Charles Mbire, Sudhir Ruparelia top Uganda’s richest investors on the Securities Exchange

KAMPALA, Uganda — Uganda’s capital markets continue to reflect a highly concentrated ownership structure, with a small group of wealthy individuals commanding a disproportionate share of value on the Uganda Securities Exchange (USE), according to the latest market data.

A new analysis by Billionaires.Africa shows that Charles Mbire and Sudhir Ruparelia remain the most influential private investors on the local bourse, underscoring the dominance of established business elites in Uganda’s relatively shallow equity market.

The findings come as the USE All Share Index surged by 34 percent in the 12 months to February 4, 2026, lifting total market capitalisation to an estimated UGX 37.3 trillion. The rally has been largely driven by gains in telecommunications and banking stocks, which continue to anchor investor confidence.

At the top of the rankings is Charles Mbire, chairperson of MTN Uganda, whose equity portfolio is valued at $91.1 million. His position is overwhelmingly anchored in a four percent stake in MTN Uganda, the exchange’s largest and most liquid counter, highlighting the outsized role the telecoms sector plays in shaping the performance of the USE.

Trailing at a distant second is property magnate Sudhir Ruparelia, whose listed holdings are valued at $11.4 million. His exposure is spread across the financial sector, including a 0.65 percent stake in Stanbic Uganda Holdings and a 2.5 percent stake in Bank of Baroda Uganda, reinforcing banking’s status as a cornerstone of domestic wealth creation.

Indeed, the banking sector remains the principal conduit for listed wealth accumulation. Seven of the top ten investors hold significant stakes in either Stanbic Uganda or Bank of Baroda, reflecting both limited sectoral diversity on the exchange and the enduring profitability of Uganda’s banking industry.

I.K. Kabanda ranks third with a $4 million stake in Stanbic, followed by Ceasor Mulenga, whose $3.8 million holding is concentrated in Bank of Baroda.

Beyond finance, the pharmaceutical sector also features among the top investors through Quality Chemical Industries (QCI), one of Uganda’s flagship manufacturing firms.

QCI founders Frederick Kitaka, Emmanuel Katongole and George Baguma each hold equity stakes valued at $3.4 million, tying for fifth place and signalling the growing relevance of healthcare manufacturing in the region’s capital markets.

Completing the top ten are Michael Mbire, Joseph Byamugisha and Andrew Muhimbise, all of whom maintain sizeable positions in Bank of Baroda, further cementing the bank’s prominence among high-net-worth local investors.

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Portfolio values were calculated using recent closing prices on the USE and an exchange rate of UGX 3,561.77 to the US dollar.

While the recent market rally has bolstered investor wealth, analysts note that the heavy concentration among a few individuals highlights persistent structural challenges for the USE, including low retail participation, limited new listings, and narrow sectoral representation.

Expanding market depth, experts argue, will be critical if the exchange is to support broader wealth creation and attract long-term institutional capital.

Top 10 richest investors on the Uganda Securities Exchange