Uganda’s richest man Sudhir shares secrets of getting rich

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Once ranked by Forbes Magazine as the richest man in East Africa, Dr Sudhir Ruparelia’s name is synonymous with business success in Uganda.

Often referred to as having the proverbial “Midas Touch,” he has transformed every venture he touches into a business empire.

His journey to success began in 1987, when he returned to Uganda with a modest $25,000 in savings.

The country was recovering from years of political and economic instability at that time. Local shops were filled with goods from neighbouring Kenya, with popular brands like Cowboy, Kimbo and Omo gracing the shelves.

With his radar on full alert, Ruparelia saw an opportunity in the challenges others saw as obstacles. Starting with small, but strategic moves, he began by importing essential goods, quickly establishing himself in the wholesale business in Kikubo, Kampala.



Hawk-eyed, he recognised the impending shortage of foreign currency in a liberalised economy.

He founded Red Fox Forex Bureau, providing a solution to the pressing need for dollars. Not stopping there, Ruparelia ventured into gambling with the Scratch for Cash scheme before plunging into the banking sector. He founded Crane Bank, which would go on to become a household name in Uganda.

When asked for his advice on how to be a successful, multifaceted entrepreneur, Ruparelia takes a thoughtful puff from his Havana cigar and reflects.

“Always keep your radar for opportunities on full alert. Look for the weakest link in society and figure out how to bridge it for a fee. When I returned, the shelves were barren of local products. I saw an opportunity to import goods and set up a wholesale business. Later, when dollars were scarce, I opened a foreign exchange bureau. That is how I ended up with my hands in all the pies,” he recounts.

Today, Ruparelia’s business empire spans across Uganda, with over 200 properties under his ownership.

His ventures cover a diverse array of industries, from finance, insurance, hospitality, education and agriculture. Despite his immense success, he remains humble, acknowledging that business is inherently unpredictable.

“In business, as the Swahili word biashara (losses) suggests, there are always gains and losses,” he says.

“But with persistence, one finds a way to turn things around.” One of his most remarkable achievements is the development of Speke Resort Munyonyo. What started as a simple gathering place under a mango tree has since evolved into one of Uganda’s premier luxury destinations.

In 2007, Speke Resort hosted the Commonwealth Heads of Government Meeting (CHOGM), a prestigious event that brought international attention to Uganda.

“We started small, but with dedication and creativity, we grew. Today, Speke Resort is the only convention centre in the country,” he proudly recounts. “There has since been a rapid succession of events of international stature. Consistency and innovation is the name of the game.”

Speke Resort is the only convention centre in the country. Recently, it hosted the NAM and G77 summits. (File photo)

Ruparelia’s hospitality empire doesn’t stop at Speke Resort. He owns several high-end properties, including Kabira Country Club, Forest Cottages, Speke Hotel, Speke Apartments and The Cube in Kitante.

He has also made a significant impact in the education sector, with Kampala Parents Primary School, Kabira International School, New Delhi School and Victoria University.

Beyond education and hospitality, Ruparelia has extended his business interests into agriculture with Rosebud, a flower export business that has successfully broken into the European market once dominated by Zimbabwe and South Africa.

Business Tips for Thriving

Asked for business tips for Ugandans, Ruparelia says its rapidly growing population, strategic location in Africa and abundant natural resources present vast business opportunities.

Talking about navigating the Ugandan economy, Ruparelia says requires careful thought and adaptability. Drawing from his wealth of experience, he offers some invaluable advice for entrepreneurs looking to succeed in this dynamic market.

“For a start, understand the local consumer needs because Uganda’s market is diverse, with varying needs across different regions. Successful businesses must understand their local consumer base preferences, spending habits and cultural nuances,” Ruparelia advises.

He emphasises that the key to success lies in tailoring products and services to meet the specific demands of consumers.

Agricultural products, mobile services and affordable housing are in high demand, while Uganda’s growing middle class is opening new opportunities in retail and luxury goods.

“The other trick is to tap into Uganda’s young workforce. With over 75% of the population under the age of 30, the country boasts a vibrant and energetic workforce. I urge businesses to leverage this youthful energy, particularly in sectors like technology, entertainment and education,” whispers Ruparelia.

“By offering training and skill development programmes, businesses can benefit the workforce and foster long-term loyalty.”

He also advises entrepreneurs to embrace the digital revolution that is taking root in Uganda’s economy, including mobile banking, e-commerce and digital payment systems.

These innovations offer businesses the chance to streamline operations, reach broader markets and enhance customer experiences.

Ruparelia further advises entrepreneurs to build strong relationships and networks. He argues that in Uganda, as in many other parts of the world, business relationships are key to success.

“There is so much importance of face-to-face interactions, which play a vital role in building trust — a critical component of business success. Cultivating relationships with key industry players, government officials, religious leaders and local communities is essential for entrepreneurs. Joining business associations like the Uganda Chamber of Commerce and the Uganda Investment Authority can open doors and provide valuable insights into government policies and regulations,” Ruparelia suggests.

Cognizant of the fact that the business landscape is not without its challenges, he advises Ugandans doing business to be adaptable and resilient.

