With a market capitalization of close to $9 billion and more than 170 equity listings, the Stock Exchange of Mauritius (SEM) is one of the most vibrant in Africa. It is also where many of Mauritius’ ultra-high net-worth individuals store significant portions of their fortunes through equity stakes in their own and other companies, which they typically hold via both direct and indirect investments. Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the 15 richest people who own stocks listed on the Stock Exchange of Mauritius.
Billionaires.Africa lists individuals rather than multigenerational families who share large fortunes, but in cases where ownership breakdown among siblings and couples aren’t clear, we attribute the fortune to the most visible-prominent member of the family. The value of their shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates.
#1 Arnaud Lagesse & family
Net worth on SEM: $130.4 million
Holdings: Ireland Blyth Limited (IBL)
Arnaud Lagesse is the CEO of Ireland Blyth Limited (IBL Group), a family-controlled business that has been in existence for close to two centuries. IBL is Mauritius’ largest conglomerate with more than $900 million in annual revenues. Through its subsidiaries, it engages in the agro and energy, building and engineering, commercial and distribution, financial, hospitality, life and technologies, logistics, seafood, and properties businesses. Lagesse and his brothers Benoit, Hugues, Jean-Pierre, Thierry and Stephane own a joint ownership stake of 16.81 percent of the group’s total issued ordinary shares. The stake is worth $130.4 million.
#2 Desmond de Beer
Net worth on SEM: $80.04 million
Holdings: Lighthouse Capital
Property tycoon Desmond de Beer was a founder of Resilient REIT Limited, a South African Real Estate Investment Trust, where he has served as CEO since listing in 2002. He was also a founder of New Europe Property Investments Plc and its successor NEPI Rockcastle Plc. He is the largest individual shareholder of Lighthouse Capital Limited, a company that invests globally in direct property in developed and developing markets, as well as listed real estate and infrastructure securities. He owns a 13.71-percent stake in Lighthouse Capital – a stake that is worth $80,044,840
#3 Barry Stuhler
Net worth on SEM: $36.7 million
Holdings: Lighthouse Capital
South African-born Barry Stuhler is a chartered accountant who a 6.29-percent stake in Lighthouse Capital worth $36,726,456. He is the managing director at Capital Property Fund in South Africa.
#4 Norbert Dentressangle
Net worth on SEM: $24,227,818
Holdings: CIEL, Sun Mauritius
French billionaire Norbert Dentressangle, who built his fortune in transport and logistics, owns a 5.11-percent stake in CIEL worth $11.983 million – as well as a 17.32-percent stake in Sun Mauritius worth $12.24 million.
#5 Chian Ah Teck
Net worth on SEM: $23,678,632
Holdings: Gamma Civic, Lottotech
Chian Tat Ah Teck is the executive chairman of Gamma Civic. He was previously managing director of the company from 1987 to January 2011. Gamma Civic is an investment holding. It operates in the following sectors: building materials, contracting, investments, lottery and corporate services. Chian Ah Teck owns a 6.93-percent stake in Gamma Civic worth $9,253,664.45 and also owns a 19.6-percent stake in Lottotech worth $14,424,968.
#6 Dominic Galea
Net worth on SEM: $22,827,748
Holdings: Mauritius Union Assurance Company, United Docks
Dominique Galea is chairman at Mauritius Union Assurance Company where he owns a 15.75-percent stake worth $21.1 million. He also owns 6.6 percent of United Docks, a leading real estate developer that owns around 100,000 square meters of prime freehold land in Port-Louis.
#7 Louis Boulle
Net worth on SEM: $18.4 million
Holdings: Ireland Blyth Limited (IBL Group)
Louis Gaetan-Jan-Fredrik Boulle is a prominent boardroom guru who serves on dozens of corporate boards in Mauritius. He is the chairman of Ireland Blyth Limited (IBL Group), where he owns a 2.33-percent stake worth $18.33 million. He also owns 0.05 percent in Lux Island resorts worth $58,925.53
#8 P. Arnaud Dalais
Net worth on SEM: $18.6 million
Holdings: Ciel Group
The Mauritian businessman is non-executive chairman of Ciel Group, one of the island nation’s largest business conglomerates. He owns an 8.02-percent stake in CIEL.
#9 Jean-Pierre Dalais
Net worth on SEM: $11.9 million
Holdings: Ciel Group
A member of the Dalais family, the controlling shareholders of the Ciel Group, Jean-Pierre Dalais owns a 5.46-percent stake in the company worth $11.9 million.
#10 Pierre De Speville
Net worth on SEM: $14,927,013
Holdings: Pierre De Speville holds a 12.83-percent stake in Medine, a Mauritian conglomerate with interests in agro, leisure, property, and education.
#11 Pierre-Emile Latour
Net worth on SEM: $14,594,674
Holdings: Pierre-Emile Latour holds a 10.89-percent shareholding in Mauritius Union Assurance Company, worth $14,594,674.03
#12 Timothy Taylor
Net worth on SEM: $12,164,585
Holdings: Timothy Taylor holds a 9.27-percent stake in Cim Financial Services, a non-banking deposit-taking institution that avails individual consumers, SMEs and large corporates with financial services such as consumer finance, credit cards, forex, leasing and factoring.
#13 Vincent Ah-Chuen
Net worth on SEM: $6,698,653
Holdings: Vincent Ah-Chuen holds a 16.41-percent stake in ABC Motors, a Mauritian company that markets, distributes and repairs automobiles; a 1.13-percent stake in Mauritius Union Assurance Company and a 25.04-percent stake in P.O.L.I.C.Y Limited, an investment company in Mauritius.
#14 Cyril How Kin Sang
Net worth on SEM: $9,284,305
Holdings: Cyril How Kin Sang holds a 6.94-percent stake in Gamma Civic, an investment holding company.
#15 Pierre-Guy Noel
Net worth on SEM: $9,062,745
Holdings: Pierre-Guy Noel is the CEO of MCB, one of Mauritius’ largest banking groups. He owns a 0.55-percent stake in the company.
Mfonobong Nsehe contributed to this report. Send comments to: firstname.lastname@example.org.