Africa welcomes new dollar billionaire from the world of car tracking technology
Zak Calisto, founder and CEO of Karooooo Ltd., has become Africa's 23rd dollar billionaire.
Calisto owns about two-thirds of Karooooo Ltd., which recently reported strong subscription revenue growth.
As of March 2025, Africa boasts a combined billionaire wealth exceeding $105 billion, a record high.
Zak Calisto, founder and CEO of Karooooo Ltd, a vehicle tracking and fleet management services firm, has joined Africa's exclusive circle of dollar billionaires.
Karooooo Ltd., which began as Cartrack, has experienced significant growth after expanding its offerings to include AI-powered driver monitoring and fleet management services.
This strategic shift has propelled Zak Calisto into the ranks of dollar billionaires.
According to Bloomberg, Zak Calisto, the Portugal-born founder of Karooooo Ltd. (formerly Cartrack), owns approximately two-thirds of the company.
The company's stock surged after reporting double-digit subscription revenue growth and a 25% increase in earnings per share for the year through February 2025.
Calisto's journey from a local entrepreneur to a global billionaire showcases Africa's growing influence in the digital economy. His company, which moved its headquarters to Singapore in 2020, sees Asia as crucial to its future expansion plans.
With a customer base of 2.3 million, mostly in South Africa, Karooooo Ltd. plans to prioritize organic growth but remains open to strategic acquisitions. " There's significant potential for even faster growth," Calisto said in an interview.
Africa's billionaire count
As of March 2025, Africa had 22 billionaires on its Forbes list, with fortunes spanning sectors such as manufacturing, retail, petroleum, real estate, and fashion.
For the first time ever, the combined wealth of these African billionaires surpassed $100 billion, reaching a record $105 billion, up from $82.4 billion in the previous year when the continent had 20 billionaires.
South Africa has consistently maintained a strong hold on the list, contributing the highest number of billionaires.
In the 2025 ranking, South Africa accounted for seven billionaires, followed by Nigeria and Egypt with four each. The list also includes three billionaires from Morocco, one from Algeria (Issad Rebrab), one from Tanzania (Mohammed Dewji), and one from Zimbabwe (Strive Masiyiwa).
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