A Look At The Late Douglas Munatsi's Net Worth, Sources Of Wealth, And Tragic Death

May he rest in peace

By  | Oct 01, 2022, 01:47 PM  | Top of The

Douglas Munatsi
Douglas 'Doug' Tawanda Munatsi was an ex-banker, a large-scale farmer and a real estate mogul who died in a tragic fire accident in 2021 at only 59 years old.

Here is a look at Douglas Munatsi’s net worth at the time of his death, his very successful career in the banking industry, his farming business and the cause of his untimely death.

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What is Douglas Munatsi’s net worth?

According to several online sources, Douglas Munatsi’s net worth was estimated at about $70 million at the time of his death. His net worth placed him on the list of the richest people in Zimbabwe.

Douglas Munatsi career

Douglas Munatsi, source: MbareTimes

Douglas Munatsi’s net worth was mainly built from his robust career in the banking and finance industry.

He had a background in finance and investment. He held a bachelor's degree in business studies from the University of Zimbabwe and a Master of Business Administration (Finance) degree from the American University in Washington D.C. He was also an associate of the Bankers Association of Zimbabwe.

The late Munatsi began his career in the banking sector in 1985 as a graduate trainee. He first joined Barclays bank before joining World Bank under the International Finance Corporation.

In 1995, Douglas Munatsi established Heritage Investment Bank which was among the first black-owned banks in the country. In 1998, Heritage Investment Bank merged with the country's oldest merchant bank- First Merchant Bank (FMB) and he served as the managing director.

Two years after acquiring FMB, Douglas Munatsi merged with a leasing firm (UDC) and a discount house (Bard) to form African Banking Corporation (BancABC) which he went on to list in Botswana. 

He served as the Chief Executive Officer of BancABC from 2000 when it was established until December 31, 2014, when he sold it to Atlas Mara.

Together with his partners Francis Dzanya and Beki Moyo, Douglas Munatsi founded a new private entity- DBF Capital with investments in energy, metals and insurance.

Munatsi was appointed to the RBZ's Monetary Policy Committee in 2019. He stepped down the following year after he was appointed to focus on his appointment to lead the newly founded Zimbabwe Investment and Development Agency, (ZIDA) by President Emmerson Mnangagwa and he served as the agency’s first CEO.

Read also: Check out Kuda Tagwirei's net worth.

Douglas Munatsi’s farming

President Mnagangwa during a visit to Munatsi's farm, source: The Herald

Besides his investments in the banking and finance industry, Douglas Munatsi also had investments in the agricultural sector which also contributed to his net worth.

He owned Kunatsa Estates in Matepatepa in Mashonaland Central Province. His farm was toured by President Mnangwagwa as a model of large-scale agriculture.

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Douglas Munatsi’s death

Douglas Munatsi died on the 29th of November 2021 in a house fire in Northfields, a complex in Harare’s Avenues area.

He was buried on the 5th of December 2021 in Greendale Cemetery in Harare following a state-assisted funeral service.

He was survived by his wife- Bindzile and their three children.

Read also: Emmerson Mnangangwa's houses.

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