Tanzania has emerged as the tenth wealthiest country in Africa in terms of high-net-worth individuals (HNWIs), boasting a total of 2,400 dollar millionaires. The country trails behind Kenya and Ethiopia in the eastern Africa region, which has 7,700 and 2,700 millionaires respectively.
Data from the International Monetary Fund (IMF) indicates that South Africa leads the pack with a staggering 37,800 rich individuals, followed by Egypt with 16,100 and Nigeria with 9,800.
A high-net-worth individual is defined as someone with at least $1 million in liquid financial assets, including cash or easily convertible investments.
These HNWIs play a significant role in contributing to the economy through investments and philanthropy, leading to the creation of new businesses, job opportunities, and funding for essential social programs and charitable organizations. Moreover, their influence often extends to driving political change within their communities.
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Although Tanzania ranks tenth in terms of dollar millionaires, it stands at the eighth position in nominal gross domestic product (GDP) for Africa in the past year.
Nominal GDP, evaluated at current market prices, reflects the total value of goods and services produced, minus the value of production costs. Tanzania’s nominal GDP accounts for 2.56 percent of Africa’s total, placing it ahead of Ghana at 2.54 percent.
However, according to a ranking model by the World Bank, Tanzania does not make the list of the ten richest countries in Africa based on Gross National Income (GNI) per capita.
GNI measures the overall income brought into a country by its citizens, including foreign investments. The top countries by GNI per capita are Seychelles, Mauritius, and Libya, with South Africa ranked fourth.
As Tanzania continues to develop economically, its standing among Africa’s wealthiest nations is subject to change, depending on various economic factors and developments in the region.
