Matajiri 10 Tanzania Forbes 2023: The Wealthiest People in Tanzania Revealed

Topping the list this year is Mohammed Dewji, with an estimated net worth of $1.6 billion. Dewji, who is the CEO of MeTL Group, has been a regular on the Forbes list for several years now. He is followed closely by Said Salim Bakhresa, with a net worth of $1.5 billion. Bakhresa is the founder and chairman of Bakhresa Group, a diversified business conglomerate with interests in food processing, packaging, and real estate.

Other notable names on the list include Rostam Azizi, who is ranked third with a net worth of $1.2 billion, and Reginald Mengi, who comes in at number four with a net worth of $1.1 billion. The list also features several new entrants, including Vimal Shah, the CEO of Bidco Africa, who is ranked ninth with a net worth of $500 million. Overall, the list highlights the growing influence and wealth of Tanzania’s business elite.

Matajiri 10 Tanzania Forbes 2023 Overview

Forbes has released its annual list of the wealthiest people in Tanzania for the year 2023. The list features the top 10 richest individuals in the country, ranked based on their net worth. These individuals are known for their exceptional business acumen and investments in various sectors of the Tanzanian economy.

According to Forbes, the combined net worth of the top 10 richest Tanzanians in 2023 is $22.5 billion. This is a significant increase from the previous year, indicating the country’s growing economy and investment opportunities. The list includes individuals from different industries, including mining, cement, sugar, and banking.

At the top of the list is Aliko Dangote, a Nigerian businessman who has heavily invested in Tanzania’s cement and sugar industries. His net worth is estimated to be $14.9 billion, making him the richest person in Tanzania. He is followed by Nicky Oppenheimer and family, who are South African investors in the mining industry, with a net worth of $8.6 billion.

Other notable individuals on the list include Mohammed Dewji, who is the CEO of MeTL Group, a conglomerate with interests in agriculture, manufacturing, and real estate. His net worth is estimated to be $1.6 billion. Reginald Mengi, the CEO of IPP Limited, a media and entertainment company, is also on the list with a net worth of $1.5 billion.

The list also features Said Salim Bakhresa, who is the founder and chairman of Bakhresa Group, a conglomerate with interests in food, beverages, and logistics. His net worth is estimated to be $1.2 billion. Rostam Aziz, who is the chairman of Vodacom Tanzania, is also on the list with a net worth of $1 billion.

Overall, the Matajiri 10 Tanzania Forbes 2023 list showcases the diversity of the Tanzanian economy and the success of its top business leaders. These individuals are making significant contributions to the country’s growth and development, and their achievements are a testament to their hard work and dedication.

Individual Profiles

Forbes released its list of the top 10 richest individuals in Tanzania in 2023, and the following are their profiles.

1. Mohammed Dewji

Mohammed Dewji is the wealthiest person in Tanzania, with an estimated net worth of $1.6 billion. He is the CEO of MeTL Group, a conglomerate that operates in several industries, including agriculture, real estate, and finance. Dewji started his career at MeTL Group in 1999 and became the CEO in 2001. He is also a philanthropist and has donated millions of dollars to various causes, including education and healthcare.

Mohammed Dewji

2. Rostam Aziz

Rostam Aziz is a businessman and politician with an estimated net worth of $1.2 billion. He is the founder and chairman of the House of Aziz & Company, a diversified holding company that operates in several industries, including finance, real estate, and hospitality. Aziz is also a former Member of Parliament and Minister of Finance in Tanzania.

3. Said Salim Bakhresa

Said Salim Bakhresa is a businessman with an estimated net worth of $700 million. He is the founder and chairman of Bakhresa Group, a conglomerate that operates in several industries, including food, beverage, and packaging. Bakhresa started his career as a small trader and grew his business into one of the largest in Tanzania.

4. Yusuf Manji

Yusuf Manji is a businessman with an estimated net worth of $650 million. He is the founder and chairman of Quality Group Limited, a conglomerate that operates in several industries, including manufacturing, real estate, and hospitality. Manji is also a philanthropist and has donated millions of dollars to various causes, including education and healthcare.

5. Reginald Mengi

Reginald Mengi was a businessman and media mogul with an estimated net worth of $550 million before he passed away in May 2019. He was the founder and chairman of IPP Group, a conglomerate that operates in several industries, including media, real estate, and finance. Mengi was also a philanthropist and donated millions of dollars to various causes, including education and healthcare.

