TANZANIAN businessman Mohamed Dewji, known as Mo, has been named East Africa’s wealthiest individual with a net worth of $2.2 billion nearly 5.3trn/-), according to Forbes.

This is a significant rise from last year's $1.8billion, cementing his place among Africa’s elite. Dewji is the only billionaire from East Africa featured on the list and ranks 12th on the continent.

Dewji’s fortune has grown steadily, rising from $1.5billion in 2024 to $1.8 billion last year before surpassing $2 billion. 

Despite his growing wealth, Dewji remains committed to community empowerment. Through his company, Mohamed Enterprises Limited (MeTL), he has created over 40,000 jobs across 126 businesses and plans to expand this to 100,000 jobs for Tanzanians and East Africans.

“I am deeply committed to empowering my fellow Tanzanians and East Africans through job creation and sustainable business practices,” Dewji has stated.

Dewji, 49, is CEO of MeTL, a conglomerate founded by his father in the 1970s. The company operates across 10 African countries, including Kenya, Uganda, and Ethiopia, with ventures in textiles, flour milling, beverages, and edible oils.

In addition to his business success, Dewji is recognized for his philanthropic efforts. Through the Mo Dewji Foundation, he has partnered with Tanzania’s Ministry of Water to provide clean drinking water to over 15,000 people by drilling, rehabilitating, and treating wells. Dewji also joined the Giving Pledge in 2016, committing to donate at least half his fortune to charity.

“It is our duty to give back to society and create a lasting impact for future generations,” Dewji said.

Dewji’s rise reflects a broader trend of growing wealth among African billionaires. According to Forbes, the combined net worth of Africa’s 22 billionaires has surpassed $100 billion for the first time, totaling $105billion, up from $82.4 billion last year.

At the top remains Nigeria’s Aliko Dangote, who has held the title of Africa's richest person for 14 consecutive years.

Dangote’s wealth surged to $23.9 billion (3.1trn/-), up from $13.9 billion last year, largely due to his oil refinery launch in early 2024.

South African Johann Rupert, with $14billion (1.8trn/-), and Nicky Oppenheimer, heir to the De Beers fortune, with $10.4 billion, rank second and third, respectively. Dewji shares 12th place with South African Michiel Le Roux, each holding $2.2 billion.

Despite significant wealth growth across the continent, Dewji remains the only billionaire from Tanzania and East Africa, bringing greater visibility to the region’s potential in the global business landscape.

Forbes compiles its rankings based on stock prices, currency exchange rates, and business valuations, providing an accurate measure of wealth. The rankings highlight the dynamic nature of wealth in Africa, where economic fluctuations and market conditions can dramatically impact fortunes.