Ten richest investors on the Nairobi Stock Exchange in 2022

Financial assets have had a difficult start to the year, as investors revalued their assets in light of the growing market and economic uncertainties caused by the global health crisis, as well as geopolitical tensions and aggression in Europe following Russia’s invasion of Ukraine.

As a result of the growing risk around the world, combined with the economic difficulties in Kenya caused by the COVID-19 pandemic, the Nairobi Stock Exchange’s market capitalization has fallen by more than 5.17 percent since the year began owing to a sell-off in the shares of companies listed on the bourse.

Despite the recent drop in the value of certain equities, others have produced substantial returns to shareholders, while others have maintained value, resulting in a multimillion-dollar valuation for investors on the local exchange.

Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the 10 richest people who own stocks listed on the Nairobi Stock Exchange.

The market value of their shares is calculated using prices at the close of trade on March 10, and valuations are translated to U.S. dollar using current exchange rates.

#1 Aga Khan IV

Investment Portfolio on NSE: $106.04 million

Holdings: Nation Media Group, Jubilee Holdings, Diamond Trust Bank Kenya

Aga Khan IV, Shah Karim Al-Husayni, is best known for founding Nation Media Group, the largest independent media organization in East and Central Africa, in 1959.

Aside from his 44.66-percent share in Nation Media Group, which is now valued at Ksh1.85 billion ($16.27 million), Aga Khan holds a 37.98-percent stake in Jubilee Holdings, which is valued at Ksh7.59 billion ($66.67 million).

His investment in Diamond Trust Bank Kenya is worth Ksh2.63 billion ($23.1 million), bringing his entire portfolio value to Ksh12.07 billion ($106.04 billion).

#2 James Mwangi

Investment Portfolio on NSE: $62.63 million

Holdings: Equity Group Holdings, Britam Holdings

Kenyan multimillionaire banking mogul James Mwangi, the current group managing director and CEO of Equity Group Holdings, one of Kenya’s major financial services organizations, has a Nairobi Stock Exchange portfolio of Ksh7.13 billion ($62.63 million).

He holds 3.38 percent of Equity Group Holdings, which is worth Ksh6.61 billion ($58.1 million), and 2.97 percent of Britam Holdings, which is worth Ksh516 million ($4.53 million).

#3 The Merali Family

Investment Portfolio on NSE: $49.91 million

Holdings: Sasini Tea, NCBA Group, Sameer Africa, Eveready East Africa

The family of late Kenyan businessman Naushad Merali controls one of the most valuable portfolios on the Nairobi Stock Exchange, with financial holdings ranging across the Kenyan banking, agricultural and energy sectors.

The family has a 5.85-percent share in NCBA Group and a 65.4-percent ownership in Sasini Plc through Legend Investments Limited, Yana Towers Limited and East Africa Batteries Limited, valued at Ksh2.38 billion ($20.91 million) and Ksh2.68 billion ($23.55 million), respectively.

The family also controls a 74-percent stake in Sameer Africa and a 35-percent stake in Eveready East Africa.

#4 Suresh Bhagwanji R. Shah

Investment Portfolio on NSE: $33.4 million

Holdings: I&M Holdings

Suresh Bhagwanji R. Shah is the founder and chairman of I&M Bank, the forerunner to I&M Holdings, a financial sleading ervices conglomerate with operations in Kenya, Mauritius, Rwanda, Tanzania and Uganda.

Shah, the single largest individual stakeholder in I&M Holdings, owns 10.8 percent of the tier-1 lender; his equity position is worth Ksh3.8 billion ($33.4 million) as of the time of drafting this report.

#5 Jane Wangui Njuguna

Investment Portfolio on NSE: $28.67 million

Holdings: Equity Group Holdings

Jane Wangui Njuguna, the wife of Equity Group CEO James Mwangi, owns a 1.71-percent stake in the bank worth Ksh3.26 billion ($31.08 million).

#6 The Kirubi Family

Investment Portfolio on NSE: $25.4 million

Holdings: Centum Investments

The family of late Kenyan multimillionaire businessman Chris Kirubi, who died last year, owns 30.08 percent of Centum Investments, a Kenya-based investment firm that is an associate of the Kenyan government-owned Industrial and Commercial Development Corporation.

The family’s interest in Centum is valued at Ksh2.89 billion ($25.4 million) on the market.

#7 John Kimani

Investment Portfolio on NSE: $25.2 million

Holdings: Kakuzi, Centum Investments, Nation Media Group

Kenyan media mogul John Kimani owns a 32.30-percent stake in Kakuzi, an agricultural company, worth Ksh2.63 billion ($23.1 million).

Other assets controlled by the multimillionaire include a 2.99-percent stake in Nation Media Group valued at Ksh123.83 million ($1.09 million) and a 1.24-percent stake in Centum Investments worth Ksh116.2 million ($1.02 million).

#8 Baloobhai Patel

Investment Portfolio on NSE: $25.4 million

Holdings: Carbacid, Absa Bank Kenya, Co-operative Bank, Bamburi Cement, Williamson Tea Kenya

Baloobhai Patel, a multimillionaire businessman from Kenya, is the current managing director of Transworld Safaris Limited, a private firm with investments and active operations in the travel and tourist industry.

His stake in Carbacid, Absa Bank Kenya, Co-operative Bank, Bamburi Cement and Williamson Tea Kenya is worth Ksh2.03 billion ($17.79 million).

#9 Andrew Ndegwa

Investment Portfolio on NSE: $15.07 million

Holdings: NCBA Group

Andrew Ndegwa, a business leader and executive director of First Chartered Securities Limited, an investment firm started by his father Philip, is one of the Nairobi Stock Exchange’s wealthiest investors.

At the time of writing, the market value of his 4.3-percent interest in NCBA Group was Ksh1.72 billion ($15.07 million).

#10 James Ndegwa

Investment Portfolio on NSE: $14.4 million

Holdings: NCBA Group

James Ndegwa, a prominent businessman and the son of former Central Bank of Kenya Governor Philip Ndegwa, has a 4.10-percent interest in NCBA worth $14.4 million.