Thursday, May 23, 2024

Uganda’s Billionaire Elite: Unveiling the Top 10 Wealthiest Moguls in 2024


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Dive into the heart of Uganda, a land of untapped potential and opulent wealth, where the tapestry of culture and nature meets the shimmer of gold. As we traverse through the bustling streets of Kampala and the serene landscapes beyond, we reveal the titans of industry who shape the economic destiny of this vibrant nation. Meet the 10 magnates whose fortunes are as grand as the Rwenzori Mountains and discover what propels them to the zenith of prosperity in 2024.

Uganda is a landlocked country in East Africa on Lake Victoria. The land has a total area of 241,550 km² (93,263 mi²) making it the 27th smallest country in Africa and ranked 81st in the world with a population of 49,924,252 as of April 2024.Kampala is the Capital city but 74% of the population resides within rural regions.

The highest mountain peak (Margherita Peak) is at 5,109 meters. There is no access to the open sea. There are direct national borders with the five neighboring countries Congo (Dem. Republic), Kenya, Rwanda, South Sudan and Tanzania.

The GDP in Uganda is expected to reach 48.76 USD Billion by the end of 2024, according to Trading Economics global macro models and analysts’ expectations. In the long-term, the Uganda GDP is projected to trend around 52.66 USD Billion in 2025 and 57.40 USD Billion in 2026, according to the econometric models.

The per capita income in Uganda is 1,046 as of April and expected to reach around 1079.72 USD in 2025 and 1176.90 USD in 2026. As of April 2024, 41.4 percent of the nearly 50 million Ugandans lives on less than US$ $2.15 per day.

The current life expectancy for Uganda in 2024 is 64.67 years, a 0.45% increase from 2023. The life expectancy for Uganda in 2023 was 64.38 years, a 0.51% increase from 2022. The life expectancy for Uganda in 2022 was 64.06 years, a 0.51% increase from 2021.64.38 years. Uganda has a death rate of 5.930 per 1000 people as of April 2024.

As of April 2024, the Monetary Policy Committee (MPC) increased the Central Bank Rate (CBR) to 10% whereas commercial bank lending interests in Uganda range between 14%(Lowest) to 22% (highest).

In July 2022 the Ugandan Government discovered gold deposits estimated to be worth 31 million tonnes, according to the country’s exploration of which around 320,158 metric tonnes are refined gold, with an approximate value of $12.8tn.

With continued development and intensification in its wealth base through the influence of a number of rich personalities, The Bizmart Magazine unveils to the 10 richest and wealthiest individuals in Uganda.

As of April 2024, The combined total net worth of the 10 richest Ugandans is $9.245 Billion making a 19.29% of the entire country’s GDP.

RankNameTotal net worthAgeRegionSourceIndustry
1Sudhir Ruparelia$1.35B68UgandaRuparelia GroupDiversified
2Mayurbai Madhvani$1.2B64KampalaMadhvani GroupReal Estate, Manufacturing
3Alykhan Karmali$1.15B56KampalaMukwanoReal Estate, Manufacturing
4John Bosco Muwonge$1.13B63KampalaShambaReal Estate, Manufacturing
5Hamis Kiggundu$1.02B40GlobalHam GroupDiversified
6Karim Hirji$925M73KampalaImperial,DembeDiversified
7Charles Mbire$845M65KampalaInvesco, MTNDiversified
8Patrick Bitatule$670M63UgandaSimba GroupDiversified
9Omar Ahmed Mandela$550M64KampalaMandela GroupDiversified
10Sikander Lalani$405M79EastAfricaRoofings GroupRoofing sheets, Building Materials

The wealth ranking by Bizmart Africa is derived from assessing the value of assets, including cash, private and public holdings, deducting any liabilities. The list prioritizes individuals over extended family wealth, incorporating assets owned by the wealth originator’s immediate family if they are integral to the wealth’s establishment. Asset evaluation encompasses tangible and digital properties. However, in cases where financial information is not disclosed or accessible, the estimated wealth may be adjusted to account for the potential discrepancies.

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