Key Points
- Malawi’s private sector is driving economic growth, with investments in banking, agriculture, and infrastructure fueling resilience.
- Hitesh Anadkat, Malawi’s wealthiest businessman, has seen his fortune surge to $910 million, driven by the rise of FMB Capital Holdings’ market value.
- The Malawi Stock Exchange’s market capitalization has jumped to $8.6 billion, reflecting increased investor confidence and the rising influence of private capital.
Malawi, a landlocked nation in Southern Africa, often finds itself overshadowed by its larger, resource-rich neighbors. Yet beneath the surface, the country’s business leaders are quietly steering an economic transformation, driven by strategic investments in banking, agriculture, and infrastructure.
Their efforts come against a backdrop of significant challenges, including the devastation of Cyclone Freddy in 2023, which crippled a third of the country’s power generation and slashed agricultural output, and a severe drought in 2024 that further strained food supplies and deepened macroeconomic imbalances.
Despite these setbacks, Malawi’s private sector is proving resilient. Business leaders are making bold moves, fueling economic activity, and positioning the country for long-term growth. The financial services sector continues to expand, commercial agriculture is becoming more sophisticated, and the mining industry is beginning to show promise. With Malawi’s real GDP growth projected at 4.2 percent in 2025—driven by an agricultural rebound and spillovers into manufacturing and transportation—the foundations of wealth creation are being laid.
While Malawi has yet to produce a billionaire, that reality may soon change. Hitesh Anadkat, the country’s most successful banker, has seen his fortune surge from under $100 million to over $900 million in just five years, thanks to the rise in value of his stake in FMB Capital Holdings—the most valuable company on the Malawi Stock Exchange (MSE). If his trajectory continues, Anadkat could soon claim the title of Malawi’s first billionaire.
He is not alone. Thom Mpinganjira, the influential yet controversial founder of FDH Bank Plc, has cemented his place as one of the country’s top financial powerhouses, while Simbi Phiri, the founder of Khato Civils, has built a vast fortune in construction and infrastructure across Africa. These business leaders, alongside others, are redefining Malawi’s economic landscape, creating jobs, and driving investment in key industries.
The influence of private capital is becoming more pronounced, with the MSE playing a pivotal role in wealth creation. The exchange’s market capitalization has surged from less than $2 billion five years ago to MWK 14.9 trillion ($8.6 billion) today, reflecting growing investor confidence.
In this report, Billionaires.Africa profiles Malawi’s 15 richest business leaders—delving into their industries, major holdings, and the financial impact of their enterprises:
- Hitesh Anadkat
Net Worth: $920 million
Holdings: FMB Capital Holdings
Indian-Malawian financier Hitesh Anadkat, the founder of FMB Capital Holdings, has built a financial empire that dominates Malawi’s banking sector. Established in 1995 as First Merchant Bank, the Mauritius-based financial services group has expanded across multiple African markets under his leadership. Anadkat’s sharp business instincts and ability to recognize opportunities early have positioned FMB Capital as a market leader. Investor confidence in the firm has driven its stock up 153.96 percent in 2025, making it the standout performer on the Malawi Stock Exchange (MSE). As a result, Anadkat’s 45.32-percent stake—equivalent to 1,114,195,155 shares—is now valued at MWK 1.57 trillion ($906.17 million), a sharp rise from MWK 618.38 billion ($356.82 million) at the start of the year. This surge solidifies his status as Malawi’s wealthiest individual.
- Thom Mpinganjira
Net worth: $740 million
Holdings: FDH Bank Plc
Thom Mpinganjira, one of Malawi’s most influential businessmen, is the founder of FDH Bank Plc, a leading commercial bank listed on the MSE. Through his ownership of M Development Ltd., he indirectly controls a 40.7-percent stake in the bank, which is now worth MWK 1.19 trillion ($687.16 million), securing his place among Malawi’s richest. Despite his financial success, Mpinganjira’s reputation is overshadowed by past legal troubles. In 2021, he was sentenced to nine years in prison for attempting to bribe judges handling the 2019 presidential election case. The scandal tarnished his legacy but did little to shake his financial standing in Malawi’s banking sector.
- Simbi Phiri
Net Worth: $80 million
Holdings: Khato Civils
Founder and chairman of Khato Civils, Simbi Phiri, has established himself as a major player in Africa’s construction industry. His company operates in Malawi, South Africa, and Botswana, securing multi-million-dollar contracts for large-scale infrastructure projects. Among his firm’s most significant projects are the $351 million Salima-Lilongwe Water Supply Project in Malawi and the 100-kilometer Masama-Mmamashia Water Pipeline Project in Botswana. His influence extends across bulk earthworks, water supply, and energy infrastructure, reinforcing his impact on Africa’s development.
- Jimmy Korea Mpatsa
Net Worth: $40 million
Holdings: Mpatsa Holdings
Jimmy Korea Mpatsa, a seasoned Malawian businessman, has built a diverse investment portfolio spanning farming, tourism, real estate, and transportation. He owns multiple lodges, farms, and commercial properties across Malawi and beyond. Mpatsa is known for his entrepreneurial insights and mentorship, encouraging young businesspeople to explore industries beyond agriculture. His success in multiple sectors has cemented his reputation as one of Malawi’s most influential investors.
