Madagascar is an island country in the Indian Ocean off the coast of East Africa. It is the world’s second-largest island country after Indonesia, with a population of 29.5 million. It is also one of the poorest countries in Africa, with an unregulated poor economy, no capital markets, numerous untapped natural resources, and poor governance institutions.
Despite the negative indices that reflect the state of the country, a few Malagasies have established successful business empires over the years and either made fortunes of their own or inherited them. Among such successful Malagasies are Salim Ismail, Henri Fraise, Karim Barday, and Ylias Akbaraly, who have successfully sustained the legacy established by their parents and grandparents some decades ago.
With Madagascar in focus, here are a few Malagasy entrepreneurs who have earned their millionaire status through their success in different business sectors.