Angola president's daughter 'Africa's first female billionaire'
(CNN) -- Businesswoman Isabel Dos Santos, daughter of
long-serving Angolan president Jose Eduardo Dos Santos, is Africa's first female
billionaire, according to business publication Forbes.
Angola has embarked on a major reconstruction program
following the end of a 27-year vicious civil war in 2002. The oil-rich country
holds general elections Friday.
Angola rises from
the ashes of 27-year civil war
The 40-year-old's investments in
publicly traded companies in Portugal, including shares in a cable TV firm, as
well her assets in at least one Angolan bank, "have pushed her net worth over
the $1 billion mark," said the magazine, known for its annual rich lists.
Her first business endeavor was
in 1997 when she opened a restaurant in Angola's capital, Luanda, according to
the magazine. Since then, she's expanded her business interests to a number of
industries, sitting on the boards of several Angolan and Portuguese
companies.
A former Portuguese colony,
Angola is the second largest oil producer in the continent. Over the last
decade, the southwestern African country has emerged from the wreckage of a
27-year civil war to become one of the continent's major economic players.
Angola has embarked on a major reconstruction program
following the end of a 27-year vicious civil war in 2002. The oil-rich country
holds general elections Friday.
Angolan President Jose Eduardo dos Santos, 70, has been in
power since 1979. Analysts expect his party, MPLA, to win Friday's
elections.
Angolan President Jose Eduardo dos Santos, 70, has been in
power since 1979. Analysts expect his party, MPLA, to win Friday's
elections.
MPLA supporters attend Wednesday the final rally of
President dos Santos in Kilamba Kaixi on the outskirts of Luanda, Angola's
capital.
MPLA supporters attend Wednesday the final rally of
President dos Santos in Kilamba Kaixi on the outskirts of Luanda, Angola's
capital.
Thousands of Angolans take part in a demonstration in
Luanda organized by the main opposition party, UNITA, to ask for free and fair
elections on May 19, 2012.
Thousands of Angolans take part in a demonstration in
Luanda organized by the main opposition party, UNITA, to ask for free and fair
elections on May 19, 2012.
UNITA leader Isaias Samakuva (center), delivers a speech
during the May 19 demonstration. The opposition has repeatedly expressed
concerns about the electoral process.
UNITA leader Isaias Samakuva (center), delivers a speech
during the May 19 demonstration. The opposition has repeatedly expressed
concerns about the electoral process.
Dos Santos casts his ballot on September 05, 2008, at the
polling station behind the presidential palace in Luanda. MPLA won the last
elections with a landslide 82% of the vote.
Dos Santos casts his ballot on September 05, 2008, at the
polling station behind the presidential palace in Luanda. MPLA won the last
elections with a landslide 82% of the vote.
Resource-rich Angola is the second-biggest oil producer in
sub-Saharan Africa, turning out more than 1.9 million barrels per day.
Resource-rich Angola is the second-biggest oil producer in
sub-Saharan Africa, turning out more than 1.9 million barrels per day.
Thanks to its oil reserves, the country has posted
impressive economic growth after the end of the war. It is currently the
third-biggest economy in sub-Saharan Africa, after South Africa and
Nigeria.
Thanks to its oil reserves, the country has posted
impressive economic growth after the end of the war. It is currently the
third-biggest economy in sub-Saharan Africa, after South Africa and
Nigeria.
But despite the progress made since 2002, Angola remains
one of the most unequal societies in the world. In Luanda, millions of people
live in crowded shantytowns, like the Boa Vista slum (pictured), in squalid
conditions.
But despite the progress made since 2002, Angola remains
one of the most unequal societies in the world. In Luanda, millions of people
live in crowded shantytowns, like the Boa Vista slum (pictured), in squalid
conditions.
Angola, which has a population of some 18 million people,
ranks 148th out of 187 countries in the U.N.'s Human Development Index.
Angola, which has a population of some 18 million people,
ranks 148th out of 187 countries in the U.N.'s Human Development Index.
A large portrait of the Angolan President is seen in the
center of Luanda on January 30, 2010. The Angolan capital was last year named
the world's most expensive city for expats.
A large portrait of the Angolan President is seen in the
center of Luanda on January 30, 2010. The Angolan capital was last year named
the world's most expensive city for expats.
Earlier this year, Angola celebrated 10 years of the end
of its civil war. Here, Luanda residents walk in front of a giant portrait of
President dos Santos, with text reading "The Architect of Peace" on April 4,
2012.
Earlier this year, Angola celebrated 10 years of the end
of its civil war. Here, Luanda residents walk in front of a giant portrait of
President dos Santos, with text reading "The Architect of Peace" on April 4,
2012.
Angola was gripped by a brutal civil war for 27 years that
led to the death of up to half a million people, according to the U.N., and also
left 15.000 landmines behind.
Angola was gripped by a brutal civil war for 27 years that
led to the death of up to half a million people, according to the U.N., and also
left 15.000 landmines behind.
After Portugal's decision to cede power in the African
country in the mid-1970s, pro-U.S. UNITA and MPLA, backed by the Soviet Union
and Cuba, fought a proxy Cold War for control of the country and its vast
resources.
After Portugal's decision to cede power in the African
country in the mid-1970s, pro-U.S. UNITA and MPLA, backed by the Soviet Union
and Cuba, fought a proxy Cold War for control of the country and its vast
resources.
The war ended officially in 2002 when a peace deal was
signed following the death of UNITA leader Jonas Savimbi.
The war ended officially in 2002 when a peace deal was
signed following the death of UNITA leader Jonas Savimbi.
Angola's construction boom
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Angola rises from
the ashes of 27-year civil war
Read also: Angola's
post-war generation
President Dos Santos, who has
been in power since 1979, has presided over Angola's post-war economic growth
and rebuilding efforts. He won a new term last year when the ruling MPLA party
was declared winner of the August 31 elections.
Greased by growing oil revenues
and China's credit lines of billions of dollars, Angola's economy rocketed by an
average annual growth of 17% from 2004 to 2008 before falling to single-digit
figures after the 2008 global financial crisis.
But despite the heady financial
data and the progress made since the end of the war in 2002, Angola still
remains one of the most unequal societies in the world. The country, which has a
population of some 18 million people, ranks 148th out of 187 countries in the U.N.'s Human Development
Index.
Corruption is also prevalent,
with Angola ranked 157th out of 176 countries and territories on Transparency
International's 2012 Corruption Perceptions Index.
"Corruption is a major problem
and the perception of corruption in Angola by investors is increasing," says
Alex Vines, head of the Africa Program at London-based think tank Chatham
House.
According to Forbes, Isabel Dos
Santos is the biggest shareholder in Zon Multimedia, the biggest cable TV
operator in Portugal, owning a 28.8% stake. She also has a 19.5% holding at
Banco BPI, one of Portugal's largest publicly traded banks.
Forbes said that in Angola, the
president's daughter sits on the board of Banco BIC and is reported to own a 25%
stake in the bank.
"There is nothing wrong with the
president's daughter being a business entrepreneur as long as she's obtained
those contracts in an open and competitive process," says Vines.
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