All About The Top 10 Richest People In Tanzania In 2024 and Their Net Worth By Forbes

Who are the richest people in Tanzania? Here’s a list of Tanzanians who are billionaires and millionaires with successful businesses. Know their names and ages.

The United Republic of Tanzania is an East African country bordering the Indian Ocean. Its neighbors are Kenya and Uganda, to the north; Rwanda, Burundi, and the Democratic Republic of the Congo, to the west; and Zambia, Malawi, and Mozambique, to the south.

Tanzania is an East African country known for its vast wilderness areas. They include the plains of Serengeti National Park, a safari mecca populated by the “big five” game (elephant, lion, leopard, buffalo, and rhino), and Kilimanjaro National Park, home to Africa’s highest mountain. Offshore lie the tropical islands of Zanzibar, with Arabic influences, and Mafia, with a marine park home to whale sharks and coral reefs.

Tanzania is probably best known for Mount Kilimanjaro. It is the highest mountain in Africa. Almost every type of ecological system can be found here. If you’re a hiker, it is worth climbing.

The current population of the United Republic of Tanzania is 68,442,724, per Worldometer.

In terms of per capita income, Tanzania is one of the world’s poorest economies. The economy is primarily fueled by agriculture, which accounts for more than one-quarter of the country’s gross domestic product, per US News.

However, under the leadership of President Samia Suluhu Hassan, Tanzania’s economy has grown from $69.7 billion in 2021 to $85.42 billion in 2023.

Tanzania attracted investment worth $1.6 billion in the first three months of 2023. Domestic investment accounted for $887 million, while foreign investment accounted for $276 million.

Tanzanians are hardworking; the majority of its members live abroad and work tirelessly. 1.5 million Tanzanians abroad sent remittances worth $1.1 billion back home in 2022. Remittances to Tanzania have doubled in the last two years, per the Africa Fact Zone.

Some smart citizens became millionaires overnight; an example is Tanzanian miner Saniniu Laizer. He amassed an impressive fortune by selling two huge Tanzanite stones he discovered for $3.4 million in June 2020 and another for $2 million in August of the same year.

Top 10 richest people in Tanzania in 2023

Tanzania’s success story is not absent from the great business minds that help shape the economy. These individuals have heavily invested in various sectors, making the country a strategic investment opportunity for global billionaires. Below is a list of the top 10 richest Tanzanians in 2023.

1. Mohammed Dewji: $1.5 Billion (TSH. 3.4 trillion)

• Full name: Mohammed Gulamabbas Dewji
• Date of birth: May 8, 1975
• Age: 47 years old (as of 2023)
• Birthplace: Ipembe, Singida, Tanzania
• Net Worth: $1.5 billion
• Source of Wealth: Diversified
• Residence: Dar es Salaam, Tanzania
• Citizenship: Tanzania
• Marital Status: Married
• Spouse: Saira Dewji (m. 2001)
• Children: 3
• Education: Saddle Brook High School, Georgetown University, International School Of Tanganyika, Trinity Preparatory School

Who is the richest man in Tanzania? Mohammed Dewji, the CEO of METL, a Tanzanian conglomerate founded by his father in the 1970s, is the richest businessman in Tanzania in 2024 with his net worth raking in billions of dollars and trillions of Tanzanian shillings.

Dewji is probably one of the best of Tanzania’s success stories. He is a popular personality in the country and is credited for implementing a radical change that transformed the family wholesale and retail business into a global conglomerate. Dewji, popularly known as Mo, grew his business empire after the acquisition of various production plants previously owned by the Ugandan government.

Currently, Mo is the CEO of Mohammed Enterprises Tanzania Limited (MeTL), the largest homegrown firm in the country. He has a 75% shareholding.

METL is active in textile manufacturing, flour milling, beverages, and edible oils in eastern, southern, and central Africa. METL operates in at least six African countries and has ambitions to expand to several more.

Interestingly, Dewji served as a Member of Parliament for the country’s ruling party for a decade until 2015. It was a great move since it allowed him to familiarize himself with the political environment, which would be of great benefit to his business interests.

What is Mohammed Dewji’s net worth? Dewji is Tanzania’s billionaire with a current net worth of $1.5 billion (TSH. 3.4 trillion), per Forbes. He signed the Giving Pledge in 2016, promising to donate at least half his fortune to philanthropic causes.

2. Rostam Azizi: $1 Billion (TSH. 2.3 trillion)

• Date of birth: August 21, 1964
• Age: 58 years (as of 2023)
• Children: Patrick Azziz
• Nationality: Tanzanian
• Party: Chama Cha Mapinduzi
• Source of Wealth: telecom, investments, self-made
• Residence: Dar es Salaam, Tanzania
• Citizenship: Tanzania
• Marital Status: Married

Rotzam has a familiar personality among the top 10 richest people in Tanzania. Born in 1960 and now 60 years old, he was the first person to earn billionaire status in the country. Azizi has invested in telecommunications, real estate, mining, and many other sectors.

In 2014, he made a significant business move by selling his 17.25% holding in Vodacom Tanzania, the largest mobile operator in the country. Aziz owns Caspian Mining, which is one of the largest mining companies in Tanzania.

What is Rostam Azizi’s net worth? Rostam Abdulrasul Azizi is a self-made Tanzanian billionaire, business magnate, economist, and former politician who has a net worth of $1 billion TSH. 2.3 trillion, per Celebrity Net Worth.

