The Nairobi Securities Exchange (NSE) is a vital platform for investors and businesses in Kenya.
As of 2023, the NSE has seen its share of ups and downs, with bearish pressures impacting the market.
Despite the challenges, some individuals have managed to accumulate substantial wealth through their investments.
WoK explores the top 10 richest people on the Nairobi Securities Exchange in 2023, based on their stock ownership positions and the value of their holdings.
The Aga Khan
Shah Karim Al-Hussayni, also known as the Aga Khan, tops the list as the richest investor on the Nairobi Securities Exchange.
With a diverse portfolio, his investments include significant stakes in Jubilee Holdings, Diamond Trust Bank, Nation Media Group, and TPS Eastern Serena.
With a net worth of $71.7 million, the Aga Khan’s investments reflect his commitment to sectors such as insurance, banking, media, and hospitality.
James Mwangi, the long-serving CEO of Equity Group, secures the second position on the list. Known for transforming Equity Group into a major player in East Africa’s financial services sector, Mwangi holds a substantial 6.77% shareholding in the bank, valued at $71.1 million.
Additionally, he is one of the largest shareholders in the insurance giant Britam, with a stake worth over $2.7 million.
Mama Ngina Kenyatta & Family
Enke Investments, managed by Mama Ngina Kenyatta, the matriarch of the Kenyatta family, holds a 13.2% stake in the financial services giant NCBA Group.
With a net worth of $60.5 million, the family’s wealth is primarily attributed to Mama Ngina Kenyatta.
Zarin Merali, widow of the late Kenyan billionaire Naushad Merali, takes the fourth spot on the list.
Following her husband’s passing, she inherited a portfolio of Kenyan stocks, including significant stakes in companies such as NCBA, Sasini Tea, Sameer Africa, and Eveready East Africa.
With a net worth of $59.2 million, Zarin Merali continues to build on her late husband’s legacy and influence in the investment arena.
Baloobhai Patel & Family
Baloobhai Patel and his wife, Amarjeet Patel, represent one of the most diverse investment portfolios on the Nairobi Securities Exchange.
Their holdings span across Co-operative Bank, Absa, Bamburi Cement, Carbacid, Sanlam, and Williamson Tea.
With a net worth of $23.8 million, the Patel family’s investments reflect their strategic approach to diversification and their stake in various sectors within the Kenyan economy.
John Kimani, a prominent Kenyan investor, secures the sixth position on the list.
With a beneficial stake of 33.37% in Kakuzi, an agricultural cultivation and manufacturing company, Kimani’s most valuable holding is currently worth over $22.1 million.
In addition, he holds stakes in other notable companies such as Centum Investments and Nation Media, further contributing to his wealth in the Nairobi Securities Exchange.
Suresh Bhagwanji Raja Shah, MBS
Suresh Bhagwanji Raja Shah, the founder and chairman of I&M Holdings, a leading banking group, holds the seventh position.
With a 10.6% stake in I&M Holdings, valued at $21.1 million, Shah’s influence in the financial sector is evident.
Having overseen the growth of I&M Bank over several decades, he has contributed significantly to Kenya’s banking industry and has amassed considerable wealth in the process.
Andrew S. Ndegwa
Andrew Ndegwa, an executive director of First Chartered Securities Limited, secures the eighth spot on the list.
As a non-executive director of NCBA Group, he owns a 4.3% stake in the company, valued at $19.9 million.
Gideon Muriuki, the CEO of the Co-operative Bank of Kenya, ranks ninth on the list.
With a 3.49% stake in Co-operative Bank and a 5.27% shareholding in CIC Insurance, Muriuki’s net worth on the NSE is estimated at $19.6 million.
His long-serving tenure in the banking sector and his strategic investments have contributed to his wealth and influence within the Nairobi Securities Exchange.
James P. Ndegwa
James Ndegwa, the son of former Central Bank of Kenya Governor Philip Ndegwa, claims the tenth position on the list.
As the chairman of First Chartered Securities, he holds a 4.23% stake in NCBA Group, valued at $19.2 million.
Ndegwa’s diverse business interests and his family’s prominence in Kenya’s financial sector have solidified his position as one of the wealthiest investors on the Nairobi Securities Exchange.