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

Tanzania’s economic landscape is shaped by a diverse group of individuals whose investments and business acumen have not only amassed considerable wealth but also significantly contributed to the country’s development. Here’s an overview of the top 10 richest people in Tanzania in 2024, detailing their estimated net worth and main sources of wealth.

RankNameEstimated Net Worth (USD)Main Source of Wealth
1Mohammed Dewji$1.6 billionDiversified, including manufacturing and agriculture
2Rostam Azizi$1 billionInvestments in telecom, mining, and real estate
3Said Salim Bakhresa$560 millionFood processing, shipping, and various enterprises
4Reginald Mengi (RIP)$515 millionMedia, mining, and other investments
5Ally Awadh$987 millionOil and gas distribution
6Shekhar KanabarNot specifiedInsurance and automotive accessories
7Shubash PatelNot specifiedDiversified, including real estate and hospitality
8Yusuf ManjiNot specifiedDiverse interests in manufacturing and healthcare
9Ghalib SaidNot specifiedRetail, wholesale, and distribution
10Joseph KusagaNot specifiedMedia and entertainment

These individuals represent a wide array of sectors, from manufacturing and telecom to media and retail, illustrating the diverse opportunities that contribute to wealth in Tanzania. Mohammed Dewji remains the wealthiest individual, with a vast array of business operations under the MeTL Group, significantly impacting various sectors including manufacturing, agriculture, and real estate.

Rostam Azizi and Said Salim Bakhresa stand out due to their substantial contributions to Tanzania’s telecommunications and food processing sectors, respectively. Reginald Mengi, though deceased, left behind a legacy through his media and philanthropic efforts that continue to influence the industry.

Ally Awadh has made significant strides in the oil sector, establishing himself as one of the key players in the industry with substantial earnings and business influence.

This list not only reflects the financial success of these individuals but also their role in driving forward Tanzania’s economic growth and development.

Methodology
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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