Tanzanians ranked among world’s High Net-Worth Individuals

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435 Tanzanians became shilling billionaires (millionaires in dollars) in 2019, according to the Knight Frank’s Wealth Report.

His Excellency the President of the Republic of Tanzania John Magufuli says that he would like to see 100 more billionaires in Tanzania during his time in office.

According to the report, 5,553 Tanzanians were ranked among world’s High Net-Worth Individuals (HNWIs) in 2019, representing an increase of eight per cent compared to 5,118 in 2018. The report doesn’t reveal the linkage of their wealth.

The number of HNWIs in Tanzania will increase to 8,532 in the next four years. A senior economist at the University of Dar es Salaam, Dr Abel Kinyondo, said that it was a good thing economically but they should create a positive impact for fellow Tanzanians.

“This is a good sign that the economy which made them rich was doing well, ” he said, adding that their growth in wealth should not conflict with the welfare of those at the bottom, thus creating inequality but instead should lead to the creation of decent jobs and business opportunities for other Tanzanians.

According to the report, Tanzania is the only East African Community (EAC) member state with a dollar billionaire whose net wealth is $1 billion (nearly Sh2.3 trillion). The Forbes website mentions Tanzanian Mohammed Dewji the only dollar billionaire with a net wealth of $1.6 billion in 2020.

Moh Dewji is working through MeTL Group and he has investments in agriculture, trading, insurance, finance, mobile telephony, real estate, manufacturing, and beverages manufacturing transport and logistics.

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