Are you in doubt who the richest men in Tanzania are? Then, you need to read this post as it has listed for you the list based on Forbes Listing 2019 Billionaires.
Located in the Eastern part of Africa, Tanzania is one of the few countries that currently experience a steady increase in economic growth, with the GDP overshooting in 2019 as compared to 2018. The success of the increase in economic growth has been associated with the enormous number of businessmen controlling the private sectors in the country. Another association made Was The fact that the country is located in a strategic place being the largest country in the Eastern Part of Africa.
In addition, the agricultural sector of the country is not on the slowing rate as there have been higher agricultural products in the first quarter of 2019 as compared to 2018. This has also aided in the fast-growing economic growth. Because of the country’s strategic location and possession of the vibrant tourism industry, it also serves as a tourism center for foreigners. Just like with many other African countries in the possession of one or two natural resources, Tanzania is blessed with coal. Bounded by the Indian Sea, the country is indeed one of the richest countries in the World.
This post will provide for you the list of the top 10 richest men in Tanzania based on Forbes Listing 2019. Enjoy the read!!
Top 10 Richest Men In Tanzania 2019
1. Mohammad Dewji
Occupying the first position on our list is Mohammad Dewji, who is usually considered as one of the youngest billionaires in Africa, getting a spot at the age of 40years. Currently, he has in his possession a sum of 75% stake in one of the largest conglomerate in Tanzania, called METL. His enormous wealth has been attributed to the transformation of textile and oil products he got from the Ugandan Government. Mohammad is a role model for many Tanzanians most especially because of his love for making something out of nothing. Given birth to on the 8th of May 1975 in Ipembe, Singida, he was the first Tanzania to be captured in the Forbes Magazine in 2013. Mohammad is also a philanthropist as he has been known for his impactful philanthropic acts. In fact, in 2014, he created the MO Foundation that works with the aim of reducing poverty and hardship for the people of Tanzania.
2. Rostam Aziz
Rostam Aziz is widely known for his record of being the first ever billionaire that Tanzania has ever produced. Having full ownership of his company called Caspain Mining, Rostam has optimized all necessary opportunities to ensure productivity from the company. The company is known for providing professional services to bigger companies in the mining industries like Barrick Gold and BHP Billiton. In 2014, he sold a whopping sum of 17.2% of his stake in Vodacom Tanzania. Additionally, he ventures into real estate business as he is known for having properties dispersed across the globe in countries like Lebanon, Dubai, Oman, Tanzania, etc. Currently, he also has a stake in Daar es Salaam Ports.
3. Said Salim Bakhresa
Saids success story is important for every emerging businessman, most especially drop-outs. This is because of his decision at the age of 14 to shun school and venture into business’ is the main foundation for his wealth today. Since then, he has been venturing into businesses of different kinds in order to maintain a spot in the business world. He has ventured into businesses like Potati mixes, opening a small restaurant, grain milling business and many more. Ever since his first time of venturing into business, he has always been focused on the intention of building his business empire. He is known with a company called Bakhresa Group of Companies which is known for being active in the petroleum, sea transport, grain milling, and food processing industries. He is also the owner of Azam TV which currently has over 3000 employees and numerous branches in countries like Mozambique, Malawi, Uganda, etc. He is also known for his philanthropic acts and creative mind.
4. Reginald Mengi
Taking the third position in our list is Reginald Mengi, who is widely known for his company called IPP Media Group. The company is currently the largest media conglomerates in America. The company is so large that it currently has over eleven (11) radio stations, television stations, newspaper and internet facilities. He also has the full ownership of Bonite Bottlers and Kilimanjaro Spring Water Company. He is a media personality as he loves to disseminate news to the people of Tanzania with passion. This passion has been the pillar behind his accumulated wealth of over $500 Million. According to Forbes List 2019, he currently has a net worth of $569 Million.
5. Ally Awadh
Are you looking for someone that is so intellectually endowed with a business idea? Then, you should read about Ally Awadh. Today, nobody can talk about the oil and gas sector industry in Tanzania without mentioning Ally Awadh. This is because he has sustained many investments in the sector and now act like a mogul. Before getting approved by the Tanzanian Government, he has issues with safely performing importation and exportation in the Country. However, after getting his license, his company called Lake Oil Group is one of the major companies in Tanzania that deals with importation and exportation of oil and gas across the country. Even though it is a known fact that even a poor man will become wealthy when he begins to reap the profits of an oil and gas business. However, Ally Awadh’s case is entirely different as he encountered problems of different calibers, which he overcome with his intellects and determination. This gave him a spot in the list of the top richest men in Tanzania today.
6. Shekhar Kanabar
The sixth richest men in Tanzania is Shekhar Kanabar, who is currently the managing director of the Synarge Group, which is one of the most highly respected conglomerates in the whole of Tanzania. The Group is widely known for producing accessories for the automotive industry. Some of the products they are known with include lead, spare parts for vehicles, batteries, etc. In fact, they usually recycle the latter for supplementary uses. Even though the company is family-owned, Shekhar has employed all opportunities the company provides to ensure his wealth fall on the increment side. In addition, he has employed all measure to ensure the company is the best-selling and leading automobile industry in Tanzania.
7. Subash Patel
Being a member of the Institution of Electric Engineers, Subash Patel is known for having affiliation with MMI Steels Resource Limited and Nyaza Road Works Limited. Subash is also one of the many focused businessmen in Tanzania. Within a period of 20 years, he had employed all measures to expand his business from being a rolling mill business into one of the leading conglomerates in Tanzania. The conglomerate he currently has is called Motisun Group. With over 15 subdivisions, the conglomerate currently operates in the areas of food processing, real estate, mining, and many others.
8. Ghalib Said Mohammed
Ghalib Said Mohammed, who is a partner to his father in the business of Cashew and commercial activities, is the eight richest man in Tanzania. After spending so many business years with his father, he later decided to become independent and this gave rise to the establishment of his own company, which he called GSM Group. Today, the business is widely known for handling deals in the retailing, transportation, media, logistics, finance sectors, etc. Ghalib and his father later ventured into the agricultural sector with the aim of providing food products for the people of Tanzania at the same time making their money.
9. Fida Hussein Rashid
Being the founder of Africarriers Group, Fida has accumulated enough money in the automobile industry. His company is widely known as being the first company to deal with second-hand vehicles. The company has also recorded other success including being the sole distributor of certain brands that include Eicher and Golden Dragon. These facts are the building blocks of the reputation the company currently enjoys in the country. He is also known to own the Iconic Zahra Tower and the Raha Tower.
10. Yusuf Manji
The tenth richest man in Tanzania is Yusuf Manji. Known to have a higher interest in real estate (both residential and commercial), he is the founder of Quality Group of Companies, which is known for upholding its name of providing quality for the people of Tanzania. He is also known for having involvement in the automotive industry in Tanzania. Even though Yusuf Manji is a seasoned and renowned estate consultant in Tanzania, he has created a spot for himself in the wing of government parastatals. This is majorly because of his integrity and good services offered to his clients and the people of Tanzania at large.
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Tanzania is a developing country and the enormous number of rich individuals in the country are not taking the issue of making it a developed country with a light hand. They are doing this by investing massively in the country, thereby improving the economy of the country.