2023 Top 10 Richest People in Uganda — Have you ever wondered who are the 2023 richest people? Top Most 10 outlines the 2023 top 10 richest people in Uganda and their net worth. This was made possible by closely monitoring the finances and wealth of the top influential politicians and business gurus to know their net worth.
2023 Top 10 Richest People in Uganda and their net worth
10. Patrick Bitature
Patrick Bitature is really a businessperson, entrepreneur, and writer from Uganda. He is thought to be Gordon Wavamunno’s successor as the tenth-richest Ugandan.
He is the group CEO, chairman, and founder of the East African-based Simba Group of Companies. The Simba Group of Companies started out in 1998 with a telecom company as its main business. Since then, it has grown to include a wide range of East African businesses in telecommunications, real estate, power production, agro-business, mining, tourism, media, and more.
At the end of 2011, the group employed more than 600 direct employees and more than 1500 indirect employees.
He has been put on the boards of directors of a lot of Ugandan businesses, organizations, and institutions. The most important of these appointments are the ones for the Mulago National Referral Hospital, Bolloré Logistics Uganda, and Umeme Uganda Limited.
Bitature established Simba Telecom Limited as a business in 1998. The business joined MTN Uganda as a franchisee, which had recently started operating there.
Simba Telecom now sells more MTN airtime than any other company in Uganda, with sales revenue of more than US$80 million in 2010.
Over the years, he has started more businesses, all of which are part of the Simba Group of Companies, which has branches in Tanzania, Kenya, and Uganda. As of 2022 estimates he has a net worth of approximately $100 million.
9. Gordon Wavamunno
Gordon has made investments in a number of businesses, including Wavah Water Limited, Wavah FM, GM Tumpeco Limited, and many others, like many other business tycoons in the nation.
He received the title of Knighthood of the Order of Saint John in 2013. The award was given to him because of the good things he has done as a member of the Saint John Association of Uganda since 1983.
He is the association’s chairman at the moment. Among his other acts of kindness, he gave the group two ambulances, helped rebuild their offices in Kampala, and gave orphans scholarships.
An honors degree from Makerere University was also given to him. His kind lifestyle has been apparent in the nation, as he has donated a large number of items to numerous clubs and organizations there.
He was born on December 16, 1943, in Rugaaga, then known as the Isingiro District, in Uganda’s Western Region. He finished his primary education in his hometown and then moved to Mbarara, the largest town in this sub-region when he was a teenager. Later, he moved to Kampala, the largest capital city of Uganda.
Wavamunno financed the establishment of Spear Motors Ltd, the only Mercedes Benz dealer in Uganda, with the help of his riches in 1973, a year after dictator Idi Amin had forced Ugandan Asians to leave their country.
Also, the dealership is the only authorized place to buy and sell Jeep, Dodge, and Chrysler parts and vehicles. Spear Motors is also the only company in Uganda that sells Deutz Fahr tractors and farming equipment. He will be worth well over $100 million in 2022.
8. Aaron Mukooza
One of Uganda’s wealthiest individuals, Aaron Mukooza is thought to be worth $200 million. He has made significant investments in the banking industry and the media.
He is also regarded as an investor due to his media and financial investment activities.
With a staggering total net worth of about $200 million, Aaron Mukooza ranks among the wealthiest people in Uganda. In the top-ten list of Uganda’s richest men, he comes in at number eight.
7. Sikander Lalani
One of the oldest entrepreneurs in Uganda is Sikander. He was born on the fourth of October, 1944, in Uganda, and is the creator of Roofing Groups.
In addition to being an entrepreneur, Sikander is also a pathologist. He began his career as a dealer in a Kigali-based retail electronics store that focused on buying and selling Philips brand products.
In Rwanda, he had been a tyre distributor. Since its inception 20 years ago, Sikander has created three separate steel-manufacturing groups of enterprises in Nigeria.
He was born on October 4, 1944, in Kampala’s Nsambya Hospital. In the 1960s, he completed histopathology training and worked for two years at the University College Hospital, London, UK.
