Tanzania: Finance Minister says there are close to 6,000 billionaires in the country
According to The Citizen, the nation’s finance minister disclosed the information during a parliamentary session in the country’s capital Dodoma.
Mwigulu Nchemba revealed that 115 of the 5740 billionaires living in Tanzania have a net worth above $30 million and account for 28% of the total net worth of Tanzania’s billionaires.
Nchemba, while responding to a question raised by a member of the parliament, further explained that the government, through its revenue collecting authority TRA has a registry of most of these billionaires and collects taxes from them according to the law.
“These billionaires are registered by the Tanzania Revenue Authority (TRA) and have been categorised as large taxpayers in various sectors,” he said.
He added that the TRA conducted the study, which was supported by another report by Capgemini and RBC Wealth Management in July 2019.
According to the 2019 Africa Wealth Report revealed that 23 billionaires are living in Africa, each with net assets of US$1 billion or more.
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The report, which provides a comprehensive review of the wealth sector in Africa, including HNWI trends, luxury trends and wealth management trends, highlighted that Africa as a continent is home to 140,000 billionaires, accounting for just 1% of the global billionaires tally.
Data from the report showed the continent’s top 10 wealthiest countries to be South Africa, Egypt, Nigeria, Morocco, Kenya, Angola, Ghana, Ethiopia, Tanzania, and Côte d’Ivoire. Other key findings from the report include:
- Total wealth held on the continent amounts to US$2.2 trillion. Around US$920 billion (42%) of this is held by HNWIs.
- The average individual living in Africa has net assets of approximately US$1,900 (wealth per capita).
- Approximately 6,900 multi-millionaires are living in Africa, each with net assets of US$10 million or more.
- Approximately 310 centi-millionaires are living in Africa, each with net assets of US$100 million or more.
