Who is the richest person in Malawi?
Hitesh Anadkat, the Indian-Malawian founder of FMB Capital Holdings, is the richest person in Malawi with an estimated net worth of around $900 million. His 45.32% stake in FMB Capital, the most valuable company on the Malawi Stock Exchange, is the main source of his wealth.
Thom Mpinganjira, founder of FDH Bank, ranks second with roughly $687 million. He was sentenced to nine years in prison in 2021 for attempting to bribe judges in the presidential election case, but his 40.7% stake in FDH Bank was not affected.
Top 10 richest people in Malawi
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Hitesh Anadkat - ~$900 million. Founder of FMB Capital Holdings, Malawi’s largest financial services group.
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Thom Mpinganjira - ~$687 million. Founder of FDH Bank Plc through M Development Ltd.
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Simbi Phiri - Founder of Khato Civils. Built a fortune in construction across Malawi, South Africa, and Botswana. His company secured the $351 million Salima-Lilongwe Water Supply Project.
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Jimmy Korea Mpatsa - Diversified investor with holdings in farming, tourism, real estate, and transportation.
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Vizenge Kumwenda - Group Managing Director of NICO Holdings. Holds 4.82% stake valued at MWK 41.76 billion ($24 million).
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Nathan Mpinganjira - Brother of Thom. Holds 5.02% stake in FDH Bank worth MWK 109.16 billion ($62.7 million).
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Abraham John Simama - Founder of Simama Industries. Business empire spans construction, real estate, and agriculture.
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Ramesh Haridas Savjani - Chairman of General Alliance Insurance. Holds 2.08% stake in Ilovo Sugar Malawi.
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Gospel Kazako - Founder of Zodiak Broadcasting Station. Net worth around $15 million. Currently serves as Malawi’s Minister of Information.
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George Partridge - CEO of Press Corporation Limited, one of Malawi’s largest conglomerates.
How wealth is created in Malawi
The Malawi Stock Exchange has grown significantly, with market capitalization rising from under $2 billion five years ago to MWK 14.9 trillion ($8.6 billion) today. Banking and financial services dominate the wealth landscape, with FMB Capital and FDH Bank accounting for the two largest personal fortunes.
Agriculture and construction also play major roles. Simbi Phiri’s Khato Civils and Jimmy Mpatsa’s farming operations show that infrastructure and agribusiness remain profitable in Malawi’s economy.