Malawi’s richest man loses $270 million in 3 months

Key Points

• Anadkat’s stake in FMB Capital plunges by $274 million amid a nearly 30% drop in share price over less than three months. 
• FMB remains Malawi’s top listed firm, with $1.62 billion in market cap and operations across five Southern African countries.
• FMB shares are still up over 80% in 2025, signaling long-term investor confidence despite recent market volatility.

Hitesh Anadkat, Malawi’s richest man and a top figure in Southern Africa’s banking community, is facing a significant financial setback. In less than three months, the market value of his stake in FMB Capital Holdings Plc, the banking group he built from the ground up, has dropped by $274 million. This decline follows a sharp fall in the company’s share price on the Malawi Stock Exchange, hitting hard at the wealth of a man long seen as a pillar of the region’s finance sector. 

Anadkat owns 45.32 percent of FMB Capital, which amounts to about 1.11 billion shares. The value of his holding has fallen from MWK1.59 trillion ($916.93 million) to MWK1.11 trillion ($642.97 million). Since March, the share price has dropped nearly 30 percent, sliding from MWK1,426.10 ($0.82) to MWK1,000 ($0.58) per share by mid-June.

FMB stands strong despite recent dip

While many investors across the market have been cautious, taking profits and pulling back, the decline in FMB’s stock is especially notable. Despite this recent drop, the banking group remains Malawi’s most valuable listed company, with a market capitalization of MWK2.81 trillion ($1.62 billion).

This recent decline doesn’t point to deep problems within the business itself. Rather, it reflects a broader shift in market sentiment. FMB Capital continues to play a major role in banking across Southern Africa, with operations in five countries, including Zimbabwe and Mozambique. Headquartered in Mauritius, the group has grown into one of the region’s most important cross-border banking networks. Since founding the banking group in 1995, Anadkat has guided its growth and helped shape not only FMB’s strategy but also Malawi’s financial landscape.

When Anadkat started out, he saw a chance to respond to Malawi’s evolving economy and moved quickly to establish the bank. He focused on building a solid foundation, leaning on local talent and a disciplined financial approach. Over the years, FMB gained a reputation for both its reach and its reliability. Anadkat, in turn, earned respect as one of the most trusted voices in the region’s financial circles—which is why even a small drop in performance raises eyebrows.

Investors hold amid price dip

Still, many investors aren’t rushing to sell. FMB Capital’s shares have actually risen more than 80 percent since the start of 2025, showing strong growth despite the recent setback. To put that into perspective, a $100,000 investment in January would now be worth more than $180,000. This suggests many investors still have faith in the banking group’s long-term prospects, viewing the recent slide as a temporary setback rather than a sign of deeper trouble.

Analysts echo this cautious optimism. They note that FMB is still well-managed and has a diverse presence closely linked to the economies it serves. Current challenges like inflation, rising interest rates, and currency fluctuations are affecting investor confidence throughout Southern Africa. How FMB navigates these issues will be critical, and Anadkat’s leadership will remain important.