Multimillionaire banker Hitesh Anadkat is rapidly emerging as a top contender for the title of Malawi’s wealthiest person thanks to his banking assets, particularly in the Mauritius-based investment group, FMB Capital Group, which have been surging in value in recent times.
Despite not being listed among Malawi’s top 10 wealthiest businessmen according to a recent post by BusinessMalawi, Anadkat is poised to climb the ranks and overtake prominent figures such as Thom Mpinganjira, Simbi Phiri, and Shepherd Bushiri to become the country’s richest man.
According to recent figures, Anadkat’s net worth has surged by more than $50 million since the start of 2023. The majority of the $50-million increase can be attributed to the exceptional performance of his stake in FMB Capital Group, a Mauritius-based investment group that he founded in 1995.
Hitesh Anadkat’s FMB Capital stake skyrockets by $48 million in 2023
FMB Capital Group is an investment holding company based in Mauritius, with operations in several African countries including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Anadkat, a prominent businessman and banker in Malawi, holds a significant 35.51-percent stake in the Port Louis-based company, equivalent to 872,924,575 ordinary shares
According to data tracked by Billionaires.Africa, the market value of his stake in the investment group has risen by MWK49 billion ($48.3 million) since the start of this year, representing an increase from MWK96.77 billion ($95.37 million) on Jan. 1 to MWK145.8 billion ($143.7 million).
This can be linked to the substantial 50-percent surge in the company’s shares on the Malawi Stock Exchange this year, rising from MWK110.86 ($0.109) to MWK167 ($0.164).
Anadkat’s influence in the African business landscape extends beyond his stake in FMB Capital. He also has a significant shareholding of 435,000,000 shares in Telekom Networks Malawi (TNM), a telecom company based in Malawi, as well as a 2.76-percent stake in Letshego Holdings.
This year alone, his stake in Letshego Holdings has increased by over $200,000, propelling his net worth toward the $200-million milestone.
