The 10 richest people on the Malawi Stock Exchange

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Billionaires.Africa presents its ranking of the wealthiest investors in the Malawi Stock Exchange (MSE). The data used for this analysis is sourced from our data provider, S&P Global Market Intelligence, as well as publicly available documents and disclosures. The valuation of their shares is determined by the prices recorded at the close of trading on June 26, with the valuations converted to U.S. dollars at the prevailing exchange rates.

It is important to note that Billionaires.Africa focuses on individual ownership rather than multi-generational family fortunes. In cases where the breakdown of ownership among siblings or couples is unclear, we attribute the fortune to the most prominent and visible member of the family.

Here are the 10 individuals who currently hold the highest stock ownership positions on the Malawi Stock Exchange.

1. Hitesh Anadkat 

Net worth on the MSE: $187.6 million 

Holdings: FMB Capital Holdings 

Indian-Malawian financier Hitesh Anadkat founded FMB Capital Holdings, a Mauritius-based financial services holding company with banking and finance operations in Zimbabwe, Mozambique, Zambia, Mauritius, and Botswana. FMB Capital is listed on the Malawi Stock Exchange. Anadkat owns a 35.5-percent shareholding in the company, currently worth $187.6 million.

2. Thom Mpinganjira 

Net worth on the MSE: $170.5 million

Holdings: FDH Bank Plc

Thom Mpinganjira, one of Malawi’s most successful yet controversial businessmen, is the founder of FDH Bank Plc, a leading commercial bank listed on the Malawi Stock Exchange. Mpinganjira owns an estimated 40.7-percent indirect stake in the bank through his sole shareholding in M Development Ltd. This company owns a 55-percent stake in FDH Financial Holdings Limited, the beneficial owner of FDH Bank PLC. Mpinganjira’s indirect stake in FDH Bank PLC is worth $170.5 million, making him one of Malawi’s wealthiest men. Mpinganjira was sentenced 2021 to nine years in jail for attempting to bribe judges overseeing the 2019 presidential election to get them to rule in favor of a former president, Peter Mutharika, who lost elections and challenged the results. In April last year, the Reserve Bank of Malawi ordered Mpinganjira to sell his shareholding in FDH Bank after he was sentenced. He is yet to comply. 

3. Nathan Mpinganjira 

Net worth on the MSE: $21.2 million

Holdings: FDH Bank Plc

Nathan Mpinganjira is a brother to Thom Mpinganjira, the founder of FDH Bank, who was sentenced in 2021 to nine years in jail for attempting to bribe judges overseeing the 2019 presidential election. Nathan owns a 4.9-percent stake in the bank worth $21.2 million. 

4. Ramesh Haridas Savjani

Net worth on the MSE: $16.3 million 

Holdings: Ilovo Sugar Malawi

Sajvani is the chairman of the General Alliance Insurance company in Malawi. He also owns a 2.08-percent stake in Ilovo Sugar Malawi worth $16.3 million. Illovo Sugar is one of two sugar producers with active operations in Malawi. The company is a subsidiary of Illovo Sugar Africa, Africa’s largest sugar producer. It cultivates around 1.8 million tonnes of cane annually and produces about 250,000 tonnes of sugar annually.

5. Vizenge Kumwenda

Net worth on the MSE: $8.7 million 

Holdings: NICO Holdings

Vizenge Kumwenda is the group managing director of NICO Holdings, a Malawian financial services organization involved in general insurance, life insurance, pensions administration, banking, and asset management. He owns a 4.82-percent shareholding in the company – a stake worth $8.05 million. He also owns 0.17-percent stake of NBS Bank. 

6. George Partridge

Net worth on the MSE: $1.8 million

Holdings: National Bank of Malawi, Telekom Networks, Press Corporation PLC

George Partridge is the CEO of Press Corporation Limited, Malawi’s largest conglomerate. He owns a small 0.037-percent stake in the company, which is worth less than $100,000, but he has a much more significant investment in National Bank of Malawi PLC, where he holds a 0.18-percent stake currently worth close to $1.7 million. He also has shares in Telekom Networks. 

7. Sangwani Hara

Net worth on the MSE: $1.27 million

Holdings: NICO Holdings Plc

Sangwani Hara is the group company secretary and financial manager of Makandi Tea & Coffee Estate. He also serves as the chairperson of the Tea Association of Malawi Limited. He owns a 0.79-percent stake in NICO Holdings worth $1.27 million.

8. Natasha Nsamala 

Net worth on the MSE: $1.08 million

Holdings: NICO Holdings Plc

Nsamala, one of Malawi’s most recognizable technocrats, currently serves as the Chief Executive Officer of the Malawi Blood Transfusion Service. She is also one of the largest shareholders in NICO Holdings, with a 0.63-percent stake worth $1.08 million.

9. William Mpinganjira

Net worth on the MSE: $978,709

Holdings: FDH Bank Plc

William Mpinganjira is the son of business tycoon Thom Mpinganjira, the founder of FDH Bank. He owns 0.23 percent of FDH Bank Plc, a stake worth $978,709.

10. George Chitera

Net worth on the MSE: $863,075 

Holdings: FDH Bank PLC

George Chitera, a senior executive at FDH Bank, owns a 0.2-percent stake in the company. His stake is worth $863,075.