In the 1970s, he gave up practicing medicine and founded an electronics retail company in Kigali, Rwanda, specializing mostly in the Philips brand. Later, he started working as a Goodyear tire distributor in Rwanda.
In 1976, he was first approached with the idea of Rwanda producing metallic roofing materials by his Japanese business partners, who were supplying him with electronics.
He was successful in his application for a loan from the World Bank for US$1 million with the aid of the Rwanda Development Bank. He established a plant in Kigali to produce roofing materials in 1978. He fled Rwanda for Tanzania in 1994 when the massacre started. Due to Tanzania’s burdensome bureaucracy, he later moved to Uganda.
Lalani has established a group of three different steel-making factories in Uganda over the past 20 years, accumulating an estimated $300 million in wealth.
6. Charles Mbire
Charles Mbire is one of the richest Ugandans, with an estimated net worth of $400 million. Charles Mbire, an investor and businessman, was born in 1959 not far from Mparo in the Rukiga District, like many of Uganda’s richest people who come from immigrant families.
Mbire is the founder and a board member of a number of Ugandan businesses, including Bomi Holdings Limited, Afro Alpine Pharma Limited, Polino Holdings Limited, and MTN Communication Uganda Limited.
Charles held a number of positions at the table, including chief of the Uganda Security Exchange in 2010 and membership in the Presidential Investor Roundtable, a select group of business leaders who advise the president of Uganda on how to best improve the country’s competitiveness and business environment.
Charles Magezi, the son of Ponsiano Mbire and Thereza Mbire, was born as Mbire in 1959 in Mparo, Rukiga District, southwest Uganda.
With three sisters, two of whom are older than he is, and two younger brothers, he is the third child in the family. He attended Kitante Primary School and Kabale Primary School for his elementary education.
He completed his O-Level coursework at St. Mary’s College Kisubi. After that, he studied for his A-Levels at Namasagali College. At Essex University in England, where he majored in business and economics, he earned a Bachelor of Science with honors. degree
Later, he earned a master’s degree in business administration from Leicester University, also located in the UK. He has financial, energy, real estate, pharmaceutical, agriculture, and transportation investments.
5. Alykhan Kharmali
Alykhan Karmali is one of the wealthiest immigrants in Uganda. He reportedly does have a combined wealth of $900 million, according to Forbes.
Mr. Karmali is a businessman, industrialist, philanthropist, and entrepreneur. He is the general manager of Mukwano Industries Uganda Limited, a company that is a part of the Mukwano Group. He was also a non-executive director at Exim Bank (Uganda), a commercial bank that is owned by the Mukwano Group to the tune of 36.5%.
Ali Mohamed Karmali, the paternal grandfather of Alykhan, was an Indian-born businessman who moved to Uganda in 1904. He then worked as an assistant in a store in Jinja, Uganda, before moving to Mbarara in the Western Region.
Later, he made his home in Bukandula in the modern-day Gomba District of Uganda’s Buganda Region, where “he ran a booming business in cotton and coffee in conjunction with other Asian families.”
He had several friends, and he earned the nickname “Mukwano GWA Bangi” in his community (Friend of Many). In honor of him, the family simplified it to “Mukwano” and renamed the company.
The father of Alikhan, Amirali Karmali, passed away on July 10, 2019, in Kololo, a posh area of Kampala. On Saturday, July 13, 2019, he was laid to rest in a graveyard in the same area. Amirali gave his son Alykhan control of the family business in 1995.
4. Drake Lubega
Mr. Drake is happy to own several businesses right in the middle of Kampala. Every six months, while he collects the rent, he is renowned for creating or acquiring real estate worth US $7 million or a little less. Some of his assets are the Bwebajja Elite Secondary School, the Totali Building, the Kikuubo Buildings, the Buildings at Nakivubo Blue, and the Qualicel Bus Terminal.
Jesco Industries Limited is his investment vehicle (JIL). The majority owner is Drake. The corporation was established on October 7, 2005. Kampala, the capital of Uganda, and areas outside of it are both under the ownership and administration of JIL.
