LIST: Top 10 Richest People in Uganda (2022) and their Net Worth

The last two years have disrupted many things including the wealth of the rich class. The 2022 wealthy list released by top analysts favours those who invested in technology, real estate, health, food, logistics etc.

In this new Uganda’s new list of the wealthiest, a lot has changed tremendously with big names such as Patrick Bitature, and Charles Mbire, among others, dropping off the top 10 as previously reported.

The list of the richest people in Uganda 2022 includes native Ugandans as well as businessmen who are born to immigrants. Uganda is an East African country with a thriving economy. These businessmen have made their wealth by investing in different sectors.

This article, therefore, presents to you the top ten richest Ugandans including their net worth.

Top 10 Richest People in Uganda 2022

1. JB Muwonge USD 1.8Bn

John Bosco Muwonge tops the list of richest people in Uganda in 2022. Muwonge is an allusive billionaire who is rarely seen in public. Muwonge makes all the money and takes it all.

Unlike billionaires such as Sudhir Ruparelia who spends a lot on social causes in his charity and corporate social responsibility activities, Mr. Muwonge collects a lot of money from his many commercial buildings in Kampala’s central business district – and focuses on building.

He has multiplied his stake in Kampala’s CBD in the past couple of years and owns Namanda, Cooper complex, Cornerstone, Discount mall, Shamba complex, Shauriyako, Ggagawala, Namayiba bus terminal, Gwanda mall Kisenyi, Superior complex, New Arua park complex, he has a street in Nabugabo, and has over 40 construction sites in Kampala, plus over 400 acres of land in Kisenyi area. Muwonge could be valued at USD 1.8 billion.

2. Sudhir Ruparelia – USD 1.2Bn

Sudhir Ruparelia has sat on top of Uganda’s rich list for a long time. He has over 17 companies under his Ruparelia Group with interests in hospitality, real estate, finance, media, insurance, education, agriculture, labour export among others.

Sudhir got a setback with Bank of Uganda grabbed his Crane bank from him and later Covid19 affected his massive investments in the hospitality, education, and flower sectors. On top of that – Sudhir has not stopped his support for charitable works and other social causes. However, Sudhir has continued to invest in upscale accommodations and office spaces, as well as commercial buildings in DownTown Kampala.

In 2007, the Uganda Pentecostal University gave Ruparelia an honorary Doctor of Laws degree in business. This came as a recognition of his contribution to the country’s economic progress. In addition, the president of Nepal, Bidhya Devi Bhandari, named Ruparelia as honorary Consul of the Republic of Nepal to Uganda in February 2020.

Sudhir has maintained his Forbes net worth of USD 1.2 billion.

3. Drake Lubega USD 1Bn

Drake Lubega owns Qualicel BUS TERMINAL, Totali building, Kikuubo buildings, buildings at Nakivubo blue, and Mini Price buildings among others in Downtown Kampala. It is said Lubega builds or buys a new building of not less than USD7 million, every 6 months – with money he collects from rent. He is worth USD1 billion.

4. Alykhan Karmali (Mukwano) USD 900m

Alykhan Karmali is among the richest people in Uganda born to immigrants. According to Forbes, he has a net worth of $900 million. Mr. Karmali is a philanthropist, businessman, industrialist, and entrepreneur. He serves as the managing director of Mukwano Industries Uganda Limited, a Mukwano Group member firm.

Alykhan’s paternal grandfather, Ali Mohamed Karmali, was an entrepreneur of Indian heritage who immigrated to Uganda in 1904. Then, before moving to Mbarara in Uganda’s Western Region, he worked as a store assistant in Jinja.

5. Hamis Kiggundu USD 870m

This is not the first time Hamis Kiggundu appears on this list of the top 10 wealthy Ugandans. The outspoken young tycoon is said to be collecting not less than USD1 million a month. Hamis has invested in real estate, agro-processing, education, and technology among others.

6. Karim Hirji USD 800m

Karim Hirji is a Ugandan entrepreneur, hotel owner, and businessman. Hirji is the fifth richest person in Uganda with an estimated net worth of almost $800 million. The Ugandan business magnate began trading textiles and alcoholic beverages from a store on Luwum Street in Kampala.

Karim Hirji’s wealth was affected by the Covid19 pandemic owing to his investments in the hospitality industry. However, real estate remains the backbone still holding his wealthy position.

7. Kitandwe Tom (USD 600m)

Kitandwe Tom is one of the businessmen who grew their empires from Kikuubo as a wheat agent. He now boasts of buildings including Giant shopping arcade in Kikuubo, Nakasero complex on Nakivubo road, Mid-city arcade on Nakivubo Road, Mackay Buildings on Old Rashid Kaharmis Road among others. He has also raised buildings at Arua park, Parkyard, and behind Gazaland.

8. Christine Nabukeera (USD 580m)

Christine Nabukeera is known among the rich circles as Senga Nabukeera. She is also one of the property moguls in Kampala. She is said to be the pillar on which her relatives including John Sebalamu, John Bosco Muwonge and Haruna Segawa, built their wealth. Nabukeera owns Kisekka Auto center plaza, Victor plaza in Kikuubo, Nana arcade in Nabugabo among others.

9. John Sebalamu (USD 550m)

John Sebalamu is a multiple property owner in Uganda credited with starting the culture of the now mushrooming shopping arcades in the heart of Kampala. Mr John owns several properties in Kampala, including Freedom City Mall, which cost him US $1 million, Capital House, Naiga Chambers, and several other prominent properties.

10. Haruna Sentongo (USD 450m)

Haruna Sentongo is another new entrant on the top 10 wealth list.

Haruna and his brother Hamis are young businessmen who have used their family business experience to invest wisely and grow their wealth. Today, Haruna owns Nakayiza market with 12 blocks, Haruna Towers in Kisenyi, NM apartments, Old Africana agro market, Segawa market which has two blocks, he has new coming up in Kisenyi, four acres of undeveloped land in the same area, Haruna shopping mall, Haruna towers Ntinda, trading under his Haruna enterprises. Analysts say Haruna strategy has been to turn Mengo Kisenyi into a premier business center.

Haruna’s aim is to turn the Kisenyi surbubs onto a new Kampala since the population is already there he is mainly based in agro markets for agro stores for all agro produce in uganda. He is building warehouses for agro produce sales and rents them out. He has over a thousand agro stores in Kisenyi and sources say this is attracting Kikuubo based businesses.

Conclusion

These Ugandan business tycoons continue to look for more business opportunities in Uganda and neighboring countries. As their businesses thrive, their net wealth will continue to increase. Besides, it is worth noting that other business tycoons and entrepreneurs are also working tirelessly to take their businesses to greater heights and make more wealth. So, in one year’s time, the list of the top ten richest people in Uganda will most likely have some new faces.