2024 Rankings: Sudhir Ruparelia Maintains Top Spot As Uganda’s Wealthiest Tycoon

By Gad Masereka

Ugandan billionaire Dr. Sudhir Ruparelia continues to dominate the rankings of the country’s wealthiest individuals, retaining his position at the top of Uganda’s richest for 2024. The new list, released following a comprehensive assessment of personal assets, reaffirms Ruparelia’s enduring status as the nation’s most affluent entrepreneur.

The evaluation considered key aspects such as cash, private investments, public holdings, and the deduction of liabilities to estimate net worth. Notably, the rankings emphasize individual wealth, though immediate family contributions to fortune were also factored in.

Dr. Ruparelia, aged 68, has amassed a staggering $1.35 billion net worth through his wide-ranging investments. His business empire, Ruparelia Group, spans multiple sectors, including banking, insurance, education, broadcasting, real estate, floriculture, and hospitality.

Following closely behind is Mayur Madhvani, with a net worth of $1.2 billion. Madhvani, at 64, has built his wealth primarily through real estate and manufacturing via the Madhvani Group. The third on the list is Alykhan Karmali of Mukwano Group, valued at $1.15 billion. Karmali’s investments focus on real estate and manufacturing.

Prominent tycoon John Bosco Muwonge holds the fourth spot with $1.13 billion, while businessman Hamis Kiggundu rounds out the top five with $1.02 billion. The full list highlights the continued dominance of established names in Uganda’s business landscape, with many tycoons expanding their portfolios across diverse sectors, such as real estate, manufacturing, and hospitality.

Below Is The Full List