Kampala, Uganda: Tycoons Charles Mbire and Sudhir Ruparelia have emerged as the richest individual investors on the Uganda Securities Exchange (USE), underscoring the dominance of banking and telecommunications in shaping Uganda’s capital market wealth.
A new analysis of shareholdings and portfolio values places Charles Mbire firmly at the top, with an estimated portfolio worth $91.1 million, followed by Sudhir Ruparelia at $11.4 million.
The ranking is based on investors’ disclosed shareholdings valued using the latest closing prices on the Uganda Securities Exchange, with currency conversion at UGX 3,561.77 to the US dollar. The snapshot comes amid a 34% surge in the USE All Share Index over the past 12 months, reflecting growing investor confidence despite global market volatility.
Mbire tops list on MTN dominance
Mbire’s commanding lead is anchored in telecommunications. He holds a 4% stake in MTN Uganda, where he also serves as board chairman, positioning him at the centre of one of Uganda’s most profitable and liquid stocks.
Market analysts note that MTN Uganda’s strong dividend history and market capitalisation have significantly boosted Mbire’s valuation relative to other investors.
Sudhir’s banking footprint keeps him second
Coming in second is Sudhir Ruparelia, whose listed portfolio is largely concentrated in the financial sector. He holds 0.65% in Stanbic Uganda Holdings and 2.5% in Bank of Baroda Uganda.
While Ruparelia’s broader wealth spans real estate, education, hospitality and insurance under the Ruparelia Group, his USE ranking reflects only his publicly listed investments.
Banking stocks dominate top 10
Of the top 10 richest investors, seven derive most of their wealth from banking stocks, particularly Stanbic Uganda Holdings and Bank of Baroda Uganda. This concentration highlights the financial sector’s resilience and investor appeal, even as calls grow for diversification of listings into agriculture, manufacturing and technology.
Top 10 richest Ugandan investors on the USE
| Rank | Investor | Estimated Portfolio Value | Key Holdings |
|---|---|---|---|
| 1 | Charles Mbire | $91.1m | MTN Uganda (4%) |
| 2 | Sudhir Ruparelia | $11.4m | Stanbic Uganda, Bank of Baroda |
| 3 | I.K. Kabanda | $4.0m | Stanbic Uganda |
| 4 | Ceasor Mulenga | $3.8m | Bank of Baroda |
| 5 | Frederick Kitaka | $3.4m | Quality Chemical Industries |
| 6 | Emmanuel Katongole | $3.4m | Quality Chemical Industries |
| 7 | George Baguma | $3.4m | Quality Chemical Industries |
| 8 | Michael Mbire | $1.9m | Bank of Baroda |
| 9 | Joseph Byamugisha | $1.3m | Bank of Baroda |
| 10 | Andrew Muhimbise | $1.2m | Bank of Baroda |
Pharmaceuticals make a notable entry
The appearance of Quality Chemical Industries investors Frederick Kitaka, Emmanuel Katongole and George Baguma signals a slow but important expansion beyond banking and telecoms into pharmaceuticals—one of Uganda’s emerging industrial success stories.
Market outlook
With the USE’s total market capitalisation now estimated at UGX 37.3 trillion, analysts say the exchange’s next growth phase will depend on attracting new listings in underrepresented sectors such as agribusiness, energy, technology and logistics.
For now, Uganda’s stock market wealth remains firmly in the hands of a small circle of well-positioned investors, many with long-standing corporate and family networks.
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