3. Said Salim Bakhresa: TSH. 1.3 trillion

• Date of birth: 1949
• Age: 74 years
• Birthplace: Zanzibar, Tanzania
• Children: Mariam Salim Bakhresa, Yusuf Said Salim Bakhresa…
• Spouse: Fathiya Bakhresa
• Nationality: Tanzanian
• Full name: Said Salim Awadh Bakhresa
• Organization founded: Bakhresa Group

Said Salim was born in 1949 and is the founder of the Bakhresa Group. This group has other substantial firms under its umbrella. One of them is Azam TV, a pay-per-view platform in East Africa. What many do not know about Said is that he is a school dropout. Certainly, it did not deter him from achieving his dreams.

The Bakhresa Group is active in food processing, sea freight business, and petroleum, investing in all these regions in only thirty years. His company has gone beyond Tanzania’s boundaries to Uganda, Malawi, and Mozambique.

What is Said Salim Bakhresa’s net worth? Said Salim Bakhresa is one of the richest men in Tanzania, with an estimated net worth of TSH. 1.3 trillion.

4. Reginald Mengi: TSH. 1.2 trillion

Reginald is a media tycoon, owning one of the largest media firms in Africa. His company, IPP Media Group, has several investments. They hold a radio station, television channels, newspaper outlets, and internet properties.

Reginald does not only hold investments in media, but his IPP firm also participates in gold, uranium, copper, chrome, and coal mining. Mr. Mengi is a philanthropist, giving numerous Tanzanian children suffering from heart conditions access to better health facilities in India. Reginald Mengi’s estimated net worth is TSH. 1.2 trillion.

5. Ally Awadh: (TSH. 2.3 trillion)

It is said that Ally Awadh is intellectually endowed in the business sector. Barely forty years old, this phenomenal entrepreneur has already built a billion-dollar oil firm in Tanzania. Ally came up with this business after being intensively involved in oil trading and services.

Since he entered the oil business as an underdog, Awadh has faced many obstacles while building his business empire. Today, his enterprises have accumulated immense wealth. Indeed, Ally takes home a big chunk of his TSH. 2.3 trillion in business earnings.

6. Shekhar Kanabar

Shekhar comes in sixth among the wealthiest people in Tanzania. He is the managing director of the Synarge Group. This is a renowned conglomerate in Tanzania with business interests in different sectors of the economy.

Shekhar’s Synarge Group is famous for the production of automotive accessories. These are products like batteries, lead, and many other vehicle spare parts. Although the group is family-owned, Shekrah has made strategic business moves that have given him high earnings over time.

7. Shubash Patel

Shubash is the great mind behind the Motisum Group. In only two decades, Mr. Patel transformed a simple company that only concentrated on the rolling mill business into a multifaceted firm.

Today, his large firm possesses 15 distinct subdivisions that have interests in different sectors of the economy. These are real estate, food processing, mining, and others.

8. Fida Hussein Rashid

He might not make it to the list of the wealthiest people in Africa, but his accumulated wealth is worth mentioning. Fida Hussein’s businesses are predominant in the automobile industry. He is renowned for creating the first notable firm in Tanzania that handles second-hand automobiles.

Fida also has excellent investments in real estate. Some of his properties include Raha and Zahra Towers. His company, Africarriers, has the sole distribution rights for brands such as Eicher and Golden Dragon. Over the years, he has been moving up the chain of successful entrepreneurs. Now, Fida has amassed immense wealth.

9. Yusuf Manji

Yusuf Maji is a notable entrepreneur in the top ten richest people in Tanzania. He has excellent investments in real estate using his Quality Group of Companies. Yusuf has also invested in the vehicle industry and is the chairman of Young African SC – a successful football club in Tanzania. Sure, he has created high cash streams from his different businesses to earn him a spot on the rich people list.

10. Salim Turkey

Salim is a well-established businessperson with investments in cement manufacturing, real estate, and hospitals. He is also a Tanzanian Member of Parliament with extensive political experience. Salim manages all his business under the Zanzibar-based Turkys Group that he created in the eighties. Today, out of his continuous investments, Salim is a member of the Billionaires Club of Tanzania.

11. Ghalib Said Mohammed

Ghalib is the founder of GSM Group, which has investments in transport, real estate, financial services, general trading, logistics, media, and more. In his early business days, Ghalib worked for his father’s cashew farming and other general businesses. This expanded his business knowledge, catapulting him to what he is today. Sure, Ghalib is making millions from his diversified investments.

12. Yogesh Manek

Yogesh is the founder of MAC Group. His most significant investment in Tanzania is EXIM Bank, which ranks among the three biggest banks in the country. Also, he is the chairperson of Heritage Ali Insurance Co., Ltd., which mostly focuses on health maintenance. All these business interests have created massive wealth for Yogesh, making him a part of Tanzania’s wealthy class.

Summary of the richest men in Tanzania

Below is a complete list ranking the 12 richest people in Tanzania in 2024; showing their names and their current net worth.

FAQ

Who is the richest person in Tanzania? Mohammed Dewji ranks as the wealthiest person in the country, with an estimated accumulated wealth of TSH. 3.4 trillion. His diversified company, METL, has interests in virtually all the significant sectors of Tanzania’s economy. Currently, his businesses operate in at least six African countries, and he has ambitions of expanding to other regions.

Who is the richest musician in Tanzania? Diamond Platnumz is the richest musician in Tanzania. He started his career in 2009 and wooed his fans with his sweet voice. Currently, he is making massive headway in the entertainment industry doing collaborations with international artists. Diamond has an estimated net worth of TSH. 11.5 billion. He is mostly spotted wearing expensive jewelry.

How many millionaires are there in Tanzania? There is an incredible number of Tanzanians who are doing well for themselves, helping reduce unemployment, and contributing to the growth of the country. Tanzania has a sizeable number of dollar billionaires, not to mention the many millionaires it holds. The country has immense resources and investment opportunities, which great business personalities have taken advantage of to build their empires. It is hard to tell how many millionaires the country possesses.

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