Ashish J. Thakkar is a Rwandan-based entrepreneur and philanthropist. He is best known as the founder and owner of the Mara Group, a Pan-African conglomerate with operations in 25 African countries.
The company, which he founded at the age of 15, has operations in various sectors including hotel and tourism, finance, information and technology, and manufacturing, among others.
The 43-year-old entrepreneur is known as the only African who has paid the $200,000 ticket fee for Virgin Galactic’s first flight to space.
The remarkable fact about Thakkar is that he did not inherit anything. He built it all from scratch. On his Instagram profile, he identifies himself as a refugee and school dropout.
This is his profile as told by WOA:
Ashish J. Thakkar’s Net worth
Ashish J. Thakkar’s net worth is estimated to be around $260 million, which makes him a billionaire by South African Rand values.
African Business has suggested that Thakkar’s conglomerate, Mara Group, is valued at over $1 billion, which would have positioned him as Africa’s youngest billionaire in 2015.
Nevertheless, the decline in stock value of Atlas Mara, which he co-founded, has impacted perceptions of his wealth significantly.
In 2017, reports indicated that the assets held by Atlas Mara were worth around $30 million, reflecting the challenges faced by the company.
Ashish J. Thakkar’s Companies
Ashish J. Thakkar has founded several notable companies throughout his entrepreneurial career. They include:
- Mara Group: Founded in 1996 when Thakkar was just 15 years old, Mara Group has grown into a multi-sector investment group with operations in 25 African countries. It spans sectors such as financial services, infrastructure, real estate, and technology.
- Mara Foundation: Established in 2009, this foundation supports entrepreneurship and economic empowerment across Africa. It focuses on fostering and supporting emerging entrepreneurs through mentorship and venture philanthropy.
- Atlas Mara: Co-founded with Bob Diamond, former CEO of Barclays, in 2013, Atlas Mara invests in commercial banking institutions across Africa1.
- Mara Delta Property Holdings: A JSE-listed real estate fund set up to invest in mixed-use developments across Africa.
- Mara Mentor: A mobile app under Mara Foundation that connects ambitious entrepreneurs with experienced business leaders.
His property portfolio is also impressive, entailing several notable investments, primarily through his companies:
- Mara Delta Property Holdings: A JSE-listed real estate fund that invests in mixed-use developments across Africa. This fund was created through a merger between Delta Africa and Mara Diversified Property Holdings1.
- Buffalo Mall Naivasha: A retail, commercial, and entertainment center development in Kenya.
- Oando Wings: An office development in Nigeria.
These properties are part of his broader strategy to invest in and develop real estate across the African continent.
Ashish J. Thakkar’s Success Journey
Ashish was born in Leicester, United Kingdom, in 1981 to Indian parents who had fled Uganda during the regime of Idi Amin.
His family returned to East Africa, living in Rwanda until they were displaced again during the Rwandan genocide in 1994, leading them to seek refuge in Uganda.
From a young age, it was evident that Thakkar was cut out to be an entrepreneur. For instance, his first sale entailed selling his own computer to a family friend at a profit when he was 14.
Thakkar attended school in Kenya but dropped out at the age of 15 to start his own business with a $5,000 loan. He began by importing computer parts and offering IT services in Kampala, Uganda.
His early ventures included selling computers to schoolmates and expanding into various technology-related services. That was in 1996.
Over the next decade, Mara Group grew and diversified into sectors such as manufacturing, real estate, agriculture, and financial services. The company now operates in over 25 African countries.
Currently, apart from running his companies, Thakkar advises several heads of state in Sub-Saharan Africa on economic development and entrepreneurship.
He has also served as Chair of the United Nations Foundation’s Global Entrepreneurs Council.
Ashish J. Thakkar’s Family
A devout family man, Ashish J. Thakkar is married to Krishna A. Thakkar. The couple has two children, Yagna A. Thakkar and Avadhi A. Thakkar.
Previously, Thakkar was married to Meera Manek from 2008 until their separation in 2013.
Ashish J. Thakkar’s Scandals
Despite his success as an entrepreneur, Ashish Thakkar has been the subject of several scandals in his personal life.
For instance, in 2016, he was involved in a highly publicized divorce with his first wife, Meera Manek.
During the proceedings, Thakkar claimed that his net worth was only about $541,000, a stark contrast to the estimates of his wealth in the media, where he had previously been touted as one of Africa’s youngest billionaires with a fortune estimated at around $470 million.
The divorce and controversies over his true financial situation ultimately led to his stepping down from the board of Atlas Mara in 2017.
Nevertheless, his success as a businessman is undeniable.