- Vizenge Kumwenda
Net Worth: $35 million
Holdings: NICO Holdings
The Group Managing Director of NICO Holdings, Vizenge Kumwenda, has played a key role in Malawi’s financial services sector. His 4.82-percent stake in the company—equivalent to 50,305,142 shares—is valued at MWK 41.76 billion ($24.04 million). Kumwenda also holds a 0.17-percent stake in NBS Bank worth MWK 1.73 billion ($1 million), further solidifying his influence in Malawi’s banking and insurance industries.
- Nathan Mpinganjira
Net Worth: $25 million
Holdings: FDH Bank Plc
Nathan Mpinganjira, brother of FDH Bank founder Thom Mpinganjira, holds a 5.02 percent stake in the bank—equivalent to 346,464,879 ordinary shares—valued at MWK 109.16 billion ($62.7 million). His stake underscores the Mpinganjira family’s lasting influence in Malawi’s financial sector, despite the legal challenges surrounding his brother.
- Abraham John Simama
Net Worth: $20 million
Holdings: Simama Industries, Simama Hotel
Abraham John Simama is a businessman, preacher, and philanthropist. As the founder of Simama Industries, he has built a business empire spanning construction, real estate, and agriculture. He also owns Simama Hotel, a high-end hospitality venture in Lilongwe. Beyond business, he is the senior pastor at Glorious Light International Church and serves as chairman of the Northern Region Football Association, combining commerce, faith, and sports in his influence.
- Ramesh Haridas Savjani
Net Worth: $15 million
Holdings: Ilovo Sugar Malawi
The chairman of General Alliance Insurance, Ramesh Haridas Savjani, maintains a strong presence in Malawi’s financial sector. With a 2.08 percent equivalent to 14,821,735 shares stake in Ilovo Sugar Malawi—valued at MWK 20.09 billion($11.54 million)—he remains a key player in the country’s sugar industry, reinforcing his influence in the nation’s economic landscape.
- Gospel Kazako
Net Worth: $10 million
Holdings: Zodiak Broadcasting Station
Gospel Kazako, a former journalist at Malawi Broadcasting Corporation (MBC), ventured into private media with Zodiak Broadcasting Station (ZBS). After facing regulatory challenges, he secured a broadcasting license in 2005, building ZBS into one of Malawi’s most influential media houses. Today, ZBS operates over 25 transmission sites and was granted a TV broadcasting license in 2012. Kazako’s success in media has propelled his net worth to $15 million, and he currently serves as Malawi’s Minister of Information.
- Natasha Nsamala
Net Worth: $8 million
Holdings: NICO Holdings Plc
Natasha Nsamala, CEO of Malawi Blood Transfusion Service, is a key figure in Malawi’s healthcare sector. Under her leadership, MBTS has strengthened blood collection, storage, and distribution, ensuring a reliable supply for hospitals. Beyond healthcare, she holds a 0.65 percent stake in NICO Holdings, valued at MWK 5.63 billion ($3.24 million), reflecting her strategic investment acumen. Her influence extends beyond the corporate sphere as she continues to champion improved healthcare services in Malawi.
- George Chitera
Net Worth: $7.5 million
Holdings: FDH Bank PLC
As a senior executive at FDH Bank, George Chitera holds a 0.48 percent stake in the company—33,075,000 shares valued at $5.99 million. His dual role as both a key decision-maker and investor underscores a keen alignment of professional influence with strategic financial positioning.
- William Mpinganjira
Net Worth: $7 million
Holdings: FDH Bank Plc
William Mpinganjira, son of business tycoon Thom Mpinganjira, is carrying forward the family’s legacy in banking. He owns a 0.47 percent stake in FDH Bank Plc, amounting to 32,199,018 shares—a holding valued at MWK 10.14 billion ($5.83 million). His investment reflects a continued commitment to strengthening the institution his family helped build.
- Sangwani Hara
Net Worth: $6 million
Holdings: NICO Holdings Plc
Sangwani Hara, a key figure in Malawi’s business and agricultural sectors, balances multiple leadership roles. As group company secretary and financial manager at Makandi Tea & Coffee Estate, and chairman of the Tea Association of Malawi Limited, he plays a vital role in shaping the country’s agricultural policies. His 0.84 percent stake in NICO Holdings, valued at MWK 7.28 billion ($4.19 million), positions him as an influential player bridging the agricultural and financial industries.
- George Partridge
Net Worth: $3.5 Million
Holdings: National Bank of Malawi, Telekom Networks, Press Corporation Plc
George Partridge, CEO of Press Corporation Limited, one of Malawi’s largest conglomerates, has built a well-diversified investment portfolio. His 0.037 percent stake in Press Corporation and a 0.18 percent stake in National Bank of Malawi PLC bring his total holdings to nearly $1.62 million. His additional investments in Telekom Networks highlight a broad approach to wealth management, spanning banking, telecommunications, and industrial sectors.
- Juliana Chidumu Somba-Banda
Net Worth: $3 million
Holdings: FDH Bank Plc
Juliana Chidumu Somba-Banda is a seasoned economist, diplomat, and life coach, currently serving as the First Secretary for Trade and Investment at the High Commission of Malawi to India. With expertise in economics, agriculture, international trade, and policy analysis, she has played a significant role in fostering economic development. Beyond her diplomatic work, Somba-Banda is a sought-after public speaker and image consultant, helping individuals and organizations strengthen their professional presence. She is also a board member at FDH Financial Holdings Limited, where she holds a 0.13 percent stake in FDH Bank Plc, valued at MWK 2.71 billion ($1.56 million).
