The Uganda Securities Exchange (USE) remains firmly in the hands of a small group of wealthy local investors, with billionaire property magnate Sudhir Ruparelia standing out as one of the most influential players on the bourse.
According to a new report by Billionaires.Africa, trading on the USE continues to be dominated by a handful of high-net-worth individuals, even as the market records strong growth. The USE All Share Index rose by 34 percent in the 12 months to 4 February 2026, lifting total market capitalisation to about Shs37.3 trillion.
Sudhir ranks second among the wealthiest local investors on the exchange, with a listed equity portfolio valued at $11.4 million. His investments are concentrated in the banking sector, where he holds a 0.65 percent stake in Stanbic Uganda Holdings and a 2.5 percent stake in Bank of Baroda Uganda.
Although his portfolio is smaller than that of MTN Uganda chairperson Charles Mbire, who tops the list with $91.1 million largely from his 4 percent stake in the telecom firm, Sudhir’s diversified banking interests underline his strategic preference for stable, dividend-paying institutions.
The report highlights the banking sector as the main engine of wealth on the USE. Seven of the top ten investors have significant holdings in either Stanbic Uganda or Bank of Baroda. I.K. Kabanda ranks third with shares worth $4 million in Stanbic, while Ceasor Mulenga follows closely with $3.8 million invested in Bank of Baroda.
Beyond banking, the pharmaceutical sector also features through Quality Chemical Industries, whose founders Frederick Kitaka, Emmanuel Katongole and George Baguma each hold stakes valued at $3.4 million, tying them at fifth position.
The top ten list is completed by Michael Mbire, Joseph Byamugisha and Andrew Muhimbise, all of whom have notable investments in Bank of Baroda.
The valuations were based on the latest closing share prices on the USE, using an exchange rate of Shs3,561.77 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 |
