Tanzania Produces The Only Dollar Billionaire In East Africa

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Banknotes of 100 US dollars PHOTO/COURTESY

A new research has revealed that the vast East Africa region has one dollar billionaire-and he is not Kenyan.

The information was contained in a reported dubbed Africa Wealth Report 2022 which was conducted by research firm New World Wealth and Henley & Partners.

However, the research firm did not reveal the identity of the billionaire as many individuals make into the dollar millionaires rank.

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The report showed that Tanzania has 2400 individuals with a net worth of over KSh 2.3 billion.

At least 1,300 dollar millionaires reside in the capital Dar es Salaam which was ranked 12th richest.

The total total private citizens wealth stands at KSh 55 trillion.

As earlier reported on WoK, the report ranked Kenya fourth in terms of the number of dollar millionaires indicating that 8,500 Kenyans have a net worth of over KSh 115.7 million.

With 39,300 dollar millionaires, South Africa was ranked first followed by Egypt and Nigeria with 16,900 and 10,000 dollar millionaires respectively.

At the same time, the report showed that Kenya has 340 individuals with a net worth of over KSh 1.1 billion behind Nigeria which has 540 such individuals.

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In terms of the population of individuals with a net worth exceeding KSh 11.5 billion, Kenya was ranked fifth with 15 behind Morocco (22), Nigeria (28), Egypt (57) and South Africa (94).

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