Table of Contents
The Stock Exchange of Mauritius is a market driven less by day-to-day trading and more by ownership. A relatively small group of cornerstone companies set the tone, spanning conglomerates, financial services, telecoms, hospitality and land-rich legacy groups that have steadily reinvented themselves into modern investment platforms.
The past year was uneven. The SEMDEX hit a high in early 2025, then cooled and turned choppier as investors became more selective, weighing earnings visibility, tourism-linked exposure and how much growth was already priced into valuations. Even with softer momentum, Mauritius still stands out for a feature many frontier markets struggle to sustain: long-established listed groups with concentrated shareholding, where insiders remain large, price-sensitive owners.
This ranking focuses on those insider stakes. It uses SEMDEX closing prices from the Daily Market Report dated Jan. 30, 2026. The figures reflect listed holdings only, not total net worth, and they exclude private assets and unlisted vehicles.
Exchange rate used: MUR 45.86 to 1 US dollar.
Meet the richest investors on the Mauritius Stock Exchange in early 2026:
1) Marie Hector Espitalier Noel
Portfolio value: $30.5 million
Holdings: 14% stake in ER Group
Marie Maxime Hector Espitalier-Noël is one of Mauritius’ best-known corporate patriarchs, associated with the ENL and Rogers legacy that has evolved into a modern investment platform with interests spanning property, agribusiness, hospitality and financial services. He holds senior chair roles across group entities, including as chairman at ER Group, and has long been a visible figure in the island’s listed-company ecosystem where family and insider ownership still matters.
2) Gilbert Espitalier Noel
Portfolio value: $26.1 million
Holdings: 12.2% stake in ER Group
Gilbert Espitalier-Noël is a senior Mauritian business executive best known as the group CEO of ER Group, the investment platform formed from the ENL and Rogers legacy, with interests spanning property, hospitality, logistics and financial services.
3) Guillaume Pierre Dalais
Portfolio value: $26 million
Holdings: 8.4% stake in CIEL
Guillaume Pierre Dalais is a Mauritian business executive best known as the Group Chief Executive of CIEL Limited, a diversified listed investment group, a role he took up on July 1, 2024 after serving as deputy group CEO. He has spent much of his career inside the CIEL ecosystem, including leadership roles in its textile and property operations, and he also holds board and chair positions across associated listed and private entities, including healthcare platform C-Care.
4) Marie Joseph Lagesse
Portfolio value: $23.9 million
Holdings: 5.73% stake in IBL
Marie Joseph Lagesse is a Mauritian business figure from the Lagesse family network who appears in SEM and company documents as a significant insider in IBL Ltd and related group interests. IBL’s own prospectus and SEM filings list him as a non-executive director and a meaningful shareholder, tying his profile closely to one of the exchange’s largest conglomerates.
5) Timothy Taylor
Portfolio value: $20.4 million
Holdings: 8.5% stake in CIM Financial Services
Timothy “Tim” Taylor is a veteran Mauritian business figure and longtime board member at CIM Financial Services, where he serves as a non-executive director. He is best known for his earlier career at Rogers, rising to chief executive in 1999 before retiring in 2006, and later serving as the group’s non-executive chair from 2007 to 2012.
6) Pierre De Spéville
Portfolio value: $18.3 million
Holdings: 12.8% stake in Medine
Pierre de Spéville is a Mauritian investor from one of the island’s long-established business families, best known in the listed market for his sizeable stake in Medine Ltd, the diversified group with interests spanning property, agribusiness and leisure.
7) Jean Pierre Dalais
Portfolio value: $18.2 million
Holdings: 5.78% of CIEL
Jean-Pierre Dalais is a senior Mauritian business leader best known for his long career at CIEL Limited, the listed investment group. He served as Group Chief Executive from 2017 to June 2024, became vice-chairman in July 2024, and was appointed chairman from July 1, 2025, succeeding P. Arnaud Dalais
8) Hugues Lagesse
Portfolio value: $16.2 million
Holdings: 3.81% of IBL
Hugues Lagesse is a Mauritian property executive best known as the chief executive of BlueLife Ltd, the SEM-listed real estate and lifestyle developer behind projects such as Azuri. He also sits in the listed-company mainstream as a non-executive director of IBL Ltd, one of the exchange’s biggest conglomerates, and holds board roles at Phoenix Beverages
9) Arnaud Lagesse
Portfolio value: $12.3 million
Holdings: 2.89% of IBL
Arnaud Lagesse is a senior Mauritian business leader best known as the Group CEO of IBL Ltd, one of the Stock Exchange of Mauritius’ biggest conglomerates. He is closely associated with the 2016 merger that combined GML Investissement and Ireland Blyth into today’s IBL, and he holds a wide slate of chair and board roles across the group’s portfolio.
10) Pierre Roland Lagesse
Portfolio value: $12.1 million
Holdings: 2.86% of IBL
Pierre Roland Stéphane Lagesse is a Mauritian business executive and investor who appears in SEM disclosures as an insider linked to IBL Ltd, where he serves as an alternate director.
11) Thierry Lagesse
Portfolio value: $12 million
Holdings: 2.84% of IBL
Thierry Lagesse is a longtime Mauritian entrepreneur and boardroom figure who has held directorships across several companies listed on the Stock Exchange of Mauritius, including IBL-linked entities.
