Table of Contents
Key Points
- Tanzania’s economy is booming, with GDP expected to grow 6% in 2025, driven by infrastructure projects, private investment, and a strong tourism rebound.
- Mohammed Dewji, Tanzania’s richest person, leads MeTL Group, a multibillion-dollar conglomerate spanning agriculture, manufacturing, and finance.
- Mohammed Dewji, Rostam Aziz, and Said Bakhresa lead Tanzania’s industrial expansion, shaping key sectors like manufacturing, telecom, and energy.
Tanzania, East Africa’s second-largest economy, is experiencing a period of rapid growth, driven by a mix of private-sector expansion and major government-led infrastructure projects.
While often compared to its regional counterpart, Kenya, Tanzania is charting its own course, attracting global capital into key sectors like manufacturing, banking, telecommunications, agriculture, and tourism. The country also holds a unique distinction—it is home to East Africa’s only dollar billionaire, Mohammed Dewji, whose MeTL Group spans industries from agro-processing to consumer goods.
Despite economic challenges—from lingering post-pandemic effects to fluctuating commodity prices—Tanzania’s economy has remained resilient. GDP is expected to grow by 6 percent this year, supported by a rebound in tourism, large-scale infrastructure developments, and rising private investment in finance, energy, and agribusiness.
Behind this economic upswing are the country’s wealthiest individuals—industrialists, financiers, and entrepreneurs who are shaping Tanzania’s future. Mohammed Dewji, Africa’s youngest billionaire, continues to dominate manufacturing and trade through MeTL Group’s vast operations. Rostam Aziz, known for keeping a low profile while making high-impact investments, has expanded beyond telecommunications into energy, mining, and real estate, solidifying his influence in Tanzania’s industrial sector.
The financial landscape is also evolving, with digital banking and fintech innovations making financial services more accessible. Platforms like NALA are streamlining transactions, while the Dar es Salaam Stock Exchange (DSE), now valued at Tsh19.22 trillion ($7.38 billion), remains a key driver of capital growth and wealth creation.
As Tanzania’s economy moves forward, its most powerful business leaders are at the helm—steering investments, reshaping industries, and driving long-term development. Billionaires.Africa has compiled a definitive ranking of the 10 richest individuals in Tanzania, highlighting their investments, influence, and role in the country’s ongoing transformation.
- Mohammed Dewji
Net Worth: $2.2 billion
Mohammed Dewji, CEO of Mohammed Enterprises Tanzania (MeTL) Group, is Tanzania’s richest man, with a net worth of $2.2 billion. He owns a majority stake in MeTL, one of East Africa’s largest industrial conglomerates, operating in 11 countries across sectors ranging from agriculture to financial services. Under his leadership, MeTL contributes 3 percent of Tanzania’s GDP and generates more than $2 billion in annual revenue.
Beyond business, Dewji is a dedicated philanthropist. Through the Mo Dewji Foundation, he funds scholarships and social programs aimed at improving education and healthcare. In 2023, he launched a $4-billion agriculture project, backed by development banks, to strengthen Africa’s food security. The initiative, which could include soybean and sugar plantations, aims for long-term returns while helping the continent become more self-sufficient in food production.
Dewji’s journey to becoming Africa’s youngest billionaire, as named by Forbes in 2015, began with transforming MeTL from a trading firm into a manufacturing powerhouse. Today, the group owns assets like 21st Century Textiles, East Coast Oils and Fats, and A-One Products and Bottlers, cementing his legacy as one of Africa’s most influential business leaders.
- Rostam Aziz
Net Worth: $700 million
Rostam Aziz, Tanzania’s first billionaire, has built a diverse empire spanning telecoms, energy, aviation, media, and mining. After selling his 35% stake in Vodacom Tanzania for nearly $500 million, he turned his focus to expanding his holdings through Selous LLC, his Dubai-based family office.
His telecom assets include MIC Tanzania, a joint venture with Malagasy businessman Hassanein Hiridjee’s Axian Group, giving him stakes in Tigo Tanzania and Zantel. In energy, he owns Taifa Gas, the country’s largest LPG distributor, with operations in Uganda, Rwanda, and South Sudan. He also controls Caspian Limited, Tanzania’s dominant mining contractor, and has interests in media, aviation, and conservation. Aziz owns Swahili-language publisher New Habari (2006) Ltd., Coastal Aviation, one of Tanzania’s top safari airlines, and Wembere Hunting Safaris, which manages elite private hunting concessions.
