The Nairobi Securities Exchange (NSE) has endured an extended period of bearish market conditions, resulting in a significant reduction in the market capitalization of listed companies. Consequently, this downturn has led to a substantial decline in the wealth of various Kenyan entrepreneurs and investors since the beginning of the year.
According to data compiled by Billionaires.Africa, the market capitalization of all shares listed on the NSE has plummeted by 32.5 percent to Ksh1.34 billion ($8.87 billion) as of Nov. 6. This puts the NSE in the same boat as other African stock exchanges that have also seen a significant drop in their total market capitalization and all-share index.
Well-known Kenyan business figures like John Kimani, James Mwangi, the managing director of Equity Group Holdings, and Gideon Muriuki, the CEO of Co-operative Bank Group, have taken a hit in their wealth so far this year.
Amidst the persistent downturn in corporate stock values and the devaluation of the Kenyan shilling, Kenya’s economic landscape is undergoing a seismic transformation. It is imperative to reevaluate the roster of the country’s most affluent investors. As bearish market conditions endure, a segment of business magnates is witnessing a substantial erosion of their wealth, whereas a fortunate minority is amassing considerable fortunes.
Billionaires.Africa has unveiled its list of the wealthiest investors on the NSE. This list incorporates data from S&P Global Market Intelligence, publicly available documents, and disclosures. Share valuations were determined based on closing prices on Nov. 6, with conversions to U.S. dollars made using prevailing exchange rates.
It is worth noting that Billionaires.Africa focuses on individual ownership rather than multi-generational family wealth. In cases where ownership distribution among siblings or couples is unclear, the fortune is attributed to the most prominent and visible member of the family.
Here are the top 10 individuals currently holding the highest stock ownership positions on the NSE:
1. The Aga Khan
- Net worth on the NSE: $66.83 million
- Holdings: Jubilee Holdings, Diamond Trust Bank, Nation Media Group, TPS Eastern
- Shah Karim Al-Hussayni, famously known as the Aga Khan, leads the Nairobi Stock Exchange with a staggering portfolio worth $66.83 million, diversified across key sectors, including banking, insurance, media, and hospitality. Notable among his holdings are a 37.98-percent stake in Jubilee Holdings valued at $34.95 million, a 16.5-percent stake in Diamond Trust Bank worth $13.75 million, a 48.67-percent ownership in Nation Media Group worth $12.64 million, and a 45.04-percent interest in TPS Eastern Africa, valued at $5.49 million. He invests through the Aga Khan Fund for Economic Development.
2. Mama Ngina Kenyatta & Family
- Net worth on the NSE: $56.83 million
- Holdings: NCBA Group
- Enke Investments, the Kenyatta family’s financial management powerhouse, holds a formidable 13.2-percent stake in the esteemed NCBA Group. Mama Ngina Kenyatta, the revered matriarch and wife of Kenya’s founding president, primarily oversees the family’s significant wealth. The Kenyatta family’s stake in NCBA Group is presently valued at $56.83 million.
3. Zarin Merali
- Net worth on the NSE: $45.60 million
- Holdings: NCBA, Sasini Tea, Sameer Africa, Eveready East Africa
- Zarin Merali, the widow of the late Kenyan billionaire Naushad Merali, has inherited and now manages her late husband’s significant stock market holdings. Her portfolio includes a 65.46-percent stake in Sasini Tea worth $20.18 million, a 5.2-percent share in NCBA Group worth $21.68 million, a 74.06-percent stake in tire distributor Sameer Africa valued at $3.16 million, and a 35-percent ownership in battery manufacturer Eveready East Africa.
4. John Kibunga Kimani
- Net worth on the NSE: $40.25 million
- Holdings: Kakuzi, Centum, Nation Media
- John Kibunga Kimani, a prominent Kenyan investor, ranks as the fourth-richest investor on the Nairobi Stock Exchange. His substantial 33.37-percent stake in Kakuzi, an agricultural cultivation and manufacturing company, is his most valuable holding, with a current value exceeding $17.44 million. Additionally, he owns a 3.86-percent stake in Nation Media worth $21.17 million and a 4.39-percent share in Centum Investments valued at $1.64 million.
5. James Mwangi
- Net worth on the NSE: $33.7 million
- Holdings: Equity Group, Britam
- James Mwangi, the seasoned CEO of Equity Group, is renowned for his transformation of the bank from a small microfinance institution into a major player in East Africa’s financial services sector. His 3.38-percent share in the leading bank is now valued at $31.27 million. Mwangi also holds a significant stake in insurance giant Britam, with his 2.97-percent ownership exceeding $2.43 million.
6. Suresh Bhagwanji Raja Shah
- Net worth on the NSE: $19.2 million
- Holdings: I&M Holdings
- Suresh Bhagwanji R. Shah, the founder and chairman of I&M Bank, leads I&M Holdings, a prominent financial services group operating in Kenya, Tanzania, Rwanda, and Mauritius. He founded the bank in 1974 and oversaw its growth to become a tier-1 lender. His 10.6-percent stake in I&M is now valued at $19.22 million.
7. Baloobhai Patel & family
- Net worth on the NSE: $19.01 million
- Holdings: Co-operative Bank, Absa, Bamburi Cement, Carbacid, Sanlam, Williamson Tea
- Baloobhai and Amarjeet Patel, a dynamic family duo, boast one of the most diversified investment portfolios on the Nairobi Stock Exchange. Their holdings encompass a 0.58-percent stake in Co-operative Bank, 0.78 percent in Absa, 4.12 percent in Bamburi Cement valued at $2.27 million, 49.9 percent in Carbacid valued at $14.42 million, a 20.94-percent stake in Sanlam Kenya valued at $1.38 million, and a 2.8-percent ownership in Williamson Tea.
8. Andrew S. Ndegwa
- Net worth on the NSE: $17.41 million
- Holdings: NCBA Group
- Andrew Ndegwa, an Oxford graduate and executive director of First Chartered Securities Limited, holds a 4.3-percent ownership in NCBA, a leading financial services group, with a current value of $17.41 million. His investment expertise brings a distinct edge to the Nairobi Stock Exchange.
9. Gideon Muriuki
- Net worth on the NSE: $17.38 million
- Holdings: Co-Operative Bank, CIC Insurance
- Gideon Maina Muriuki, the long-serving CEO of the Co-operative Bank of Kenya, is also a significant shareholder in the bank, with a 3.49-percent stake worth $15.38 million. Additionally, he maintains a 5.27-percent shareholding in CIC Insurance.
10. James P. Ndegwa
- Net worth on the NSE: $17.12 million
- Holdings: NCBA Group
- James Ndegwa, the son of former Central Bank of Kenya Governor Philip Ndegwa, is a renowned business magnate and the chairman of First Chartered Securities. His 4.23-percent stake in NCBA is worth $17.12 million, making him a notable figure in Kenya’s financial landscape.