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Malawi’s stock market ended 2025 on a run that put it among Africa’s standout performers, lifted by sharp gains in a small group of stocks that carry most of the exchange’s weight in both trading and valuation.
That concentration is the story. The Malawi Stock Exchange is driven by a few financial heavyweights, with counters such as FDH Bank and FMB Capital Holdings acting as the market’s main conduits for local capital. When those prices shift, they pull the broader market with them, and the effect shows up quickly in the country’s wealth league table, where the largest holders have accumulated sizeable paper fortunes.
This ranking estimates the market value of disclosed equity stakes in MSE-listed companies, using the latest official MSE closing prices available at the 30th fo January, 2026. Values are shown in U.S. dollars and reflect listed holdings only, excluding private businesses, real estate and other unlisted assets.
Meet the richest people in the Malawi Stock Exchange in 2026:
1) Hitesh Anadkat
Portfolio value: $1.89 billion
Holdings: 45.35% stake in FMB Capital Holdings
Hitesh Anadkat is a Malawi-based banker and investor best known as the founder of First Capital Bank and the architect behind FMB Capital Holdings, the regional banking group listed on the Malawi Stock Exchange. He built the franchise from the mid-1990s into a multi-country network and remains a key shareholder and board figure across the group’s subsidiaries.
2) Thom Mpinganjira
Portfolio value: $967.40 million
Holdings: 40.72% stake in FDH Bank
Thom Mpinganjira is a Malawian financier best known for building First Discount House into what became FDH Financial Holdings and FDH Bank, now one of the country’s most influential listed financial groups. He is also credited as a pioneer of Malawi’s capital markets, having served as the founding chief executive of the Malawi Stock Exchange before moving into his own financial-services ventures.
3) Rasik Kantaria
Portfolio value: $890.13 million
Holdings: 21.36% stake in FMB Capital Holdings
Rasik Kantaria is a Kenyan banker and investor whose wealth is closely tied to financial-services stakes across the region, including Malawi. He is the founder and chairman of Prime Bank in Kenya and a co-founder and former chairman of First Capital Bank in Malawi, which sits within the FMB Capital group.
4) Nathan Mpinganjira
Portfolio value: $142.58 million
Holdings: 6% stake in FDH Bank
Nathan Mpinganjira is a Malawi-based finance executive and investor best known for his links to the FDH group. He serves as a non-executive director at FDH Bank and sits on the board of FDH Financial Holdings, and he is chairman of First Discount House, one of the group’s core subsidiaries.
5) Vizenge Kumwenda
Portfolio value: $61.74 million
Holdings: 4.93% stake in NICO Holdings; 0.73% in NBS Bank Malawi
Vizenge Kumwenda is a Malawian insurance and financial-services executive best known as the group managing director of NICO Holdings Plc, one of the Malawi Stock Exchange’s biggest financial groups. He also serves as chairman of NBS Bank, a key subsidiary in the NICO stable, and has held board roles across the group’s insurance, pensions, asset management and property interests.
6) George Chitera
Portfolio value: $15.38 million
Holdings: 0.65% in FDH Bank
George Chitera is a Malawian banking executive best known for his senior roles at FDH Bank Plc and the wider FDH Financial Holdings group.
7) William Mpinganjira
Portfolio value: $14.06 million
Holdings: 0.59% stake in FDH Bank
He is part of the family leadership bench at FDH, holding shares while helping steer the group through its high growth phase.
8) Natasha Nsamala and family
Portfolio value: $12.88 million
Holdings: 1.25% stake in NICO Holdings
Natasha Nsamala is a Malawian chartered accountant and public-sector executive best known as the chief executive officer of the Malawi Blood Transfusion Service. She also sits on the board of NICO Holdings, one of the Malawi Stock Exchange’s key financial groups, and she has served as a commissioner on Malawi’s National Planning Commission.
9) Sangwani Hara
Portfolio value: $11.70 million
Holdings: 1.14% stake in NICO Holdings
Sangwani Hara is a Malawian finance and plantations executive who is best known in listed-company circles as a long-serving independent non-executive director at NICO Holdings, a role he has held since 2010. He is also a director at ICON Properties and is active in the tea industry, including serving as chairman of the Tea Association of Malawi, alongside senior finance roles linked to plantation businesses.
10) Charles Kamoto
Portfolio value: $0.33 million
Holdings: 0.045% stake in Airtel Malawi
Charles Kamoto is a Malawian telecoms executive best known for his long stint running Airtel Malawi, where he served as managing director and a board director for close to a decade. He later moved into a regional leadership role as managing director of Airtel Tanzania.