6. Ghalib Said Mohamed

Ghalib Said Mohamed is a businessman with an estimated net worth of $500 million. He is the founder and chairman of Mohammed Enterprises Tanzania Limited (METL), a conglomerate that operates in several industries, including agriculture, real estate, and finance. Mohamed started his career as a small trader and grew his business into one of the largest in Tanzania.

7. Said Lugumi

Said Lugumi is a businessman with an estimated net worth of $400 million. He is the founder and chairman of Lugumi Enterprises, a conglomerate that operates in several industries, including construction, real estate, and hospitality. Lugumi started his career as a small trader and grew his business into one of the largest in Tanzania.

8. Subhash Patel

Subhash Patel is a businessman with an estimated net worth of $350 million. He is the founder and chairman of the Motisun Group, a conglomerate that operates in several industries, including manufacturing, real estate, and hospitality. Patel started his career as a small trader and grew his business into one of the largest in Tanzania.

9. Harbinder Singh Sethi

Harbinder Singh Sethi is a businessman with an estimated net worth of $250 million. He is the founder and chairman of Sethi Limited, a conglomerate that operates in several industries, including manufacturing, real estate, and hospitality. Sethi started his career as a small trader and grew his business into one of the largest in Tanzania.

10. Salim Bakhresa

Salim Bakhresa is a businessman with an estimated net worth of $200 million. He is the son of Said Salim Bakhresa and the CEO of Bakhresa Group. Bakhresa started his career at Bakhresa Group in 1993 and became the CEO in 2017. He is also a philanthropist and has donated millions of dollars to various causes, including education and healthcare.

Economic Impact

The Matajiri 10 in Tanzania have a significant economic impact on the country. As of 2023, Tanzania’s economy is projected to grow by 5.7% year-on-year, driven by investments in various sectors, including manufacturing, agriculture, and infrastructure development. The Matajiri 10 play a crucial role in driving this growth as they are major investors in these sectors.

According to Forbes, the combined net worth of the Matajiri 10 in Tanzania is $7.7 billion as of 2023. This wealth is generated from various sectors, including banking, telecommunications, manufacturing, and mining. The wealth generated by the Matajiri 10 has a significant impact on the country’s economy, as it creates jobs, drives innovation, and contributes to the country’s tax revenue.

The Matajiri 10 also play a significant role in the stock market. As of June 26, 2023, the top 10 richest Tanzanians on the Dar es Salaam Stock Exchange (DSE) had a combined market capitalization of TZS 11.7 trillion ($5.1 billion). This market capitalization represents a significant portion of the total market capitalization of the DSE, which was TZS 15.6 trillion ($6.8 billion) as of June 26, 2023.

The wealth generated by the Matajiri 10 also has a trickle-down effect on the Tanzanian economy. As they invest in various sectors, they create jobs and opportunities for small and medium-sized enterprises (SMEs) that supply goods and services to these sectors. This creates a multiplier effect on the economy as the wealth generated by the Matajiri 10 trickles down to other sectors of the economy.

In conclusion, the Matajiri 10 have a significant economic impact on Tanzania. They are major investors in various sectors, including manufacturing, agriculture, and infrastructure development. They also play a significant role in the stock market and create jobs and opportunities for SMEs. The wealth generated by the Matajiri 10 has a trickle-down effect on the economy, contributing to the country’s overall economic growth.

Comparison to Previous Years

The Forbes List of the Richest People in Tanzania, also known as “List Ya Matajiri Tanzania,” has been published annually since 2015. The list showcases some of the most prominent individuals who have amassed substantial wealth through their entrepreneurial endeavors and various investments. Here is a comparison of the top 10 richest Tanzanians in 2023 with previous years:

2023

According to Forbes, the top 10 richest people in Tanzania for the year 2023 are:

2022

In 2022, the top 10 richest people in Tanzania were:

2021

In 2021, the top 10 richest people in Tanzania were:

2020

In 2020, the top 10 richest people in Tanzania were:

As we can see, the top 10 richest people in Tanzania have seen a steady increase in their net worth over the years. Mohammed Dewji has consistently held the top spot since 2015, with Rostam Aziz following closely behind. The other individuals on the list have also seen their wealth grow steadily over the years.