In the manufacturing sector, his $25-million Taifa Leather factory in Morogoro is Tanzania’s largest leather processor. While he keeps a low profile, his strategic investments continue to shape Tanzania’s economy. Though Forbes last estimated his net worth at $900 million in 2015, Billionaires.Africa now values his fortune at $700 million.
- Said Bakhresa
Net worth: $400 million
Said Bakhresa, one of Africa’s most successful industrialists, built his fortune from humble beginnings. He started with a small restaurant in the 1970s and gradually expanded into a business empire that now spans more than 40 companies across East and Southern Africa.
His flagship company, Said Salim Bakhresa & Company Limited, dominates Tanzania’s wheat milling and logistics sectors. He also owns Azam TV, a major competitor to MultiChoice in the pay-TV market, and AzamPay, a fintech company driving digital payments in East Africa. His interests extend to hospitality with Hotel Verde Zanzibar, as well as marine and aviation transport through Azam Marine and Azam Aviation.
Forbes last valued his net worth at $600 million in 2015, but Billionaires.Africa now estimates it at $400 million. Despite the lack of a recent Forbes update, Bakhresa remains a major force in Tanzania’s economy.
- Ally Edha Awadh
Net Worth: $180 million
Ally Edha Awadh, the founder and CEO of Lake Group, has turned his company into one of East and Central Africa’s fastest-growing energy and logistics conglomerates. Starting with a small fuel distribution business in 2006, he has since built a diversified industrial empire.
Lake Group is a major player in petroleum trading, storage, and distribution, with operations in Tanzania, Uganda, Zambia, DRC, Rwanda, and Burundi. The company owns over 400 tankers and strategically positioned oil storage terminals, reinforcing its influence in the region’s energy market.
Beyond energy, Awadh has expanded into the liquefied petroleum gas (LPG) sector with Lake Gas and ventured into manufacturing with Middle East Ready Mix LLC and a steel production plant. His business interests also extend internationally, with investments in the UAE and Canada. From flipping burgers as a student in Canada to leading a billion-dollar company, Awadh’s success reflects his sharp business acumen.
- Edha Nahdi
Net Worth: $120 million
Edha Nahdi, the Managing Director of Amsons Group, has built a solid reputation in East Africa’s business world, leading one of the region’s most diversified conglomerates.
His journey as an entrepreneur started early—at just 19, he founded Camel Oil Tanzania, a petroleum company that became the foundation for what would later grow into a vast business empire. Over the years, he expanded Amsons Group into petroleum, cement manufacturing, real estate, and logistics, turning it into a major force in East Africa’s economy.
A defining moment in Nahdi’s career was the $182-million acquisition of Bamburi Cement, Kenya’s largest cement producer. The deal not only strengthened Amsons Group’s presence in the construction materials industry but also reinforced Nahdi’s influence in the region’s industrial sector. By taking over Bamburi, the company secured a dominant position in East Africa’s cement market, benefiting from increased production capacity and an extensive distribution network.
With Nahdi at the helm, Amsons Group continues to grow, using its diverse business portfolio to expand across multiple industries. His ability to navigate complex markets and execute major acquisitions has established him as one of East Africa’s most influential business leaders.
- Seif Ali Seif
Net Worth: $90 million
Seif Ali Seif, the reclusive Tanzanian tycoon behind Super Group, has built a sprawling business empire with annual revenues exceeding $200 million. Though he avoids the spotlight, his influence is felt across multiple industries, including sugar production, logistics, and manufacturing.
His company, Kagera Sugar Limited, is Tanzania’s third-largest sugar producer, while Mtibwa Sugar Estate is another key player in the market. His logistics firm, Superstar Forwarders, operates a fleet of over 200 trucks, ensuring a strong presence in regional trade.
Seif also has a stake in manufacturing, owning Superdoll Trailer Manufacture, Pipes Industries Co. Ltd., and Superretread Tyres Co. Ltd. His low profile contrasts with his far-reaching impact on Tanzania’s industrial landscape.