Our sources claim that Drake Lubega is one of Uganda’s largest property owners, not just in Kampala but also in the rest of the country.
Business mogul Drake Lubega has built up a fortune that is now thought to be worth more than $900 million. His empire is indeed growing, and his net worth is rising.
Drake Lubega is the owner of a number of buildings in Kampala alone, many of which are rented out to local employees and business owners.
3. Mohammed Hamid
Mohammed Hamid is one of the youngest people in Uganda to be worth millions of dollars, and he is thought to be one of the richest people in the world.
He has made large investments as a business mogul and investor in Uganda in industries like manufacturing, transportation, and real estate.
He presently serves as the Aya Group of Companies chairman and largest shareholder. The second wealthiest African under 40, behind the Tanzanian Mohammed Dewji
Around 1976, Hamid was born in Sudan. He initially went to Uganda in 1987 to see his older brother Mohammed El Hamid, who ran the commodity trading company Pan Afric Impex. He stayed after falling in love with the nation.
With an existing fleet of hundreds of industrial-strength Scania and MAN prime movers and sub-trailers, he founded a trucking company called FIFI Transport Uganda Limited, later rebranded Panafric Transport, which is a major transporter in the East and Central African region.
In the early 1990s, he worked alongside his older brother before founding Pan Afric Commodities, a business that deals in commodities. Then he bought a milling machine from Sudhir Ruparelia at Premiere Mills.
In addition to being a successful businessman and entrepreneur, he is also a kind giver, as evidenced by the considerable financial and material donations he has provided in this situation.
With the rate at which his wealth is increasing, he could quickly climb the ranks of the richest people in the coming years. He will have an estimated $1 billion in wealth by 2022.
According to Forbes, he was the second-richest African under 40 in 2015, behind the multimillionaire from Tanzania, Mohammed Dewji.
2. Sudhir Ruparelia
For a very long period, Sudhir Ruparelia topped Uganda’s list of the wealthiest people. His Ruparelia Group has over 17 businesses with interests in, among other things, real estate, media, banking, insurance, education, hospitality, agriculture, and labor export.
Sudhir suffered a setback when the Bank of Uganda took his Crane Bank away from him. Later, Covid19 had an impact on his significant investments in the hotel, schooling, and flower industries.
Additionally, Sudhir has continued to support philanthropic organizations and other humanitarian issues. However, Sudhir has kept making purchases of posh lodgings, offices, and business structures in downtown Kampala. However, Sudhir has kept his $1.2 billion Forbes net worth.
Sudhir Ruparelia, the founder, CEO, and largest shareholder of Ruparelia’s Group of Companies, is ranked second among the top ten richest Ugandan millionaires.
People think he’s lucky because he started his business with a small amount of money—around $25,000.
He also has interests in the banking, radio, insurance, real estate, education, hotels, floriculture, and resort industries in Uganda.
In 2020, the president of Nepal, Bidhya Devi Bhandari, conferred Ruparelia with a Consul General of the Republic of Nepal to Uganda.
1. John Bosco Muwonge
On the top of the list of richest individuals in Uganda in 2022 is John Bosco Muwonge. He is a mysterious billionaire who hardly ever appears in public.
All of the money is made and taken by Muwonge. Mr. Muwonge receives a lot of money from his numerous commercial buildings in Kampala’s core business center and concentrates on the build, in contrast to billionaires like Sudhir Ruparelia who invest a lot of money in social problems through his charity and corporate responsibility initiatives.
In the past few years, Mr. Muwonge has increased the size of his stake in the Kampala CBD. He now owns Namanda, the Cooper and Cornerstone complexes, the Discount mall, the Shamba complex, the Shauriyako ggagawala, the Namayiba bus terminal, the Superior and New Arua Park complexes, a street in Nabugabo, more than 40 building project sites in Kampala, as well as more than 400 acres of land in the Kisneyi area. Muwonge is worth well around US $1.8 billion.
The siblings of first-generation real estate muloodi billionaires John Bosco Muwonge, John Ssebalamu, Paul Lubega, Christine Nabukeera and Haruna Ssegawa control a major portion of Kampala City.