Malawian billionaires Thom Mpinganjira and Hitesh Anadkat lose $134 million in Q3 as bank shares fall
Thom Mpinganjira and Hitesh Anadkat lost a combined $134 million in the third quarter as FDH Bank and FMB Capital shares fell.
Malawi
Tanzania's Mittal brothers buy their third Vivo Energy business in three months
Mount Meru Group, owned by Tanzanian-raised brothers Atul and Arvind Mittal, is buying Vivo Energy's Rwanda and Malawi fuel businesses.
Malawian billionaire Thom Mpinganjira says he built cancer hospital to save lives, not profit
Malawi's first billionaire, Thomson Mpinganjira, says he built the country's only radiotherapy cancer hospital to spare patients costly treatment abroad, not to profit.
How Canva's billionaire founders are handing $150 million in cash to Malawi's poorest
Canva's billionaire founders have committed $150 million to hand cash directly to Malawi's poorest, funding the largest unconditional cash experiment ever attempted.
Malawian executive Jimmy Lipunga leads Illovo in $45 million loan deal
The facility, backed by majority shareholder Sucoma Holdings, will pay down part of Illovo’s $72 million liabilities, much of it owed to foreign suppliers and sister companies.
Five new African billionaires have emerged so far in 2025
Five new billionaires join Africa’s top ranks in 2025, led by gains in real estate, banking, and tech sectors.
Thom Mpinganjira becomes Malawi’s first dollar billionaire
Malawian banker Thom Mpinganjira’s FDH Bank shares reach $1.12 billion, making him the country’s first billionaire and richest citizen.
Thom Mpinganjira becomes Malawi’s richest as FDH Bank stake soars to $1.1 billion
Thom Mpinganjira’s FDH Bank stake reaches $1.12 billion, making him Malawi’s richest man as the bank’s value surges to $2 billion in 2024.
Tanzanian billionaire Said Bakhresa opens $100 million soya plant in Malawi
$100 million plant to process 500 tons of soya daily, boost Malawi’s agriculture, and reduce reliance on imported cooking oil.
Malawian insurance mogul Vizenge Kumwenda gains $10.8 million from NICO stake
Beyond his investment in NICO Holdings, Kumwenda also owns a 0.17-percent stake in NBS Bank, valued at MWK1.73 billion ($1 million).
Malawi’s 15 richest people amass a stunning $1.92 billion fortune
Anadkat and Mpinganjira account for $1.66 billion of the total combined wealth of Malawi’s 15 richest individuals.
Malawi’s 15 richest people
Billionaires.Africa profiles Malawi’s 15 richest business leaders, highlighting their industries, key holdings, and financial impact.
FDH Bank projects $36.2 million profit in Q4 2024, resilient amid Malawi’s economic slowdown
Malawi’s economic slowdown hasn’t deterred FDH Bank, whose strategic focus and cost management continue to deliver robust profitability and growth.
Malawi business tycoon Hitesh Anadkat gains $148.7 million from FMB Capital
This latest surge builds on the strong performance of his stake in 2023, when it increased by MWK178.2 billion ($105.88 million).