- Michael Shirima
Net Worth: $45 million
Tanzanian entrepreneur Michael Shirima is the founder and key shareholder of Precision Air Services, one of the country’s leading airlines. He started the company in 1993 as a small private charter service, gradually expanding it into a full-fledged commercial airline. Today, Precision Air connects major cities in Tanzania, Kenya, Uganda, and beyond, playing a crucial role in East Africa’s aviation industry.
As the airline’s largest individual shareholder, Shirima holds a 42.91% stake. While the company has faced challenges, including fluctuating fuel prices and regulatory hurdles, it remains an essential part of Tanzania’s transport network, serving both business and leisure travelers.
Beyond aviation, Shirima has extended his investments into the industrial sector. He owns a 2.92 percent stake in TOL Gases, Tanzania’s leading producer and distributor of industrial and medical gases such as oxygen, nitrogen, acetylene, and carbon dioxide. The company supplies essential gases to hospitals, beverage companies, and manufacturing industries, making it a key player in the country’s healthcare and industrial sectors.
Through his ventures in both transportation and industrial production, Shirima has established himself as an influential figure in Tanzania’s business landscape, contributing to the country’s economic growth and infrastructure development.
- Ketan Patel
Net Worth: $25 million
Ketan Patel, a Tanzanian gold magnate, has established himself as a major force in East Africa’s mining industry. He is the founder of Shanta Gold Limited, a London-listed gold producer with a strong foothold in Tanzania’s mineral-rich regions. Since its launch in 2001, the company has secured exploration licenses covering 1,100 square kilometers, making it a key player in the country’s gold sector.
Patel owns a 4.22 percent stake in Shanta Gold, totaling 44,274,017 shares, with an estimated market value of $8.33 million. His influence in the industry is anchored in Shanta Gold’s flagship operation, the New Luika Gold Mine in southwestern Tanzania, which has consistently delivered tens of thousands of ounces of gold annually. The company has also expanded its footprint with the Singida Gold Project, further strengthening Patel’s presence in the sector.
Despite market fluctuations, Patel remains a driving force in Tanzania’s mining industry, leveraging his expertise and strategic investments. Beyond gold, he has diversified into real estate and private equity, further growing his wealth. With a net worth of $15 million, he is among Tanzania’s most prominent business figures.
- Patrick Schegg
Net Worth: $20 million
Patrick Schegg, a former hedge fund manager, is one of the most influential investors on the Dar es Salaam Stock Exchange (DSE). With a sharp eye for market opportunities, he has built a strong portfolio through strategic stakes in Tanzania’s top financial institutions, making him a key player in East Africa’s stock market.
Schegg owns a 1.94 percent stake in CRDB Bank, amounting to 50,754,057 shares with an estimated market value of Tsh38.07 billion ($14.61 million). CRDB, one of Tanzania’s largest banks, has seen strong growth in recent years, driven by an expanding banking sector, increased digital adoption, and regional expansion efforts.
In addition to CRDB, Schegg holds a 0.99 percent stake in NMB Bank, another leading financial institution in Tanzania. With these two major holdings, his total portfolio is valued at $23.5 million, reinforcing his status as one of the most significant private investors on the DSE.
Though he keeps a low public profile, Schegg’s investment moves reflect a deep understanding of Tanzania’s financial sector. His confidence in the country’s banking industry speaks through his holdings, positioning him as a major force in the market.
- 10. Hans Aingaya Macha
Net worth: $15 million
Hans Aingaya Macha is one of Tanzania’s wealthiest investors and a key player on the Dar es Salaam Stock Exchange. He has accumulated his fortune by strategically investing in high-growth companies, particularly in the financial sector.
Macha holds a 1.3-percent stake in CRDB Bank, owning 32,764,200 shares, making him one of its largest individual shareholders. He also has a two-percent stake in Maendeleo Bank, a financial institution that supports micro, small, and medium-sized enterprises in Tanzania.
Through these investments, Macha has strengthened his position in Tanzania’s banking sector. His financial influence continues to grow, with Billionaires.Africa estimating his net worth at $15 million.
