Tanzania which is located in the Eastern part of Africa has been experiencing a steady increase in economic growth. This is due in large part to the influence of big businessmen in the private sector. As the largest country in East Africa, Tanzania is also placed in a strategic position that has aided in this growth. So, why the richest men in Tanzania? The country’s agricultural sector is growing rapidly, the country is also blessed with a vibrant tourism industry and an abundance of natural minerals such as coal. The country is also bounded by the Indian Ocean on one side.
Who Is The Richest Man In Tanzania? The influence of the business moguls in the private sector has helped in job creation thereby making Tanzania one of the fastest-growing countries on the East Coast of Africa. Let us take a look at the top ten richest Tanzanians who have heavily invested in the country. You cannot talk or discuss wealth creation, affluence, and business moguls in Tanzania without recognizing the impact of these fellow countrymen, who stood in rain and sun to see their country’s economy in shape. We shall be taking the ranking from the top one to the last ten.
Top 10 Richest Men In Tanzania
1. Mohammed Dewji
Mohammed Dewji is one of the youngest richest people in the continent of Africa at just 40 years of age. He owns a magnificent 75% stake in the METL Group which is one of the largest industrial conglomerates in the country. After obtaining some textile and oil production plants that were previously owned by the Ugandan government and transforming them, his wealth increased massively. He has an estimated net worth of $1.6 Billion USD making him the richest man in Tanzania today. This fashionista business-minded and a classic individual who derives joy in making things out of nothing when it comes to business were rated the richest according to Forbes early this year.
2. Rostam Aziz
He holds the record of being the first-ever billionaire that the nation of Tanzania has produced. He is the owner of Caspian Mining, a mining company that provides professional services for bigger mining companies such as Barrick Gold and BHP Billiton. Mr. Aziz sold his 17.2 % stake in Vodacom Tanzania in 2014. He is also into real estate as he has properties in Tanzania, Lebanon, Dubai, and Oman. He is also a stakeholder at Daar es Salaam Ports. Mr. Rostom Aziz is estimated to have a net worth of $1 Billion USD.
He was at the top of the list of the richest men in Tanzania until Mohammed Dewji took over from him, it was recorded to be the richest Tanzania to rich cadre of a billionaire.
3. Said Salim Bakhresa
He ventured into business at the age of 14 after dropping out of secondary school. From selling potato mixes to opening a small restaurant and then venturing into grain milling, Mr. Bakhresa has been building his business empire steadily for the past 30 years and today, he has become one of the richest men in East Africa. His company, the Bakhresa Group of Companies is active in the food processing industry, petroleum, sea transport, and grain milling industries.
Said Salim Bakhresa is also the owner of Azam TV which operates as a Pay TV in East Africa. With over 3000, people in his employ, and branches of his business in other countries such as Malawi, Mozambique, and Uganda, Said Salim is one of the richest men in Tanzania with an estimated net worth of $600 Million USD. He is also a philanthropist. As popularly opine, the school will not give wealth and affluence, ideas and creativity will give rather, he has been a creative individual and business-minded fellow at his tender age, this paves way for him to be among the top richest men in Tanzania.
4. Salim Turkey
Salim Turkey, an established businessman occupies the fourth position on this list. Salim has various investments from real estate to cement manufacturing and hospitals. He belongs to the Member of Parliament in Tanzania with vast political experience. Salim has a Zanzibar-based Turkeys Group that he started in the eighties which he uses for managing his businesses. His wealth earned him a space in the billionaires club of Tanzania.
5. Ally Awadh
Ally Awadh is one man with a very brilliant mind for business. He has gone on to make investments in the oil and gas industry and has become a mogul in that sector. He worked hard to become licensed by the government and now his company Lake Oil Group, deals with the importation and distribution of petroleum products across the country. The business has been profitable and today, Awadh stands as one of the richest men in Tanzania. Has poor a man can be if he could embark on oil business he would get his riches easily, but his case was different, he has many challenges, ups and downs, and because of his constant focus prevail over it all.
6. Shekhar Kanabar
Shekhar Kanabar is the manager of the Synarge Group and this conglomerate is already one of the most acknowledged conglomerates in Tanzania. The Synarge Group is very prominent in the automotive industry and some of the industrial products they specialize in producing include; manufacture of lead. They also deal in spare parts for motor vehicles and they recycle used batteries.
Although the Synarge Group is family-owned, Shekhar Kanabar has been able to become one of the top ten richest Tanzanians due to the managerial role he plays at the company. When you talk of automobile technology, Shekhar Kanabar cannot be sent back, due to their daily aspiration to be one of the bestselling and leading automobile parts in Tanzania, these have made them put in all strength to get things done.
7. Subash Patel
Subash Patel who is a member of the Institution of Electric Engineers has an affiliation with, MMI Steels Resource Limited and Nyaza Road works Limited. In time, a frame of about 20 years, Mr. Patel has expanded his horizons from rolling mill business to metamorphosis into one of Tanzania’s leading conglomerates known as the Motion Group. His conglomerate has about 15 more subdivisions and they deal in different areas such as food processing, real estate, mining, and a host of others. As passionate, energetic, and goal-oriented individuals, he has cultivated the habit of a growing business which is muti-facets and is in different industries, his zeal to be all in one and a direct impact in all business sectors in Tanzania.
8. Ghalib Said Mohammed
Ghalib Mohammed was a partner to his father and they were gurus in the cashew plant business and also general commercial activities. Ghalib, however, decided to set up his own personal franchise which he named the GSM group. The GSM group of companies handles certain business functions and services such as retailing, transportation, finance, media, logistics, and a whole lot more. All these sources of income have made Ghalib Mohammed one of the richest people in Tanzania. As an entrepreneur, they resolved to delve into Agricultural products to make their wealth, this has brought him and his father to the limelight.
9. Fida Hussein Rashid
Fida Rashid is the founder of the Africarriers group. Africarriers group as a company became the first of its kind to deal with second-hand vehicles. Since then Mr. Rashid has soared high in the automotive industry and he has not looked back.
As of now, Africarriers has the sole distribution rights to certain brands which include Eicher and Golden Dragon. This has made his company unmatched in the automotive industry in Tanzania. Also, he is a real estate guru and, notable structures such as the Iconic Zahra Towers and the Raha Towers are owned by him. His dream to be the best entrepreneur has kept him going up the chain on a yearly basis, he never settled for less rather creating a business environment.
10. Yusuf Manji
Mr. Yusuf Manji has interests in real estate, both the residential and commercial aspects of it. He is the founder of the Quality Group of companies. Yusuf Manji also has an involvement in the automotive industry in Tanzania. This has made him one of the richest men in the country. As a seasoned and renowned estate consultant in Tanzania, he has made his wings among the top government parastatals due to his integrity and the good services offered to his clients.
Life is not full of bed roses, it is ups and downs, it entails, a deliberate act to make your money, the richest people are not usually with golden and wealthy backgrounds. These richest men in Tanzania discussed have made the face of the economy in their country friendly, the force of demand and supply in their business has made things happen in the country, their manpower ability has reduced emigration from Tanzania.