Can a billionaire prime minister navigate the collapse of a nation's economy?
Najib Mikati, Lebanon's wealthiest citizen, has served as prime minister multiple times while navigating a country in deep crisis. From founding a telecommunications empire to managing a state facing hyperinflation and political deadlock, his career highlights the complex, often controversial intersection of extreme private wealth and public governance.
Born in 1955, Najib Mikati built his fortune alongside his brother Taha through Investcom, a mobile telecommunications company founded in 1982. By the time they sold the business to South Africa's MTN Group in 2006 for $5.5 billion, they had established operations across Africa and the Middle East. Today, the brothers manage the M1 Group, a holding company with diverse investments in real estate, fashion, energy, and finance, maintaining a net worth estimated at $2.8 billion each in 2023.
Mikati's political career began in the late 1990s, eventually leading to multiple stints as prime minister between 2005 and 2025. His tenure has been marked by intense scrutiny. In 2019, he faced accusations of illegitimate enrichment regarding subsidized housing loans, though these charges were dismissed in 2022. He has also been named in the Pandora Papers and faces ongoing investigations by French authorities, all of which he denies, maintaining that his family's wealth is transparent and legal.
As a politician, Mikati has often been viewed as a compromise candidate, attempting to balance the interests of Lebanon's fractured political landscape. While he has publicly distanced himself from groups like Hezbollah—at one point privately describing them as a 'tumor' to US officials in 2008—his leadership has been criticized by segments of the population who see his billionaire status as symbolic of the elite's role in the country's economic decline. During his 2021–2025 term, he faced a nation suffering from massive currency devaluation and poverty rates reaching 78%, forcing him to negotiate with the IMF while managing a caretaker government amid regional conflict.
Source: Najib Mikati