12) Joseph Couacaud
Portfolio value: $10.2 million
Holdings: 6.35% of New Mauritius Hotels
Joseph René Herbert Maingard Couacaud is a non-executive director at hotel chain New Mauritius Hotels Ltd.
13) Colin Taylor
Portfolio value: $10.1 million
Holdings: 4.2% stake in CIM Financial Services
A top CIM shareholder from the Taylor side of the register, with skin in the game that goes beyond boardroom optics.
14) Philip Taylor
Portfolio value: $10.1 million
Holdings: CIM Financial Services, 28,581,937 shares (4.2%), $10,128,652.42
Twin sized CIM exposure with Colin Taylor, a sign of a family style block rather than a casual portfolio position.
15) Azim Currimjee
Portfolio value: $10.09 million
Holdings: 4.59% of Emtel
Azim Currimjee is a Mauritian business executive from the Currimjee family group, one of the island’s longstanding corporate dynasties with interests that span telecoms, property and consumer businesses.
16) Jan Fredrik Louis Boulle
Portfolio value: $9.9 million
Holdings: 2.33% of IBL
Jan Fredrik Louis Boullé is a prominent Mauritian boardroom figure best known as the non-executive chairman of IBL Ltd, one of the biggest conglomerates on the Stock Exchange of Mauritius
17) Marc de Lacharrière
Portfolio value: $9.3 million
Holdings: 2.96% of CIEL
Marc Ladreit de Lacharrière is a French businessman best known as the founder and longtime boss of Fimalac, an investment holding company that previously owned a controlling stake in Fitch Ratings before exiting over the last decade.
18) Raymond Dalais
Portfolio value: $7.2 million
Holdings: 2.29% of CIEL
Raymond Thierry Dalais is a Mauritian investment and boardroom figure best known for his long career in private equity and financial services. He is disclosed as a non-executive director at CIEL Ltd and has held other listed-company board roles in Mauritius.
19) Josiane Rey
Porftfolio value: $7.1 million
Holdings: 13% of BMH
Josiane Rey is a long-running insider investor in Mauritius’ listed hospitality and investment space, best known as a substantial shareholder in BMH Ltd.
20) Xavier Thieblin
Portfolio value: $6.9 million
Holdings: 2.18% stake in CIEL
Xavier Thieblin is a long-term CIEL shareholder whose name appears on the company’s insider register.
21) Georgina Rogers
Portfolio value: $6.4 million
Holdings: 11.6% stake in BMH
Georgina Rogers is a major Beachcomber holding-company shareholder, tied to the long-established Rogers and hospitality-linked ownership circle that has shaped Mauritius’ listed tourism assets for decades.
22) Anil Currimjee
Portfolio value: $6.4 million
Holdings: 2.87% stake in Emtel
Anil Currimjee is part of the Currimjee family business network and a key investor in Emtel, reflecting the family’s long-running involvement in Mauritius’ telecoms and infrastructure build-out.
23) Armelle Sim
Portfolio value: $5.8 million
Holdings: 6.26% stake in Terra Mauricia
Armelle Sim is a significant Terra Mauricia shareholder.
24) Marie Maxime Espitalier Noel
Portfolio value: $5.6 million
Holdings: 3.47% stake in New Mauritius Hotels
Marie Maxime Espitalier-Noël is a Beachcomber-linked insider name on the register, part of the Espitalier-Noël network associated with Mauritius’ big legacy groups and their long-standing presence in tourism and property.
25) Nicole Vallet
Portfolio value: $4.1 million
Holdings: 7.38% stake in BMH
Nicole Vallet is one of the larger individual owners in BMH, sitting in the shareholder tier that tends to include families and closely connected investors around Mauritius’ flagship hospitality platforms.
26) Matthew Taylor
Portfolio value: $4.0 million
Holdings: 1.65% stake in CIM Financial Services
Matthew Taylor is a CIM Financial Services shareholder from the Taylor family cluster associated with the wider Rogers and ENL corporate ecosystem, a familiar surname in Mauritius boardrooms and registers.
27) Marie Edouard Espitalier Noel
Portfolio value: $3.3 million
Holdings: 2.0% stake in New Mauritius Hotels
Marie Edouard Espitalier-Noël is another long-standing Beachcomber-era shareholder, a legacy name whose stake reflects how ownership in Mauritius’ marquee hotel groups often stays within established networks.
28) Marc Christian Dalais
Portfolio value: $2.9 million
Holdings: 0.90% stake in CIEL
Marc Christian Dalais is part of the Dalais family shareholder grouping tied to CIEL, a name associated with the company’s leadership and the broader cluster of investors around its diversified portfolio.
29) Louis De Chasteauneuf
Portfolio value: $2.4 million
Holdings: 0.74% stake in CIEL (12,488,635 shares)
Louis de Chasteauneuf is a CIEL-linked insider shareholder, typically the profile of an executive-aligned holder whose equity stake sits alongside the group’s long-term strategy rather than market timing.
30) Anna Mallac Sim
Portfolio value: $2.0 million
Holdings: 2.09% stake in Terra Mauricia (4,758,344 shares)
Anna Mallac Sim is a Terra Mauricia shareholder whose position fits the pattern of Mauritius land-and-estate counters, where meaningful stakes are often held quietly and carried over long periods.
