After a decade of creating wealth and rewarding investors, the Malawi Stock Exchange (MSE) has seen a huge increase in fortunes for its main investors. The Capital Markets Development Act governs the exchange, which permits trades in shares, bonds, and unit trusts. Its consistent positive trend attracts experienced investors from throughout the country and continent, resulting in a new class of wealthy Malawians.
This elite group consists of business leaders and notable investors. Hitesh Anadkat, the founder of Mauritius-based financial services holding company FMB Capital Holdings, and Thom Mpinganjira, one of Malawi’s most successful but controversial businessmen, have seen their fortunes rise significantly in 2024, despite the Malawian Kwacha’s devaluation against the US dollar.
Malawi’s stock market stands out across the continent, despite lackluster economic development, unsustainable debt, and obstacles such as the 2023 cholera outbreak and Cyclone Freddy. With a year-to-date gain of 14.55 percent, it offers exceptional returns. Investor wealth has grown, bringing the bourse’s market capitalization to MWK6.87 trillion ($3.95 billion) at the time of writing.
The three wealthiest MSE investors, Hitesh Anadkat, Thom Mpinganjira, and his brother Nathan Mpinganjira, had their combined market value climb from $283 million to $442.9 million on December 1, 2023, owing to a jump in listed firm share prices. The aggregate holdings of the top 10 wealthiest investors are $467.8 million, indicating that this upper class is becoming increasingly wealthy.
1. Hitesh Anadkat
Holdings: FMB Capital Holdings
Market value of holdings on the MSE: $242.8 million
Hitesh Anadkat is a visionary Malawian businessman and financier best known as the creator of FMB Capital Holdings. Based in Mauritius, this financial services holding business has risen to prominence on the Malawi Stock Exchange. Anadkat’s strategic investments and extensive banking experience have propelled FMB Capital Holdings to increase its impact throughout several African countries. His considerable 45.32 percent ownership in the corporation, consisting of 872,924,575 ordinary shares, is currently valued at MWK421.1 billion ($242.8 million).
2. Thom Mpinganjira
Holdings: FDH Bank Plc
Market value of holdings on the MSE: $178.1 million
FDH Bank Plc was founded by Thom Mpinganjira, one of Malawi’s most influential and controversial businesspeople. This renowned financial services firm, with 53 locations and 91 automated teller machines in all 27 districts of Malawi, exemplifies Mpinganjira’s entrepreneurial prowess. Since its foundation in April 2002, FDH Bank, which is part of FDH Financial Holdings, has emerged as a major participant in Malawi’s financial services business. Mpinganjira’s 40.7% indirect interest in the bank, owned through M Development Ltd., is worth MWK308.9 billion ($178.1 million). Despite legal hurdles, Mpinganjira is still one of Malawi’s wealthiest individuals.
3. Nathan Mpinganjira
Holdings: FDH Bank Plc
Market value of holdings on the MSE: $22 million
Nathan Mpinganjira, the founder of FDH Bank’s brother, is currently chairman of FDH Limited and a director of FDH Financial Holdings Limited. He owns a 5.02% stake in the bank, which is equivalent to 346,464,879 ordinary shares worth MWK38.1 billion ($22 million). His holdings demonstrate his continued influence in the Malawian banking sector and the country’s commercial environment as a whole, despite his brother’s legal troubles.
4. Ramesh Haridas Savjani
Holdings: Illovo Sugar Malawi
Market value of holdings on the MSE: $11.6 million
Ramesh Haridas Savjani, the Chairman of General Alliance Insurance in Malawi, owns a 2.08% stake in Illovo Sugar Malawi. Savjani, who was appointed director in May 2018, has made significant investments in Malawi’s sugar business, demonstrating his strategic acumen and contribution to the national economy. His share in Illovo Sugar Malawi is now worth MWK10.1 billion ($11.6 million), putting him among the richest people on the Malawi Stock Exchange.
5. Vizenge Matumika Kumwenda
Holdings: NICO Holdings
Market value of holdings on the MSE: $5.8 million
Vizenge Kumwenda, the group managing director of NICO Holdings, a Blantyre-based diversified financial services firm, and Chairman of NBS Bank Plc, owns a 4.84 percent share in NICO Holdings, worth MWK10.1 billion ($5.8 million). His diversified portfolio includes general insurance, life insurance, pension administration, banking, and asset management, demonstrating his major impact on Malawi’s financial services sector.
6. George Chitera
Holdings: FDH Bank PLC
Market value of holdings on the MSE: $2.1 million
George Chitera, the deputy managing director of FDH Bank Plc, has a significant presence in Malawi’s financial sector. He owns 0.48 percent of FDH Bank, or 33.07 million shares worth MWK3.64 billion ($2.1 million). Chitera’s leadership role has been critical to the bank’s continued expansion and stability.
7. William Mpinganjira
Holdings: FDH Bank Plc
Market value of holdings on the MSE: $2 million
William Mpinganjira, CEO of FDH Financial Holdings Ltd. and Thom Mpinganjira’s son, is an important figure in the family-owned business. With a 0.47 percent ownership in FDH Bank Plc worth MWK3.56 billion ($2 million), Mpinganjira’s leadership and strategic vision continue to drive the company’s progress.
8. George Partridge
Holdings: National Bank of Malawi, Press Corporation Plc
Market value of holdings on the MSE: $1.37 million
George Partridge, the former CEO of the National Bank of Malawi, is noted for his innovative initiatives that broadened the bank’s reach. As CEO of Press Corporation, he currently owns a 0.037 percent investment in the company and a 0.18 percent stake in National Bank of Malawi, which is worth MWK2.4 billion ($1.37 million). Partridge’s diverse assets also include Telekom Networks, demonstrating his expertise in wealth management.
9. Sangwani Hara
Holdings: NICO Holdings Plc
Market value of holdings on the MSE: $1.24 million
Sangwani Hara, Group Company Secretary and Financial Manager of Makandi Tea & Coffee Estate, and Chairperson of the Tea Association of Malawi Limited, owns a 1.03 percent stake in NICO Holdings, worth MWK2.14 billion ($1.24 million). Hara’s investments and professional roles bring together the agricultural and banking sectors.
10. Natasha Nsamala
Holdings: NICO Holdings Plc
Market value of holdings on the MSE: $0.78 million
Natasha Nsamala, CEO of the Malawi Blood Transfusion Service, is a well-known figure in Malawi’s technological and health industries. She owns a 0.65% share in NICO Holdings, valued MWK1.35 billion ($0.78 million). Nsamala’s leadership and savvy financial decisions demonstrate her major contributions to the health and financial landscapes of Malawi.
Methodology: Leveraging data from annual reports, financial statements, S&P Global Market Intelligence, and public disclosures, Billionaires.Africa compiled a list of the 10 wealthiest individuals on the MSE. Valuations, based on July 18, 2024 closing share prices and converted to USD using prevailing exchange rates, focus on individual ownership, excluding multi-generational family holdings. In cases of unclear ownership breakdowns, the fortune is attributed to the most prominent family member. This exclusive list provides a glimpse into the individuals shaping Malawi’s financial future and capitalizing on the MSE’s impressive growth trajectory.