Angel Group of Companies CEO Dr. Kwaku Oteng is one of the richest men in Ghana with his fortune raking in millions of dollars. How did he make his money?
Ghana can boast of having a number of millionaires who in their own ways through venturing into businesses and opening companies, have helped to reduce unemployment and contributed to the growth of the country.
Some of these millionaires (in dollars) and billionaires (in cedis) include Dr. Osei Kwame Despite (Despite Group of Companies chairman), Ibrahim Mahama (Dzata Cement CEO), Dr. Ernest Ofori Sarpong (Special Ice CEO), Kenpong, Mr. Nick Danso Adjei (the Chairman of Ghana Link Network Services) and Nana Kwame Bediako now known by his moniker Freedom Jacob Caesar (Wonda World Estate CEO), just to mention a few.
One name that cannot be left out is Dr. Kwaku Oteng, a 55 years old man who is a serial entrepreneur and owns Adonko Bitters, Angel Broadcasting Network, and Angel Group of Companies just to mention a few.
Despite his enormous wealth, Dr. Kwaku Oteng is very humble and always tries his possible best to hide his fortune from the cameras.
Unlike his colleague millionaires who are known for their flashy lifestyles, Dr. Kwaku Oteng lives a very frugal and minimalistic lifestyle and he always cites this to his humble beginnings.
He once opened up about his wealth for the very first time during the 4th anniversary celebration of his Pure radio station. So, how much is Dr. Kwaku Oteng’s current net worth and how did he make his money?
| Full Real Name: | Dr. Kwaku Oteng |
| Net Worth: | $20 million |
| Profession: | Businessman |
| Company: | Angel Group of Companies |
| House: | more than 5 (estimated) |
| Cars: | more than 3000 |
| Private Jet: | None |
| Date of birth: | April 17, 1968 |
| Age: | 55 years old (as of 2023) |
| Wives: | 5 (rumored) |
| Children: | 23 |
Image Source: Instagram
What is Dr. Kwaku Oteng’s net worth?
In 2001, he made his mark on the business world with Angel Herbal Products Industry, which started a transformation in the herbal medicine sector.
Following the success of Angel Herbal Products, he went on to establish the Angel Group of Companies.
The group has under its umbrella Angel Broadcasting Services Limited, Angel Transport and Trading Limited, Angel Estate and Construction Limited, Angel Natural Mineral Water, and Adonko Bitters Limited.
So, how much is Dr. Kwaku Oteng worth now? Dr. Oteng is one of the richest businessmen in the country right now. The businessman and philanthropist’s exact net worth has not been disclosed by himself nor his team, however, per an online source, he has an estimated net worth of $20 million.
One of Dr. Oteng’s Angel group of companies recently made a donation of hand sanitizers and other items worth Ghs800,000 to the Ashanti region health facilities.
Dr. Kwaku Oteng was adjudged the Entrepreneur of the Year in 2013 for his contribution to economic growth and job creation in Ghana.
In 2017, he was selected as the recipient of the Outstanding Industrialist Award, which honors Ghanaians who have helped transform various Ghanaian industries.
One of his daughters Francisca Oteng Mensah is the New Patriotic Party’s Member of Parliament for Kwabre East constituency in the Ashanti Region.
Source: Instagram
What companies does Dr. Kwaku Oteng own?
The Ghanaian businessman’s profile has been featured on Bloomberg, a renowned finance online platform that publishes the wealth of the richest. Some of his businesses include,
- Angel Transport and Trading Limited
- Angel Estate and Construction Limited
- Angel Natural Mineral Water
- Adonko Bitters Limited
- Angel Herbal Products Industry
- Angel
- Angel Broadcasting Services Limited. Angel Broadcasting Services operates Accra-based Angel TV, a digital television station, and commercial radio stations including Pure 95.7FM and Angel 96.1 in Kumasi, Angel 102.9FM in Accra, Angel 92.3FM and Cheers 94.9FM in Sunyani and Cheers 94.5FM in Koforidua.
How did Dr. Kwaku Oteng become so rich?
Renowned businessman and entrepreneur, Dr. Kwaku Oteng, has told a tale of how he first began to amass wealth and how much of it is due to his faith in God.
Dr. Kwaku Oteng indicated in an interview monitored by Ghbase that he was consistent in paying his tithe and that was how he was able to make his first one million Ghana cedis.
Dr. Kwaku Oteng runs a network of companies in Ghana’s herbal medicine, television, beverage, and transportation sectors and he made this revelation on Angel FM owned by him.
He admitted that before earning his first million, he had noticed that whenever he earned even a small amount of money, he constantly got sick and spent the majority of it on his own treatment until a man of God gave him direction.
He said;
“I can remember that about 20 years back, I have never made any money more than a million, when I get the money to like between GH80 and GH100, I fall sick and use the money to cure myself until I get well and the money finish then I get back to work,”
He continued that “So it is my pastor, I approached him with my issue and he said pay your tithe appropriately because if you do within 6 months we can get money up to 3 million”. According to Dr Kwaku Oteng, he obeyed his words and even made “3 million” within 3 months.
Dr. Kwaku Oteng has lost count of the number of cars he owns now.
As revealed by the astute businessman and philanthropist during an interview with Kwame Adinkra, he has lost count of the number of cars he owns.
According to Dr. Kwaku Oteng, he doesn’t even recognize some of his own cars when he sees them in town because they are so many – Making it very difficult to identify each and every one of them.
He explained that his many cars aren’t meant for his personal use only because a huge majority of them which is over 99.9% are for his businesses (Media, Farm, Real Estate, Food and Beverages, Health Care, etc).
Pressing on with his huge garage of cars, he confessed that the Rolls Royce is his favorite amongst them followed by the Lincoln Navigator.
In the latter part of the interview, the Adonko Company Limited’s owner stressed that he’s not rich as many Ghanaians suspect and it is just by grace that many people see him to be a very wealthy man.
What cars does Dr. Kwaku Oteng own? Despite not being able to reveal the number of cars he owns, Glusea reports that his car collection is over 3,000 automobiles. Some of the cars include a white and black Rolls Royce with a customised ‘Angel 1-21’ number plate, a G-Wagon, a Benz saloon car, Range Rover, Merced Benz, and other 44 vehicles were among those spotted.