KAMPALA — Charles Mbire and Sudhir Ruparelia have emerged as the wealthiest individual investors on the Uganda Securities Exchange, according to a 2026 ranking by Billionaires.Africa.
The list, which tracks the 10 richest shareholders on the local bourse, highlights a concentrated landscape where a handful of veteran businessmen hold significant stakes in the country’s most liquid companies. The surge in personal wealth follows a strong performance for the exchange, which saw the USE All Share Index climb 34 percent in the 12 months ending Feb. 4, 2026.
Mbire, the chairman of MTN Uganda, maintains a substantial lead with a portfolio valued at $91.1 million. His wealth is primarily anchored by a 4 percent stake in the telecommunications firm, which has seen growth through its digital and mobile money services.
Sudhir Ruparelia, founder of the Ruparelia Group, holds the second position with holdings worth $11.4 million. Unlike Mbire’s concentrated position, Ruparelia has diversified his exchange presence with a 2.5 percent stake in Bank of Baroda Uganda and a 0.65 percent stake in Stanbic Uganda Holdings.
The banking sector serves as a common denominator for the majority of those on the list. I.K. Kabanda ranks third with a $4 million stake in Stanbic, while Ceasor Mulenga holds $3.8 million in Bank of Baroda shares. Other significant shareholders in the banking sector include Michael Mbire, Joseph Byamugisha, and Andrew Muhimbise.
The pharmaceutical industry also contributed to the wealth rankings. The founders of Quality Chemical Industries — Frederick Kitaka, Emmanuel Katongole, and George Baguma — each hold stakes valued at $3.4 million.
The rankings are based on public ownership tables and recent closing prices, with values converted at an exchange rate of UGX 3,561.77 per dollar. While the USE market capitalization has grown to UGX 37.3 trillion, analysts note that trading remains dominated by a tight circle of institutional and high-net-worth investors.
The Top 10 Richest Investors on the USE
| Rank | Investor | Portfolio Value | Primary Holding |
| 1 | Charles Mbire | $91.1 million | MTN Uganda |
| 2 | Sudhir Ruparelia | $11.4 million | Stanbic / Bank of Baroda |
| 3 | I. K. Kabanda | $4.0 million | Stanbic |
| 4 | Ceasor Mulenga | $3.8 million | Bank of Baroda |
| 5 | Frederick Kitaka | $3.4 million | Quality Chemical Industries |
| 6 | Emmanuel Katongole | $3.4 million | Quality Chemical Industries |
| 7 | George Baguma | $3.4 million | Quality Chemical Industries |
| 8 | Mbire Michael | $1.9 million | Bank of Baroda |
| 9 | Joseph Byamugisha | $1.3 million | Bank of Baroda |
| 10 | Muhimbise Andrew | $1.2 million | Bank of Baroda |
