Hitesh Anadkat on track to become Malawi’s first billionaire as FMB stake nears $1 billion

Key Points

• Hitesh Anadkat’s fortune has surged by $549 million in 2025, pushing his FMB Capital stake to $906.17 million, nearing the billion-dollar mark.
• FMB Capital’s shares have surged 153.96% this year, making it the most valuable company on the Malawi Stock Exchange with a $2 billion market cap.
• FDH Bank’s 168.95% income surge and 220.85% profit jump have strengthened FMB Capital’s expansion, driving massive gains for Anadkat and investors.

Hitesh Anadkat, Malawi’s most successful banker and wealthiest individual, is on the brink of making history. His fortune is soaring, driven by the surge in the value of his stake in FMB Capital Holdings—the most valuable company on the Malawi Stock Exchange (MSE). With his holdings climbing by over $549 million this year, Anadkat is on the verge of becoming Malawi’s first billionaire, cementing his dominance in the country’s financial sector.

FMB Capital’s unstoppable growth

Anadkat’s rising wealth is closely tied to the performance of FMB Capital, a Mauritius-based investment firm with a strong presence across Africa. As investor demand pushes its stock higher, FMB Capital has emerged as the crown jewel of the MSE, with shares surging 153.96 percent in 2025. This rally has propelled Anadkat’s 45.32 percent stake to MWK1.57 trillion ($906.17 million), up from MWK618.38 billion ($356.82 million) at the start of the year.

Headquartered in Port Louis, Mauritius, FMB Capital has built a strong foothold in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe. With a market capitalization of MWK3.47 trillion ($2 billion), it now stands as Malawi’s most valuable publicly traded company.

Investor confidence in FMB Capital remains strong, fueled by its record-breaking financial performance. Its stock price has soared from MWK555 ($0.32) per share at the beginning of the year to MWK1,409.47 ($0.82) per share, delivering 154 percent returns to shareholders. The company’s sustained profitability has rewarded both retail and institutional investors, reinforcing its position as a dominant player in Malawi’s banking sector.

FDH Bank’s explosive growth

One of the key drivers behind FMB Capital’s success is its subsidiary, FDH Bank. The bank has posted remarkable financial growth, reporting a 168.95 percent increase in total income for the first half of 2024, rising from MWK28.73 billion ($16.56 million) in 2022 to MWK77.26 billion ($44.54 million). This growth has been fueled by higher net interest income and a boom in international trade-related financial services.

FDH Bank’s asset base has also seen a sharp rise, jumping 141.68 percent from MWK 338.14 billion ($194.93 million) in 2022 to MWK 817.19 billion ($471.18 million) by mid-2024. Meanwhile, its profit after tax has skyrocketed by 220.85 percent, reaching MWK 27.94 billion ($16.11 million) in the first half of 2024, up from MWK 8.71 billion ($5.02 million) in 2023.

Anadkat’s billionaire breakthrough

For Anadkat, who has spent decades shaping Malawi’s banking industry, this surge in FMB Capital’s valuation is more than just a financial milestone—it’s a defining moment in his career. With a 45.32 percent stake amounting to 1.11 billion shares, he remains the largest shareholder of the financial group.

His net worth has grown at an extraordinary pace, with his FMB stake alone appreciating by $549.35 million in just 58 days. If the stock continues its upward climb, Anadkat is set to become Malawi’s first billionaire—a status that would place him among Africa’s most influential financial figures.

The latest stock rally has also solidified his position as the wealthiest investor on the Malawi Stock Exchange, making him one of the most powerful figures in the country’s corporate landscape. His success highlights the transformative impact of strategic investment in Africa’s banking sector, a field that continues to attract global capital.

Massive returns for investors

FMB Capital’s rise hasn’t only benefited Anadkat—it has also delivered substantial gains for shareholders. The leading financial services group leads the MSE in year-to-date performance, significantly outperforming other listed firms. Investors who placed $100,000 into FMB Capital stock at the start of 2025 have seen their holdings grow to $253,958.56, yielding a profit of $153,958.56—a testament to the company’s ability to create wealth.

As FMB Capital’s stock continues its strong run, investors—including Anadkat—are reaping the rewards of Malawi’s financial sector boom. With his stake now just shy of the billion-dollar threshold, Hitesh Anadkat stands on the cusp of history, proving that Malawi is not just home to an emerging banking powerhouse—but also its first billionaire.