Malawis stock market ended 2025 on a run that put it among Africas standout performers, lifted by sharp gains in a small group of stocks that carry most of the exchanges weight in both trading and valuation.
That concentration is the story. The Malawi Stock Exchange is driven by a few financial heavyweights, with counters such as FDH Bank and FMB Capital Holdings acting as the markets main conduits for local capital. When those prices shift, they pull the broader market with them, and the effect shows up quickly in the countrys wealth league table, where the largest holders have accumulated sizeable paper fortunes.
This ranking estimates the market value of disclosed equity stakes in MSE-listed companies, using the latest official MSE closing prices available at the 30th fo January, 2026. Values are shown in U.S. dollars and reflect listed holdings only, excluding private businesses, real estate and other unlisted assets.