Influence on Tanzanian Society

The top 10 richest people in Tanzania, according to Forbes 2023, have a significant influence on Tanzanian society. They are involved in various industries, including finance, telecommunications, media, and entertainment.

One of the most notable figures on the list is Mohammed Dewji, who is the CEO of MeTL Group, a conglomerate with interests in agriculture, manufacturing, real estate, and logistics. Dewji is also known for his philanthropic work, and his foundation has been involved in various initiatives to improve education, health, and entrepreneurship in Tanzania.

Other influential figures on the list include Said Salim Bakhresa, who is the founder of Bakhresa Group, a food processing and manufacturing company, and Reginald Mengi, who was a media mogul and philanthropist. Mengi was the founder of IPP Media Group, which owns several newspapers, radio stations, and television channels in Tanzania.

The wealth and influence of these individuals have both positive and negative effects on Tanzanian society. On the one hand, they contribute to the country’s economic growth and provide employment opportunities for thousands of people. They also invest in various social and environmental initiatives that benefit local communities.

On the other hand, there are concerns about the concentration of wealth and power in the hands of a few individuals, which could lead to corruption, inequality, and political influence. There are also criticisms that some of these individuals have acquired their wealth through unethical or illegal means.

Overall, the top 10 richest people in Tanzania have a significant impact on the country’s economy and society. Their influence is both positive and negative, and it is up to the government and civil society to ensure that their wealth and power are used for the greater good of the Tanzanian people.

Challenges and Controversies

Despite the immense wealth of Tanzania’s top 10 billionaires, there are still several challenges and controversies that they face.

One of the main challenges is the issue of wealth inequality. While these 10 individuals have amassed billions of dollars, the majority of Tanzanians still live in poverty. According to the World Bank, Tanzania’s poverty rate was 26.4% in 2021, with many people struggling to access basic necessities like food, water, and healthcare. This stark contrast between the ultra-rich and the rest of the population has led to criticism of the country’s economic policies and calls for greater redistribution of wealth.

Another issue that has attracted controversy is the source of some of these billionaires’ wealth. Some have been accused of engaging in corrupt practices or exploiting natural resources at the expense of local communities. For example, mining magnate Nicky Oppenheimer has faced criticism for his family’s role in the diamond industry, which has been linked to human rights abuses and environmental destruction in countries like Angola and Zimbabwe. Similarly, some of the billionaires on the list have been accused of using their political connections to secure lucrative contracts and monopolize certain industries.

Finally, there is also the question of whether these billionaires are doing enough to give back to their communities. While some have established charitable foundations or invested in social projects, others have been criticized for their lack of philanthropy or for using their wealth to pursue personal interests rather than benefiting society as a whole.

Overall, while Tanzania’s top 10 billionaires are undoubtedly successful and influential figures, they also face significant challenges and controversies that raise important questions about wealth, power, and responsibility in the country.

Future Predictions

The future of Tanzania’s wealthiest individuals is difficult to predict, but there are some trends that may continue in the coming years. Here are a few potential predictions for the future of Tanzania’s top 10 richest people:

• Increased investment in technology: As technology continues to advance and become more integrated into daily life, it’s likely that many of Tanzania’s wealthiest individuals will invest more heavily in tech companies. This could include startups in fields like artificial intelligence, big data, and blockchain, as well as established tech giants like Google and Facebook.
• Continued diversification of investments: Many of Tanzania’s wealthiest individuals have already diversified their investments across a range of industries, including finance, mining, and agriculture. This trend is likely to continue as investors seek to minimize risk and maximize returns.
• Growing focus on social and environmental impact: In recent years, many of Tanzania’s wealthiest individuals have become more focused on social and environmental impact. This trend is likely to continue as investors increasingly recognize the importance of sustainability and corporate social responsibility.
• Increased competition from new entrants: While Tanzania’s current top 10 wealthiest individuals are likely to remain in the upper echelons of wealth for the foreseeable future, there is always the possibility of new entrants disrupting the market. This could come in the form of new startups, new industries, or simply a shift in the global economic landscape.

Overall, the future of Tanzania’s wealthiest individuals is uncertain, but it’s likely that many of them will continue to invest in a diverse range of industries, with a growing focus on social and environmental impact. As new entrants emerge and technology continues to advance, it will be interesting to see how Tanzania’s top 10 richest individuals adapt and evolve to remain at the top of the wealth rankings.

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