Upcountry regions boast more wealth combined than Dar

This means that wealth people in upcountry regions of Tanzania have higher possibility of growing their wealth fast than those living in Dar es Salaam, where infrastructure, markets and financing are more reliable.

According to the Africa Wealth Report 2022 by Henley and Partners combined private wealth in Tanzania was estimated at $ 56billion of which $ 24 billion owned by wealthy individuals in Dar es Salaam while the remaining $ 32billion are owned by wealthy people in upcountry regions, which translates into 57 percent of total wealth.

Various reports, including Forbes Magazine show that Tanzania has only one billionaire who owns a total estimated wealth of $ 1.5 billion.

According to the report’s data, Tanzania has wealth per capita amounting $ 940. Between 2012 and 2022 Tanzania’s wealth has grown by 34 percent.

Tanzania is therefore ranked seven out of seventeen reviewed countries, second to Kenya in East Africa. It has 2,486 wealth people in different categories with the growth rate of 34 percent compared to ten years ago.

The report shows Tanzania has 2,400 High Net worth Individuals (HNWIs) with wealth from $ 1million to $ 9 million, of which 1,300 are living in Dar es Salaam. The remaining 300 live in upcountry regions.

The country has also have 80 multi- dollar millionaires with wealth ranging from $ 10 million to $ 99 million of which 50 are residing in Dar es Salaam and eight centi- millionaires with wealth ranging from $ 100 million to $ 999million of which seven are residing in Dar es Hello.

However, the report did not give more details in the state of private wealth in other top regions, of which seem to have dozen of dollar millionaires including Lake Zone and Southern Highlands.

Mining, manufacturing, real estate and equities have remained the main source of wealth among Tanzanian dollar millionaires and billionaires.

According to the Forbes Billionaires’ List: Africa’s Richest People 2022, states that as of November 2021, Mohammed Dewji has an estimated net wealth of U $ 1.5billion (3.4trn), Africa’s 15th richest person and youngest billionaire.

Mohammed Dewji, the Chief Executive Officer (CEO) of Mohammed Entreprises Tanzania Limited (MeTL) who lives in Dar es Salaam, is being named as the only dollar billionaire in Tanzania and East Africa.

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

Dewji leads in the list of top three richest men in Tanzania followed by Rostam Azizi with an estimated net wealth of U $ 861million (2.4trn / -). Aziz owns Caspian Mining Company and Taifa Gas just to mention a few.

Said Salim Bakhresa takes number three as the richest man in Tanzania according to Forbes with U $ 431million (1.4trn / -). He owns the Bakhresa Group of Companies.

According to the report Kenya is ranked number five with a total private wealth of $ 91billion.

Kenya has 8,500 high net wealth individuals who own a private wealth of $ 1million and above.

Kenya’s wealth per capita is U $ 1,700 of where its total wealth grew by 43 percent during the past ten years.

Kenya has 340 multi-millionaires with a private wealth of U $ 10million and above each. Kenya has 15 cent-millionaires who own private wealth of U $ 100million and above each.

Uganda is ranked number 12 in the continent with U $ 37billion total private wealth.

It has 1,500 high net worth individuals who own a private wealth of U $ 1million each. It has 60 multi-millionaires who own private wealth of U $ 10million each.

Just like Tanzania, Uganda has eight centi-millionaires who own a private wealth of U $ 100million and above each.

Rwanda is ranked number 17 with a total private wealth of $ 11billion. It has 700 high net wealth individuals who own a private wealth of $ 1million and above each.

It has 30 multi-millionaires who own a private wealth of U $ 10million and above each.

Rwanda’s wealth per capita is $ 850 and its total wealth grew by 60 percent during the past ten years. Uganda has a wealth per capita of $ 820where its total wealth grew by 50 percent during the past ten years. The other Eastern African countries were not included in the report.

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