Zimbabwean businessman John Moxon made nearly $100 million in 2023

Zimbabwean business magnate John Moxon recorded a notable surge in the market value of his stake in Meikles Limited, increasing by nearly $100 million in 2023 thanks to the sustained surge in the shares of the leading retail conglomerate.

Moxon, a prominent figure in Zimbabwe’s business landscape, saw the market value of his stake in the leading conglomerates surge by ZWL31.48 billion ($97.6 million) throughout 2023 — this further solidified his position as one of Zimbabwe’s richest businessmen.

Meikles shares skyrocket 940.4 percent in 2023, crossing $900-million market cap

Founded in 1894 by Thomas Moxon, Meikles Limited is now a Harare-based conglomerate with interests in hotels, retail, supermarkets, agriculture, and financial services. The group includes renowned brands like Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Meikles Centar Mining, and Tanganda Tea Company.

Moxon, who played a pivotal role in transforming Meikles Limited into one of Zimbabwe’s leading conglomerates, owns a 10.8-percent stake in the group, equivalent to 27,933,226 shares — this stake makes him one of Zimbabwe’s leading investors.

In 2023, Meikles shares on the local bourse increased by 940.42 percent, from ZWL119.85 ($0.0372) on Jan. 1 to ZWL1,247.97 ($3.866) on Dec. 31, causing the group’s market cap to soar above $900 million and cementing its position as one of Africa’s leading retail conglomerates.

Moxon’s stake soars, securing his place among Zimbabwe’s financial elite and top investors

According to data tracked by Billionaires.Africa, the market value of Moxon’s stake in the group increased from ZWL3.34 billion ($10.38 million) on Jan. 1 2023 to ZWL34.83 billion ($107.98 million) on Dec. 29, 2023 — marking a significant increase of ZWL31.48 billion ($97.60 million) for the Zimbabwean businessman in 2023.

This significant upswing in his fortune validates his status among Zimbabwean businessmen and leading investors — firmly establishing his presence within the ranks of the continent’s financial elite and as one of the top investors on the Zimbabwe Stock Exchange.