Billionaire entrepreneur Sudhir Ruparelia continues to hold his spot as the second-largest locally listed investor on the Uganda Securities Exchange (USE), highlighting his role as one of Uganda’s most diversified business leaders.
A recent report by Billionaires.Africa values Ruparelia’s stock holdings at $11.4 million. His portfolio is anchored in two major banking stocks on the USE: a 0.65 percent stake in Stanbic Uganda Holdings and a 2.5 percent stake in Bank of Baroda Uganda.
The ranking comes amid a strong performance on the USE, with the All Share Index rising 34 percent over the year ending February 4, 2026, pushing the exchange’s total market capitalization to around UGX 37.3 trillion.
While Ruparelia is widely recognized for his extensive real estate empire, his participation in publicly traded stocks reveals a more understated aspect of his wealth strategy. By holding stakes in two of the most actively traded banks on the exchange, he maintains exposure to Uganda’s dominant financial sector. Notably, seven of the top ten USE investors have significant positions in either Stanbic or Bank of Baroda.
It’s important to note that Ruparelia’s publicly listed investments are only a small portion of his total business interests, which include hospitality, education, insurance, agriculture, and manufacturing. His stock portfolio complements a broader, diversified business empire rather than forming its core.
Top Spot Held by Mbire
Leading the ranking is MTN Uganda chairman Charles Mbire, whose $91.1 million portfolio is driven by a 4 percent stake in the telecom giant, putting him far ahead of other investors.
Ruparelia follows in second place, with I.K. Kabanda in third ($4 million in Stanbic), Ceasor Mulenga in fourth ($3.8 million in Bank of Baroda), and Frederick Kitaka, Emmanuel Katongole, and George Baguma jointly in fifth ($3.4 million each, Quality Chemical Industries). Michael Mbire, Joseph Byamugisha, and Andrew Muhimbise round out the top ten, mainly through Bank of Baroda holdings.
All valuations were based on recent closing stock prices and an exchange rate of UGX 3,561.77 to the US dollar.
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 |
