Tanzania leading the way in the creation of dollar billionaires in the East African nations .

East African nations are producing an increasing number of millionaires, with Tanzania leading the way in the creation of dollar billionaires in the area.

The analysis to Knight Frank, Tanzania had 5,668 super-rich people compared to Kenya’s 2,942.

Kenya’s Usual Surge in the Number of Millionaires 

Even though the mass of Kenyans battled to put bread on the table, the 263 per cent surge in the proportion of dollar-millionaires over the time was by far the fastest in the world, according to Knight Frank.

The Africa Wealth Report 2022 was based on information obtained by New World Wealth as well as Henley & Partners’ list of high-net-worth persons, which included mostly directors, CEOs, founders, and partner organisations.

Knight Frank indicated that Kenya has 2,900 dollar millionaires, 42 persons worth $30 million or more, and no dollar billionaires.

Over the previous five years, the large number of millionaires in Kenya has exploded. According to the survey, Kenya has produced the fastest-growing number of millionaires in the world.

From 800 people a decade ago, the number of people earning KES 100 million or more has climbed by 263 per cent.

Kenya’s rate was greater than China’s, the world’s second-largest economy, which grew faster than Kenya over the same time.

Tanzania Hosts Dollar-Billionaires

Even though Tanzania has produced more billionaires, Nairobi has maintained its position as the region’s largest economy, according to the most recent data from the International Monetary Fund (IMF).

Tanzanian billionaires have started to invest in Kenya. Aunali and Sajjad Rajabali, Tanzanian billionaires, are said to have purchased seven million shares of Equity Group worth KES 344 million, bringing their total investment in Kenyan companies listed on the NSE to KES 1.5 billion.

Co-op Bank, KenolKobil, Jubilee Holdings, and I&M Holdings are among the NSE-listed companies in which the pair have invested.

After acquiring a 51 per cent share in Oriental Commercial Bank, Bank M became the first Tanzanian institution to enter Kenya.

As per the new study by research company New World Wealth and Henley & Partners, which assists high-net-worth people in acquiring resident status through investing, Tanzania is home to East Africa’s lone dollar billionaire.

Tanzania has 2400 people with a net worth of over KES 2.3 billion, according to the Africa Wealth Report 2022.

Dar es Salaam, the city located, is home to more than half of the country’s dollar billionaires, with a total private citizen worth of KES55 trillion.

There are 5,553 dollar millionaires with a net worth of KES100 million or more, 114 billionaires, with a net worth of KES3 billion or more, and one with a net worth of over KES100 billion.

Mohammed Dewji, a Tanzanian billionaire and investor, is the only East African on Forbes’ newest list of the 18 wealthiest Africans. The 45-year-old tycoon is Africa’s youngest billionaire, with a net worth of $1.6 billion.

MeTL, a Tanzanian company involved in textile manufacture, wheat milling, beverage production, and edible oil production, is led by Mohammed Dewji.

The report’s projection of Tanzania’s dollar millionaires is much greater than previous estimates, illustrating the challenge of monitoring the rich in Africa.

South Africa has the most multi-millionaires on the continent, with 88,460, followed by Nigeria, with 40,869 super-wealthy people.

Read more: https://www.forbes.com/sites/mfonobongnsehe/2017/05/09/ten-tanzanian-multi-millionaires-you-should-know/?sh=6538a75a255b; https://allafrica.com/stories/201910090028.html