LIST: Tycoon Sudhir Retains Top Spot in 2023 Ranking of Uganda’s Richest Entrepreneurs

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Uganda’s economy has a lot of potential and is set up for quick growth and development. Significant natural resources, such as an abundance of fertile land, mineral deposits, and consistent rainfall are present in Uganda. In this article, we take a look at a summary of the richest entrepreneurs in Uganda who have fought their way into the top ten (10).

These remarkable men have amassed more riches than ordinary people in Uganda which is unimaginable. Despite not having a perfect upbringing, several of these listed Top 10 Richest entrepreneurs have managed to rise to the top.

Uganda’s Top 10 most successful entrepreneurs as of 2023:

1. Sudhir Ruparelia

The founder and chairman of the Ruparelia Foundation Sudhir Ruparelia

Dr Sudhir Ruparelia has been topping this list for quite some years. Sudhir is famed for rising his fortune from $25,000 which he saved from his hustle in the United Kingdom before he returned to Uganda in the mid-1980s as a beverages merchant and later as a foreign currency dealer.

Today, Sudhir’s portfolio goes across sectors including real estate, hospitality, agriculture, media, education, insurance, and finance. He is the chairman and founder of the Ruparelia Group, a conglomerate that rules Kampala’s most wealthy businesses.

2. 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.

3. Karim Hijri

Karim Hirji is the CEO of Imperial Hotels

Regarded as the main force behind the presence of the Dembe Group of Companies, Karim Hijri has attained an impressive feat as Uganda’s second wealthiest person. As the Dembe Group of Companies continually thrives through its subsidiaries such as Imperial Group of Hotels, Karim Hijri is declared to be worth $750 million.

4. Hamis Kiggundu

Hamis Kiggundu alias Ham, the CEO and Founder of Ham Enterprises Ltd which owns Ham Twoers, Ham Shopping Grounds in Kampala

Mr Hamis Kiggundu appears on the list for the first time. The young tycoon is increasingly investing in real estate, agro-processing, education, and technology among others.

He is the owner of Ham Properties, Ham Towers, and a 5-million-dollar mansion on the shores of Lake Victoria, which is said to be one of the largest luxury homes in Uganda. His home features several luxury amenities, including a helicopter pad, swimming pool, basketball court, indoor cinema, and twenty-five bedrooms.

Mr Kiggundu is currently developing ‘Ham Palm Villas’ a luxury residential estate comprising 500 fully serviced modern houses on about 200 acres of land, making it the largest luxury residential community in Uganda.

5. Charles Mbire

Charles Mbire has worked his way to the top of the rich list. He is well known for his interest in MTN Uganda, as well as investments in cement manufacturing, transportation, agribusiness, pharmaceuticals, telecommunications, real estate, energy, and finance.

6. Sikander Lalani

Other than his investment dealings which largely centre on the manufacturing sector, Lalani is the vital force behind the existence of Roofing Groups. Having established himself as an entrepreneur for a very long time, Sikander Lalani has acquired a sum of $300 million as net worth.

7. Drake Lubega

Mr Drake Lubega is the proud owner of several commercial buildings in downtown Kampala. He is famous for building or purchasing properties worth USD 7 million or less every six months, as he collects the rent. Some of his properties include:

  • Qualicel Bus Terminal
  • Totali Building, Kikuubo Buildings
  • Buildings at Nakivubo Blue
  • Mini Price Buildings
  • Elite Secondary School in Bwebajja

8. Gordon Wavamunno As the best part of his wealth is believed to have stemmed from his automotive business, Gordon Wavamunno is immensely linked with the ownership of Spear House together with Spear Motors -his automotive company.

9. Patrick Bitature

Bitature is the founder, chairman and Group CEO of the Simba Group of Companies which is primarily based in East Africa.

As Simba Telecom Ltd is regarded as Uganda’s biggest seller/merchant of MTN airtime, Bitature’s current net worth hangs around $100 million. On the other hand, his interests span hospitality, energy, real estate among others.

10. Mukesh Shukla

mukesh shukla
Businessman Mukesh Shukla

Mukesh Shukla is not only an entrepreneur and a businessman but also a politician in Uganda, who has an estimated net worth of $100 million. One of the top 10 richest men in Uganda, acquires his major wealth under his individual companies and businesses which include an aluminium cooking utensils company, a milk processing plant company, a money lending business, a stock exchange bureau, etc.

He has made large investments as a business mogul and investor in Uganda in industries like manufacturing, transportation, and real estate.

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