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Tanzanian tycoon Mohammed Dewji (@moodewji) retains his position as East Africa’s only dollar billionaire.

A NEW report published by the research firm- Henley & Partners- has revealed what might be a picture on the number of dollar millionaires and billionaires in the country with one Tanzanian becoming the only dollar billionaire in the East Africa region.

In its ‘Africa Wealth Report 2022’, the firm (Henley & Partners) did not mention the name of the Tanzanian dollar billionaire.

However, in the latest Forbes list of the continent’s dollar billionaires in 2022, former Member of Parliament Mohammed Dewji popularly known as Mo Dewji continued to hold the title as the richest man in the country as well as featuring among the wealthiest people in Africa.

According to latest Forbes list of the continent’s dollar billionaires in 2022, Dewji – the CEO of MeTL Group, was ranked 15th with a net worth of $1.5 billion.

In its new report Henley & Partners categorises the groups of high-net-worth individuals (HNWIs) into dollar billionaires (individuals with wealth of US$1 billion or more), centi-millionaires (individuals with wealth of US$100 million or more), multi-millionaires (individuals with wealth of US$10 million or more), millionaires (individuals with wealth of US$1 million or more) and mass affluent (individuals with wealth of US$100,000 or more).

The new research work shows that Tanzania has 2,400 individuals with a net worth of over $1 million (2.3bn/-) meaning that the number of billionaires in the country is growing, if the value of their wealth is converted into Tanzanian shillings.

It is explained in the report that more than half of the dollar millionaires (1300) live in Dar es Salaam.

The report states further that Tanzania has eight (8) dollar centi-millionaires (individuals with wealth of US$100 million or more) while Tanzanians who are in the category of multimillionaires (individuals with wealth of US$10 million or more) are 80.

Comparatively, South Africa has the highest number of dollar millionaires at 39,300 followed by Egypt (16,900) and Nigeria (10,000).

Tanzania is ranked seventh in terms of those with a net worth of $10 million (Sh23bn/-) or more. Tanzania has 80 such individuals, behind Ghana (120) Morocco (220) Kenya (340) Nigeria (510), Egypt (880) and South Africa (2,080).

Tanzania is ranked sixth in terms of the population of individuals with a net worth of at least $100 million (Sh230bn/-).

There are eight such individuals behind Kenya (15) Morocco (22), Nigeria (28), Egypt (57) and South Africa (94).

The Africa Wealth Report 2022 drew from intelligence gathered by New World Wealth as well as Henley & Partners’ database of high-net-worth individuals, comprising mainly of people with the title of director, CEO, founder and partner.

South Africa has the highest number of dollar millionaires at 39,300 followed by Egypt (16,900) and Nigeria (10,000), according to the first wealth report by Henley.

Tanzania is ranked sixth in terms of the population of individuals with a net worth of at least $100 million (230bn/-), also known as centi-millionaires.

There are eight such individuals behind Kenya (15) Morocco (22), Nigeria (28), Egypt (57) and South Africa (94).

The report provides a comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals (HNWIs), the luxury market, and the wealth management sector on the continent.

The Africa Wealth Report is published by Henley & Partners, the global leader in residence and citizenship by investment, in partnership with South African wealth intelligence firm New World Wealth.

According to the document published by the firm, Africa is home to some of the world’s fastest growing markets, including the likes of Rwanda and Mauritius.

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