A new report by Billionaires Africa reveals that Charles Mbire and Sudhir Ruparelia have remained the dominant forces behind Uganda Security Exchange shares growth . The ranking comes as the USE All Share Index saw a 34 percent climb in the 12 months leading to Feb. 4, 2026, pushing total market capitalization to approximately shs 37.3 trillion.
Mbire, who chairs MTN Uganda, holds the top spot with a portfolio valued at $91.1 million, driven primarily by his 4 percent stake in the telecommunications giant.
Dr Sudhir Ruparelia follows in second place with a combined portfolio of $11.4 million. His holdings are diversified across the banking sector, including a 0.65 percent stake in Stanbic Uganda Holdings and a 2.5 percent stake in Bank of Baroda Uganda.
The banking sector remains a primary vehicle for local wealth, with seven of the top 10 investors holding significant positions in either Stanbic or Bank of Baroda. I.K. Kabanda ranks third with $4 million held in Stanbic, while Ceasor Mulenga holds $3.8 million in Bank of Baroda.
The pharmaceutical sector also features prominently through the founders of Quality Chemical Industries. Frederick Kitaka, Emmanuel Katongole and George Baguma each hold stakes valued at $3.4 million, tying for the fifth spot.
Rounding out the list are Michael Mbire, Joseph Byamugisha and Andrew Muhimbise, all of whom have significant positions in Bank of Baroda.
The values were calculated using recent closing prices and an exchange rate of UGX 3,561.77 to the 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 |
Founded in 1997 and licensed in 1998, the Uganda Securities Exchange (USE) is the principal, regulated stock exchange in Uganda facilitating the trading of equities and corporate/government bonds.
USE experienced robust growth in 2025, with trading turnover rising to UGX 98.4 billion ($27.4 million) and significant gains in key indices, driven by strong performance in telecommunications and banking sectors, notably MTN Uganda and Stanbic Bank Uganda
The All Share Index (ALSI) surged by over 25% in the first half of 2025, and market capitalization for local companies grew by over 22%
he Local Companies Index (LCI) increased by 30.42%, while the All Share Index (ALSI) rose by 25.14% in H1 2025
