Madagascar is an island country off the coast of East Africa in the Indian Ocean. With a population of 29.5 million people, it is the world’s second-largest island country after Indonesia. It is also one of Africa’s poorest countries, with an unregulated bad economy, no capital markets, abundant untapped natural resources, and weak governance institutions.
Notwithstanding the poor indicators that represent the country’s situation, a few Malagasies have developed successful business empires and either made or inherited riches. Salim Ismail, Henri Fraise, Karim Barday, and Ylias Akbaraly are examples of successful Malagasies who have successfully carried on the legacy started by their parents and grandparents 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.
Salim Ismail
Ismail is the Chairman and CEO of Groupe Socata, his father’s textile trading company founded in 1930. Groupe Socata is now a vertically integrated design, fabric, and garment enterprise that provides one-of-a-kind fashion solutions to African and European markets. In addition to real estate, the corporation is involved in aquaculture and seafood distribution.
Edgard Razafindravahy
61-year-old Edgard is the founder and chairman of the Prey Groupe, a multi-billion-dollar conglomerate that owns Radio Television Analamanga, L’Express de Madagascar, and radio stations (Antsiva and Radio France Madagascar). He is also a politician, having founded and led the ADN political party in 2015.
Henri Fraise
Fraise is one of Henri Fraise’s sons and the founder of Henri Fraise Fils & Cie Group. Henri Fraise (son) now runs the family business enterprise founded in 1921. The Group is dominating in Madagascar’s mining and quarries, construction and public works, and electric generation sectors. Caterpillar, Atlas-Copco, John Deere, Manitou, Hyster, Shacman, Carmix, Grove, and Goodyear products are distributed in Madagascar by the Group.
Karim Barday
Karim Barday is the CEO and Founder of Groupe Basan, a conglomerate created by his father, H. J. Barday, in 1974. Tannery of Anjeva, which manufactures and distributes leather shoes under the Aigle d’Or brand; Lecofruit, which connects thousands of farmers in Malagasy and international markets; and Tanjaka Foods, which produces solutions for the treatment and prevention of malnutrition, are all part of the Group.
Iqbal Rahim
Rahim is the Founder, Chairman, and Executive Director of Galana Group, a privately held conglomerate with operations in refined petroleum product trading, shipping, terminal storage, and distribution across East and Southern Africa and the Indian Ocean. Galana Group was established in 1991.
Hassanein Hiridjee
Hiridjee is the Chairman of Axian Telecom and the CEO of Axian Group. He owns a controlling stake in the Group, an investment holding company with holdings in telecom, finance, energy, and technology that operates directly and indirectly in 32 African and Indian Ocean countries.
Mamy Ravatomanga
Maminiaina Ravatomanga created Groupe Sodiat in 1990 as a modest private enterprise, but the group grew into a conglomerate and one of the Malagasy economy’s significant participants. After 33 years, the company has built 18 separate businesses.
Ylias Akbaraly
Ylias Akbaraly is the Chairman and CEO of the Sipromad Group, as well as the Chairman of the Thomson Broadcast Board of Directors. Merally Manjee, Ylias Akbaraly’s grandfather, founded Sipromad in 1918. In 1972, Sermamod Akbaraly, the son of Merally, took over the leadership of the family business. Ylias Akbaraly assumed control of the company, now known as Sipromad Group, in 2000. Sipromad Group is a diverse company with over 20 companies that operates in over 30 countries. The Group’s yearly revenue in 2019 was 235 million Euros.