The Uganda Securities Exchange has seen a strong run recently, with the market climbing about 34% over the year leading up to early February 2026.
Even though it’s a relatively small and sometimes quiet stock market, a handful of well-known companies — especially banks and telecoms dominate trading and attract most investment.
Against this backdrop, the 10 richest individual investors on the USE based on the value of their public shareholding stakes have been ranked by the Billionaire.Africa, using recent share prices and converting them at a USD/UGX rate of about UGX 3,561.77 per US dollar.
Topping the list is Charles Mbire, whose portfolio on the USE is valued at around $91.1 million.
He holds roughly a 4 percent share in MTN Uganda, the country’s largest listed telecommunications firm. Mbire is known in Uganda as a prominent dealmaker and corporate leader with interests in telecoms, energy and finance.
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In second place is Sudhir Ruparelia, a veteran investor and founder of the Ruparelia Group, whose holdings on the exchange, including positions in Stanbic Uganda Holdings and Bank of Baroda Uganda, are worth about $11.4 million.
Ruparelia is one of Uganda’s most prominent businessmen, known for his long track record in sectors such as banking, property and hospitality.
The remainder of the top ten features a mix of long-time shareholders and business figures with substantial equity in listed companies.
I. K. Kabanda holds a significant stake in Stanbic Uganda, Ceasor Mulenga is a notable investor in Bank of Baroda Uganda, and Frederick Kitaka has a meaningful shareholding in Quality Chemical Industries, a leading pharmaceutical manufacturer on the local bourse.
Emmanuel Katongole and George Baguma are also listed for their stakes in the same pharmaceutical firm.
The list rounds out with Mbire Michael, another Bank of Baroda Uganda shareholder, Joseph Byamugisha, and Muhimbise Andrew both recognized for their positions in banking stocks on the exchange.
