Tanzania is being encouraged to adopt targeted economic policies that support local entrepreneurship and promote international expansion moves that experts believe could lead to the rise of more homegrown dollar billionaires.
Currently, the country’s only known dollar billionaire is Mohammed ‘Mo’ Dewji, who leads MeTL Group, a multibillion-dollar conglomerate with operations in agriculture, manufacturing, trading, and financial services. Despite Dewji’s success, Tanzania still lags behind in producing ultra-wealthy individuals compared to other rapidly growing African economies.
According to a newly released wealth report, while the number of Tanzanian millionaires has increased by 20% over the last decade, the number of billionaires remains stagnant. Economists argue that this is due to the absence of deliberate policies designed to help local investors scale their businesses globally.
“Tanzania has the human potential and business talent, but what’s missing is a clear national framework to help our fastest-growing local companies access international markets and capital,” said one economist familiar with the report.
Experts say government incentives, such as tax relief for export-ready industries, improved access to regional and global capital markets, and streamlined regulatory systems, could catalyze the rise of more billion-dollar enterprises.
Additionally, they recommend fostering entrepreneurial education, improving infrastructure, and creating venture capital ecosystems that support innovation and long-term growth.
With East Africa becoming an emerging hub for investment and trade, analysts believe that Tanzania’s chance to position itself as a leader in African wealth creation is now—but it requires intentional action.
“If the country builds an enabling environment for local investors, it can not only multiply its millionaires but also produce a new generation of global billionaires,” the report concluded.
