Forbes counts one Tanzanian billionaire. There are more.
This article examines the challenges of accurately tracking billionaire wealth in Tanzania, arguing that current methodologies used by Forbes and Bloomberg fail to account for private conglomerates. It highlights the case of Edha Nahdi and Mohammed Dewji to illustrate how opaque business practices and limited data lead to the underrepresentation of African wealth.
Edha Nahdi paid $183 million in cash for 95% of Bamburi Cement in December 2024, outbidding Rwanda's Cimerwa in one of the largest corporate takeovers Kenya has recorded. Eight months later, published estimates of his personal fortune stood at $90 million.
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