Tanzania’s Mohammed Dewji holds ground on Forbes Africa's wealthy list

Dar es Salaam. Amidst economic jitters and market fluctuations, Tanzanian entrepreneur Mohammed Dewji has cemented his position on the prestigious 2024 Forbes Africa's Richest List, remaining the sole East African Community (EAC) billionaire.

Despite the ever-shifting sands of fortune, Dewji holds firm at 12th place with a robust $1.8 billion, unwavering from the previous year.

The list, showcasing the continent's top 20 wealthiest individuals, boasts a combined net worth of $82.4 billion – a $900 million leap from 2023's $81.5 billion.

Forbes attributes this rise to the triumphant return of Nigerian titan Femi Otedola, who makes his reappearance on the list after a five-year hiatus.

However, accounting for Otedola's comeback reveals a slight dip in the collective wealth of Africa's billionaires, though they still outperform the 4% decline witnessed last year, when global market turmoil impacted African stocks.

The coveted top spot remains firmly in the grasp of Nigeria's Aliko Dangote, who retains his reign for the 13th consecutive year. Dangote's fortune grew by an impressive $400 million, pushing his net worth to a staggering $13.9 billion.

 South African luxury goods tycoon Johann Rupert maintains his steady hold on second place, despite a slight dip in his net worth from $10.7 billion in 2023 to $10.1 billion.

Rounding out the top three is another South African, Nicky Oppenheimer, whose impressive $1 billion growth in wealth rockets him to third place with a total of $9.4 billion.

However, Forbes paints a stark picture of the challenges plaguing wealth creation in Africa. The continent, it says, remains "one of the world's toughest places to build – and hold onto – a billion-dollar fortune."

Global investor caution towards African markets, coupled with business pressures like economic strain, poor infrastructure, and volatile exchange rates, all play a role. Additionally, the ever-shifting political climate can make or break private fortunes.

Despite these challenges, South Africa dominates the rankings with six billionaires, followed by Egypt with five and Nigeria with four. Algeria, Tanzania, and Zimbabwe each have one representative on the list, while Morocco boasts two.

Mohammed Dewji's unwavering presence on the 2024 Forbes Africa's Richest List underscores his resilience and entrepreneurial prowess in the face of global and regional economic uncertainties.

His enduring position as the sole EAC billionaire also speaks volumes about his impact on the East African business landscape.