Tanzania is among the countries that have a steady rise in the rate of economic growth and the country’s GDP is growing by a significant amount compared to last year’s. The increase in the growth of the economy has been caused by the huge number of business owners who run the private sector in Tanzania. Another factor that was cited was the fact that it is one of the largest countries located in Africa’s Eastern Part of Africa.
The richest man in Tanzania is Mohammad Dewji with an estimated net worth of $1.5 billion. Due to its strategic location and presence in the booming tourism industry, it is also an important tourist destination for foreign tourists. Like many other African nations that own two or more sources of natural resources, Tanzania has coal as its main source of energy. The country is one of the most prosperous nations in the World.
Top 10 Richest Men In Tanzania
1. Mohammad Dewji
Mohammad Dewji is generally regarded among the newest billionaires in Africa who was able to earn a place at the age of 40 years old. At present, he holds an amount of 75% of one of the biggest conglomerates in Tanzania known as METL. He has an estimated net worth of $1.5 billion making him the richest man in Tanzania.
His huge wealth has been due to the transformation of oils and textiles that he received from the Ugandan government. Mohammad is an inspirational figure for many Tanzanians, particularly because of his passion to create something from nothing.
Born on May 8, 1975, at Ipembe, Singida, he was the first Tanzania to be included in Forbes Magazine in 2013. Mohammad is also known as a charitable person and is well-known for his significant philanthropic actions. In 2014, he founded MO Foundation. MO Foundation works to decrease poverty and hardships for the inhabitants of Tanzania.
2. Rostam Aziz
Rostam Aziz is well-known for his accomplishment of being the first billionaire Tanzania produces. As the sole owner of his business, Caspain Mining, Rostam has maximized all opportunities necessary to increase the productivity of the business. The company is famous for providing expert services to larger mining firms such as Barrick Gold and BHP Billiton.
In 2014 the company sold a staggering amount of 17.2 percent of the stake he held within Vodacom Tanzania. In addition, he is involved in real estate and is well-known for his properties spread throughout the world in countries such as Lebanon, Dubai, Oman, Tanzania, and so on. At the present, he has an investment in Daar es Salaam Ports. He has an estimated net worth of $900 million making him one of the richest men in Tanzania.
3. Said Salim Bakhresa
The success story of Said Salim is significant to every businessman who is just starting out and particularly to students who have dropped out. The reason for this is that his decision at 14 to leave school and pursue business, which is the basis of his current wealth. Since then, he’s been pursuing diverse businesses to secure his place in the world of business.
He has branched out into companies like potato mixes, a small restaurant, a grain milling company, and more. Since the first time he began making a move into business, he’s always had the idea of building his business empire. He is associated with a company known as Bakhresa Group of Companies which is well-known for its involvement in petroleum, sea transportation, grain milling, and food manufacturing.
He is also the proprietor of Azam TV which currently has more than 3000 employees, with many branches across countries such as Mozambique, Malawi, Uganda, and other countries. He is also famous for his charitable work and creative ideas. With an estimated net worth of $600 million, he is one of the richest men in Tanzania.
4. Reginald Mengi
Reginald Mengi is famous for his company the IPP Media Group which is currently the biggest media conglomerate in America. It is huge that it is currently home to more than 11 radio channels, television stations newspapers, and internet services.
He also owns Bonite Bottlers and Kilimanjaro Spring Water Company. He is a well-known media personality since he enjoys disseminating information to the people of Tanzania with enthusiasm. This passion is the foundation of his fortune of more than $500 million. He has a current estimated net worth of $560 million.
5. Ally Awadh
Presently, no one can speak about the gas and oil sector in Tanzania without including Ally Awadh. This is because he has been able to sustain numerous investments in the industry and is now an entrepreneur. Before being accepted by authorities from the Tanzanian government, the company had difficulties with the safety of performing exports and imports within the country. After obtaining the license, his business named Lake Oil Group is one of the largest firms in Tanzania that deals with the export and import of gas and oil across the country. Although it’s a fact that an unemployed person can be wealthy once he starts to profit from an oil and gas-related business. But the case of Ally Awadh is completely different, as the issues he faced were of various types, and he was able to overcome them through his determination and intellect. This earned him a place as one of the richest men in Tanzania with an estimated net worth of $600 million presently.
6. Shekhar Kanabar
The sixth-richest man in Tanzania has been identified as Shekhar Kanabar. He is the current director for the Synarge Group, which is one of the most revered conglomerates across all of Tanzania. The Synarge Group is famous for its products for the automotive industry. Some of the items they sell include lead and spare parts for automobile batteries, and others.
They usually reuse these items for additional applications. While the company is owned by a family, Shekhar has employed all possibilities offered by the company to ensure that his earnings fall in the upward direction. He has also taken every step to ensure that it is the top-rated automobile company in Tanzania. He has an estimated net worth of $390 million.
7. Subash Patel
As a member of the Institution of Electric Engineers, Subash Patel is well-known for his affiliation with MMI Steels Resource Limited and Nyaza Road Works Limited. Subash is also among the business leaders who are based in Tanzania. In the space of just 20 years, he has taken every step to grow his company from an industrial rolling mill to one of the top companies in Tanzania.
The conglomerate that he is currently operating is known as Motisun Group. With over 15 subdivisions the company is operating in the fields of food processing mining, real estate, and many other areas. He has an unrevealed net worth.
8. Ghalib Said Mohammed
Ghalib Said Mohammed, who is an associate of his father in the field of Cashew and commercial ventures is the eighth richest person in Tanzania. After having spent several years in business alongside his dad, Ghalib eventually decided to separate himself and that led to the creation of his firm known as GSM Group.
The company is well-known for handling transactions in the transportation, retailing logistics, media as well as finance, and financial sectors. Ghalib along with his father then entered the agriculture sector in the hope of providing foodstuffs to the people of Tanzania and at the same time making money.
9. Fida Hussein Rashid
As the founding father of the Africarriers Group, Fida has made enough money in the auto industry. His business is well-known for being the first firm to handle second-hand cars. The company also has some other successes, including becoming the exclusive distributor for specific brands like Eicher as well as Golden Dragon. These are the main building elements of the fame the company has today throughout the country. In addition, he is known to have the famous Zahra Tower, as well as The Raha Tower.
10. Yusuf Manji
The 10th richest man in Tanzania is Yusuf Manji. It is believed that he has a greater desire to invest in real estate both commercial and residential. He is also the creator of the Quality Group of Companies, which is known for preserving its promise of quality for the citizens of Tanzania.
In addition, he is renowned for his involvement in the automobile business in Tanzania. Although Yusuf Manji is a seasoned and well-known estate consultant in Tanzania Manji has made an area for himself within the parastatals of government. This is largely due to his integrity and the excellent services he provides to his clients as well as the citizens of Tanzania all over the world.
Tanzania is considered to be a developing nation and the number of people who are wealthy in the country are not considering becoming a developed nation without a lot of effort. The richest men in Tanzania are doing this by investing enormously in the country, which is resulting in a boost to the country’s economy.