Billionaire property mogul Sudhir Ruparelia has maintained his position as the second-largest locally listed investor on the Uganda Securities Exchange, reinforcing his standing as one of the country’s most diversified business figures.
According to a recent ranking by Billionaires.Africa, Ruparelia holds a combined stock portfolio valued at $11.4 million, built on strategic positions in two of Uganda’s most prominent banking stocks: a 0.65 percent stake in Stanbic Uganda Holdings and a 2.5 percent stake in Bank of Baroda Uganda.
The ranking comes during a bullish stretch for the exchange, with the USE All Share Index climbing 34 percent over the 12 months to February 4, 2026, pushing total market capitalization to approximately UGX 37.3 trillion.
While Ruparelia is best known for his sprawling real estate empire, his presence on the USE underscores a quieter dimension of his wealth strategy. His stakes in both Stanbic and Bank of Baroda position him across two of the exchange’s most actively traded banking stocks, a sector that dominates locally held equity wealth. Seven of the top 10 investors on the USE hold significant positions in one or both of these banks.
Notably, Ruparelia’s listed holdings represent only a fraction of his total business interests, which span hospitality, education, insurance, agribusiness and manufacturing. His USE portfolio is best understood not as the centre of his wealth, but as one spoke in a much larger wheel.
Mbire Tops the List
MTN Uganda chairman Charles Mbire leads the ranking with a portfolio valued at $91.1 million, driven by his 4 percent stake in the telecoms giant. The scale of that single holding places him well ahead of the rest of the field.
Behind Ruparelia, I.K. Kabanda ranks third with $4 million in Stanbic, followed by Ceasor Mulenga at $3.8 million in Bank of Baroda. Frederick Kitaka, Emmanuel Katongole and George Baguma, the co-founders of Quality Chemical Industries, share fifth place with $3.4 million each. Michael Mbire, Joseph Byamugisha and Andrew Muhimbise round out the top 10 through positions in Bank of Baroda.
All portfolio 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 |