The Rise And Fall Of Isabel Dos Santos: A Tale Of Wealth And Corruption

Once upon a time, we heaped praise on Isabel dos Santos. She was a self-made female billionaire, a person of color, who emerged from an African nation steeped in poverty. Her net worth was estimated at $4 billion, supposedly gained through hard work and determination—or so we thought. Recent revelations have forced us to reconsider our admiration for Isabel, as it has become clear that nepotism played a significant role in her success, primarily due to her father being a controversial and corrupt president.

In mid-January, the Attorney General of Angola announced serious charges against Isabel dos Santos, including embezzlement and money laundering. This was coupled with news that EuroBic, a privately-held bank in Portugal where she held a 42.5% stake, was severing ties with her. This stake, valued at around $200 million, is now being sold, indicating that the financial fallout from these allegations is substantial.

The release of the Luanda Leaks—a cache of approximately 700,000 documents—has brought to light dos Santos' alleged corrupt business practices over two decades. These documents reveal a troubling pattern of unscrupulous deals that not only made her Africa's wealthiest woman but also left Angola, rich in oil and diamonds, one of the poorest countries on Earth. The story of Isabel dos Santos serves as a stark reminder of the dark side of wealth and power, revealing the intricate and often troubling connections between privilege, governance, and corruption.

Isabel dos Santos: A Brief Biography

Key Takeaways from Isabel dos Santos' Story