Edgar Lungu's Net Worth And Sources Of Wealth

He must be enjoying his retirement

By  | Jul 26, 2022, 07:29 AM  | Top of The

Edgar Lungu, Edgar Lungu
Zambian former President Edgar Chagwa Lungu is one of the most prominent leaders in Africa. He is a smart and vibrant politician who has had a fascinating career.

During his tenure as president, Lungu was able to come up with some critical policies that in a way improved the state of Zambia.

In this article, we're going to take a look at Edgar Lungu's net worth and discuss his sources of wealth.


Edgar Lungu’s net worth


According to several online sources, Edgar Lungu’s net worth is estimated at between $2 million to $3 million.

While a great share of Edgar Lungu’s net worth was accumulated from his political career, before joining politics, the former head of state had a thriving career in law and part of his wealth was built from that career.


Edgar Lungu’s education and law career


Edgar Lungu, source: Facebook

Edgar Lungu was born in November 1956 and was educated at Mufulira Secondary School and later at the University of Zambia, where he studied law.

In 1981, Lungu graduated from the University of Zambia with an LL.B. He joined Andrea Masiye and Company law firm in Lusaka where his legal practice began.

Besides his law degree, Edgar Lungu is also a trained military officer having trained at Miltez in Kabwe under Zambia National Service (ZNS). He later returned to his law practice.

In 2010, Edgar Lungu’s law practice license was suspended by the  Law Association of Zambia after he was found guilty of professional misconduct.


Edgar Lungu’s  political career


Edgar Lungu, source: Facebook

Edgar officially kickstarted his political career in 2011 after the Patriotic Front (PF) won the 2011 general elections.

Under President Michael Satta, Edgar Lungu served as a Junior Minister in the Vice-President's office before being promoted to the post of Minister of Home Affairs in 2012. 

In December 2012, Edgar Lungu took over as the Minister of Defence after the incumbent- Geoffrey Bwalya Mwamba resigned.

Between 2013-2014, Lungu served as the acting president when Michael Satta was out of the country receiving treatment for a long illness. He also held other key party positions including Secretary General of PF and Minister of Justice, these were in addition to his Minister of Defence portfolio.

After President Michael Satta passed on in 19 October 2014, Guy Scott who was the Vice President took over power as acting president.

On 30 November 2014, Chungu was elected as the president of PF and on 20 January 2015, he vied for the presidential by-election. He was declared the winner by the Electoral Commission of Zambia and sworn in as president on 25 January 2015.

In 2016, Edgar Lungu vied for the presidency during the country’s general elections and ran against Hakainde Hichilema of UPND. Lungu won with 50.32% of the votes but Hichilema contested the results and filed a petition at the Constitutional Court seeking for the results to be nullified. Hichilema’s case was thrown out by the court on 5 September 2016 and Lungu was inaugurated on 13th September.

During the August 2021 general elections, Edgar Lungu contested for the presidency seat again, but this time he lost to Hakainde Hichilema. On 16th August 2021, Edgar Lungu conceded defeat and congratulated Hichilema for his win. He still serves as the president of PF.

Edgar Lungu’s net worth is believed to have been mainly built during his tenure as president where he earned 40,653.25 kwacha monthly salary and K10,784.41 in monthly allowances.

 

Edgar Lungu’s business


Besides his political and legal career, Lungu is also a businessman. He reportedly also owns a construction company, which has built several buildings in Lusaka, although this is unverified.
Read more