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Richest people in Malawi are mostly self-made billionaires. This means they created their wealth mostly by their own hard work and determination.
While Malawi consistently ranks on top of the poorest countries in the world, the country has her own money magnets.
The sources of wealth for Malawi’ richest people varies, but majority is from agriculture, telecommunication, transport, and construction. Majority of the richest people in Malawi are businessmen.
Richest people in Malawi List
- Prophet Shepherd Bushiri
Net wealth : $150 million
Sources of Wealth : Shepherd Bushiri Investments; Evangelism, Agriculture, Mining, Education and Telecommunications
Shepherd Bushiri is among the richest people in Malawi. He is probably the richest prophet in Malawi.
Bushiri is the founder of Enlightened Christian Gathering church which has followers in Malawi, South Africa, Nigeria,Botswana, and Zambia.
In a radio interview he explained that farming was his earliest source of wealth. Starting with farming he then invested into mining before diversifying education, telecommunications, and Hotels
Bushiri was born on 20 February 1983. Bushiri owns four private jets.
Bushiri quotes from the BBC
“My success should inspire people to be entrepreneurs. I am a businessman and that should be separate from being a prophet. My prosperity is from private business”
- Jimmy Korea Mpatsa
Net wealth :
Sources of Wealth : Mpatsa Holdings Limited
Another richest person in Malawi is Jimmy Korea Mpatsa owner of Mpatsa Holdings Limited. They have investment in farms, lodges, and transports.
Raised from single mother in a family of three boys. Mr Mpatsa went to Soche secondary school then Self-studied advanced level economics, law, and English literature.
Entrepreneurship Wisdom from Mr. Mpatsa
There are many important principles to success as an entrepreneur. Some of them include religious beliefs, family, financial intelligence, industrial knowledge, risk taking, leadership, diversification, honesty and integrity
- Thom Mpinganjira
Net wealth : $73.9 Million
Sources of Wealth : FDH Financial Holdings.
Thom Mpinganjira is a Malawian Businessman.
He is the Chief Executive Officer of FDH Financial Holdings which includes FDH Bank, First Discount House, FDH Stoke Brokers, and FDH Money Bureau.
Mr. Mpinganjira has a Bachelors Degree of Commerce from University of Malawi.
Mpinganjira Inspiration to young entrepreneurs
”You don’t have to rush into opening your own businesses.
What you need foremost is reputation, make a name and become a professional in your career and important people will be able to recognize you.
In business accessing loans is about reputation which is built on professional development”
- Dr. E.D Nyirongo
Net wealth : $73. 2Million
Sources of Wealth : Farming, Real Estate, and Exports Rare earth, bauxite
- Simbi Phiri
Simbi Phiri Net wealth : $72.3 Million
Sources of Wealth : Construction; Khato Civils and South Zambezi Consortium
Simbi Phiri is a Malawian billionaire based in South Africa. Phiri is from Mchinji district. He owns a multi-national construction company known as Khato Civils.
Mr. Simbi was born from a Malawian father and his mother from Botswana. He is from Nkhoma in Lilongwe but later own settled in Mchinji after he was disowned by his part of his family.
His companies concentrate on water and sanitation projects, in countries like South Africa, Botswana, and Ghana.
Simbi Phiri went to Nkhoma Primary school in Lilongwe and to St John Bosco secondary school.
A Malawian journalist quoted on his tertiary education, he said “I then studied some few engineering courses in Botswana. To me what matters most is the knowledge acquired than then papers”
- Bakili Muluzi
Net wealth : $71 Million
Sources of Wealth : Farming, Transport and Filling stations
Bakili Muluzi was born on 17 March 1943 in Machinga, Malawi. He is the former president of Malawi. He is the first freely elected president in the country. Muluzi was president for two consecutive terms from 1994 to 2004.
Apart from championing multiparty democracy he is also known for introducing free primary school education in Malawi.
Bakili Muluzi did secondary education in Malawi. Then he went to Thirsted Technical College in Denmark and Huddersfiled College of Education in the United Kingdom.
Net wealth : $68 Million
Sources of Wealth : Telecommunications; Zodiak Radio and Zodiak TV. Zodiak radio is an award winning radio station in Malawi. They broadcast their programmes both in English and Chichewa.
Gospel Kazako was born 29 December 1968 in a family of eight children. His father was a watchman. He is from Zomba district. Kazako went to HHI Secondary school before obtaining his Journalism qualification.
Wisdom quotes from Gospel Kazako
“What you need to do is to believe in your idea, work very hard, save the little that you are making within that vision, and start slowly, little by little. I can assure you; you are going to cross the pacific”
- Peter Muthalika
Net wealth : Farming, life servings and Inheritance,
Sources of Wealth : $55 Million
Peter Muthalika is the current president of Malawi. He is a legal expert, educator, and politician. He is the president of the ruling Democratic progressive Party (DPP).
Want to know more about Peter Muthalika clik here
- Sidik Mia
Net wealth : $52 Million
Sources of Wealth : Livestock, Cold Storage, and Event Management
Sidik Mia is another richest person in Malawi. He is a businessman, politician and philanthropist. This post gives details about Sidik Mia
Net wealth : $35 Million
Sources of Wealth : Business
Joyce Banda is a former president of Malawi.
Banda ruled Malawi for two years. She made history as the first woman president in the country. Forbes recognized her as the most powerful woman of the year. She is the founder of Peoples Party (PP). Learn more about Joyce Bands here
- Aniz Suleman
Source of wealth : Right price , Northgate, Southgate, Glenae Pultrty, and Conforzi Plantations
Source of wealth: Ninkawa Transport
- Rashy Gaffer
Source of wealth: Transport
- Leston Muli
Source of wealth: Muli Group of Companies
- Mrs. Aisha Ephraim
Source of Wealth: Aisha Group of Companies