Tanzania is home to the only billionaire in East Africa, according to the latest report ranking African countries by their total wealth.
In the report titled Africa Wealth Report 2022 released by investment firm Henley and Partners, Kenya beat Tanzania in four key metrics to emerge fifth. Tanzania, on the other hand, was ranked seventh.
Despite the rankings, Tanzania is the only East African country to have a billionaire. The country possesses a total private wealth of Ksh6.4 trillion while Kenya’s wealth amounted to Ksh10.53 trillion.
Tanzania produced 2,400 dollar millionaires which was a low figure compared to Kenya which recorded 8,500 dollar millionaires (people who have a net worth of over Ksh115 million).
Henley and Partners in partnership with New World Wealth drew intelligence from the firm’s database of wealthy persons across the continent.
The report further explained that private wealth refers to all an individual’s net assets without any liabilities. These include properties, cash, equities and business interests.
“Africa is home to some of the world’s fastest-growing markets, including Rwanda, Uganda, and Mauritius. We forecast private wealth growth of over 60% in all three countries in the next decade, driven by especially strong performance in the technology and professional services sectors,” Andrew Amoils, Head of Research at New World Wealth, stated.
The report, however, did not name the High Net Worth Individuals whose wealth was featured in the report. However, Forbes rankings have placed business mogul, Mohammed Dewji as Tanzania’s richest man with a net worth of Ksh173 billion.
The tycoon is the Chief Executive of Mohammed Enterprises Tanzania Limited Group (METL), a company that was founded by his father in the 1970s.
The multibillion company deals with textile manufacturing, beverages, flour milling and edible oils. The company has branches in six African countries.
Dubbed Tanzania’s only dollar billionaire, the tycoon had in 2016 promised to donate at least half of his fortune to charitable causes.