust me, Tesfai didn’t leave empty-handed. If Eritrea ever launches a billionaire’s club, he’s a founding member.
5. The Ghostly Execs of the Red Sea Corporation
Now we enter the shadowy world of Eritrea’s most secretive wealth conduit: The Red Sea Corporation. This isn’t just some private firm—it’s reportedly state-owned and used to funnel resources and finances across borders.
No one really knows who runs it, but it’s widely believed to be controlled by a tight inner circle around President Afwerki. Think of it as the offshore vault of Eritrea’s elite. They control mining shares, foreign currency inflows, and even the notorious 2% diaspora tax.
While we can’t name specific individuals with certainty (unless we want a few angry stares from Asmara), there’s no doubt that the wealth inside this corporation easily climbs into the hundreds of millions, if not billions. Whoever the puppet masters are behind Red Sea Corp—they’re rolling in riches, and they’re not sharing the GPS coordinates.
6. The Anseba Business Family – From Trucks to Mansions
Ever heard of the Anseba family? They’re one of the few business clans in Eritrea that made serious wealth from actual trade, logistics, and investments across East Africa and the Middle East.
While many Eritreans were investing in political survival, the Anseba family invested in trucks, buildings, agriculture, and real estate. They understood the assignment.
Their businesses span across Asmara, Sudan, Dubai, and even parts of Europe. Some say their collective net worth easily crosses the billion-dollar mark, though, again—no Instagram flexes or Forbes interviews to confirm. These are generational entrepreneurs who prefer family dinners to flashy galas.
7. Eritel & Telecom Insiders – The Quiet Moguls
Eritrea has only one telecom company: Eritel. And if you think being the sole provider of mobile, landline, and internet services in an entire country doesn’t make you rich—think again.
The senior managers and officials tied closely to Eritel are known to have deep ties to the government. While the company itself is state-owned, contracts, sub-licensing deals, and procurement opportunities are often awarded to connected insiders.
Translation? If you sit near the top of Eritel, you probably don’t worry about mobile data prices—or fuel prices—or prices, period.
8. Construction Kings of Asmara – The Cemented Millionaires
Forget oil for a second—construction in Eritrea is where old money and new bricks collide. Most of the country’s major construction contracts are awarded by the state, and guess who gets them? That’s right—companies and individuals close to government officials.
Whether it’s building roads, renovating government offices, or developing housing estates, these contracts can be worth tens of millions. The wealth might not show in the newspapers, but it definitely shows in the number of foreign accounts and private villas owned by these tycoons.
9. Diaspora Powerhouses – Dollars from Afar
Eritrea’s diaspora is massive—and influential. Many Eritrean millionaires live abroad in Switzerland, Canada, Sweden, and the UAE. These aren’t your average migrants sending home grocery money.
We’re talking real estate moguls, financiers, doctors, and silent investors who still pay the 2% tax to stay in the good books of the Asmara regime. Some of them invest back home through joint ventures, mining firms, or simply by buying up property.
Their names may not pop up in local media, but they’re definitely on the wealth radar—driving Teslas in Toronto and managing portfolios in Geneva while keeping one eye on Asmara.
10. Cultural Giants? Not Quite Yet
Let’s be real—Eritrea doesn’t yet have a superstar singer or sports hero with Davido-level bank accounts. The closest might be the late Abraham Afewerki, a beloved musician who some shady websites claimed was worth $700 million (please, let’s be serious).
While the country’s artistic and cultural contributions are immense, they haven’t yet translated into megabucks. Maybe one day we’ll see a billionaire author or Asmara-based fashion icon on this list, but for now, the big bucks stay in mining, government, and trade.
Final Thoughts: Wealth, Power, and the Eritrean Way
If this list teaches us anything, it’s this: in Eritrea, wealth is tightly linked to power. It's not about innovation, startups, or entertainment—it's about proximity to decision-making, resource control, and loyalty to the state.
That said, things can change. As global investments eye Eritrea’s mineral wealth and more young Eritreans start tech businesses abroad, the future might hold a new wave of wealth makers. But for now, the old guard sits comfortably at the top—with their fortunes quietly tucked away in banks, contracts, and state-backed monopolies.
So, young dreamers, take notes. Eritrea’s richest men aren’t flashy. They’re patient, strategic, and most importantly—connected. Until next time, keep dreaming, keep learning, and maybe one day, you’ll write your own name into Africa’s rich list.
