Charles Mbire and Sudhir Ruparelia remain the most influential individual investors on the Uganda Securities Exchange, as new market rankings underline how a small group of high-net-worth Ugandans continues to command a disproportionate share of listed wealth.
The rankings, compiled by Billionaires.Africa, come at a time when the local bourse has posted a strong recovery. In the twelve months to February 4, 2026, the USE All Share Index rose by 34 percent, lifting total market capitalisation to an estimated Shs37.3 trillion and significantly boosting the value of large, long-held positions.
Mbire tops the list with a listed portfolio valued at $91.1 million, anchored almost entirely in MTN Uganda, where he holds a 4 percent stake and serves as board chairman. His position reflects the continued dominance of telecoms stocks in driving individual wealth on the exchange.
Property mogul Sudhir Ruparelia ranks second with a combined portfolio of $11.4 million, diversified across key banking counters. His holdings include a 0.65 percent stake in Stanbic Uganda Holdings and a 2.5 percent stake in Bank of Baroda Uganda, placing him among the most significant local shareholders in the financial sector.
Banking remains the preferred entry point for most of the top investors. I.K. Kabanda, ranked third, holds shares valued at $4 million in Stanbic, while Ceasor Mulenga follows in fourth place with $3.8 million, largely invested in Bank of Baroda.
The list also highlights the steady performance of the pharmaceutical sector through Quality Chemical Industries. Company founders Frederick Kitaka, Emmanuel Katongole and George Baguma are tied in fifth place, each with stakes valued at approximately $3.4 million, reflecting sustained investor confidence in local manufacturing.
Further down the rankings, Michael Mbire sits eighth with a portfolio worth $1.9 million, followed by Joseph Byamugisha at $1.3 million and Andrew Muhimbise with $1.2 million. All three maintain significant holdings in Bank of Baroda Uganda, reinforcing the stock’s popularity among long-term investors.
Overall, seven of the ten richest individual investors on the Uganda Securities Exchange have substantial exposure to either Stanbic Uganda Holdings or Bank of Baroda Uganda, reflecting the central role of banking stocks in shaping local capital accumulation.
The portfolio values were calculated using recent closing prices on the exchange and converted at an exchange rate of Shs3,561.77 to the US dollar.