“The importance of resilience and adaptability in overcoming obstacles, such as inflation, regulatory changes, and fluctuating exchange rates come in handy. Successful entrepreneurs are those that can quickly adjust when needed, manage risks effectively and find creative solutions to problems,” Ruparelia says.

“Flexibility and innovation in the face of challenges are key to longterm business success.”

Ruparelia’s impact has not gone unnoticed. The state minister for tourism, Martin Mugarra, praises Ruparelia’s significant contributions to Uganda’s meetings, incentives, conferences and exhibitions (MICE) sector, noting that the Government plans to build five more convention centres to position Uganda as a leading conference destination in Africa.

Kabira Country Club swimming pool, banking one of Ruparelia’s hospitality empire. (File photo)

“Ruparelia’s success is a model for what we can achieve,” Mugarra says. Ruparelia’s influence extends beyond the business world. John Ssebalamu, a fellow investor, credits Ruparelia as his mentor in property development, while Godfrey Kirumira, a member of the Kwagalana group, describes him as a businessman with a “heart of gold.”

“Ruparelia is not just a business success, but also in his relationships. He’s connected with royal families, politicians and ordinary Ugandans alike,” Kirumira adds.

Secrets for Getting Rich

Asked to share what he considers to be the tips/secrets for getting rich, Ruparelia said: “One needs to build a reputation out of which trust is created. When people trust you, it creates many economic opportunities for you. Trust is the biggest commodity you can have.”

The second idea he pointed out is the need to honour commitments made, whether verbally or in writing.

“In terms of succeeding in business, you need to establish multiple sources of income. This is important in the journey to get rich. If one investment stream is not doing well, you will be cushioned by the other investments/sources of income and you will achieve your goals,” he suggests.

Emphasising the importance of hard work, Ruparelia said: “Working six days a week and not less than 12 hours a day can greatly drive someone to financial success.”

From Humble Beginnings

Ruparelia’s journey to success began in the village of Kabatoro in Kasese, where his father, Jayantill Ruparelia, ran a small corner shop.

“My father’s shop stocked essentials like paraffin, salt, soap, and sugar. That’s where I first learned the value of business,” Ruparelia recalls.

One major lesson he says he learnt from his father in doing business, which he always emphasised, is paying people when you owe them money.

His journey wasn’t without hardship. In 1972, during the expulsion of Asians by President Idi Amin, Ruparelia, like many others, was forced to leave Uganda. He moved to the UK, where he worked a variety of jobs, including driving cabs and trading property in cities like Birmingham, Finchley and Manchester.

While in the UK, he studied his “O’level and A’level and later did a course in accounting, which he never completed because he was deeply involved in doing business.

“While in the UK, I worked as an accountant and used to buy and renovate old properties,” Ruparelia recalls. Yet, his heart always remained in Uganda and in 1987, he returned to his homeland, eager to seize the opportunities he saw in every challenge.

Today, Ruparelia is more than just a successful businessman. He is an icon, a mentor and a role model for aspiring entrepreneurs.

His life story is a testament to the power of vision, hard work and the relentless pursuit of opportunity. Ruparelia’s journey proves that with the right mindset, anyone can carve their path to success.

Richest Man in East Africa

Uganda’s richest businessman has appeared in many international publications and has received a number of accolades and awards for his contribution to Uganda’s economy through investments.

In 2012, Forbes Magazine ranked Ruparelia the richest man in East Africa, with an estimated net worth of $900m. Ruparelia is currently estimated to have a net worth of $1.2b (sh4.4 trillion).

During the 39th National Resistance Movement anniversary celebrations on January 26, in Mubende this year, President Yoweri Museveni awarded Ruparelia with the Distinguished Order of Crested Crane medal for his impactful investments in the economy in various sectors, including education and real estate.

City tycoon, Dr. Sudhir Ruparelia with President Yoweri Museveni after receiving the distinguished order of the crested crane (grand officer) medal during the 39th Liberation Day Anniversary celebrations held at Mubende National Teachers’ College in Mubende District on Sunday, January 26, 2025. (Photo by Eddie Ssejjoba)

In 2012, Ruparelia was among the most outstanding Ugandans who were given medals as Uganda celebrated 50 years of independence.

While awarding Ruparelia with an honorary PhD in 2007, the Uganda Pentecostal University said: “Sudhir Ruparelia has distinguished himself and has contributed immensely to his country, in the fields of business, finance and provision of education as well as being a reputable philanthropist.”

Sudhir has played a pivotal role in addressing unemployment through the creation of over 10,000 jobs.

Regarding his contribution to the tax revenue, Ruparelia said: “I am the biggest individual taxpayer in Uganda. You can find out from Uganda Revenue Authority.”

As chairperson of Ruparelia Foundation, he has undertaken various corporate social responsibility interventions, including charitable initiatives in healthcare, among others. Since its inception, the foundation has donated over $1m to charitable causes.

With Uganda’s capital markets being ranked among the top five in Africa, Ruparelia is the biggest individual investor in that sphere.

Asked what advice he would give to Ugandans regarding opportunities in the capital markets, including the stock market and investing in government securities, Ruparelia said: “I think if you buy at the right time and buy for long-term, it is rewarding to invest in capital markets.”