Kenyan businessman Rasik Kantaria has become the first Kenyan businessman with a verified fortune above $1 billion.
According to Billionaires Africa, Kantaria’s new milestone is majorly driven by the sharp increase in the value of his stake in FMB Capital Holdings, a Mauritius-based financial services holding company.
The billionaire reportedly owns 525 million shares in FMB Capital Holdings, representing a 21.36 percent stake. That holding has surged in value as the group’s share price jumped more than 500 percent since January, from MWK555 ($0.32) to MWK3,383 ($1.95).
This saw the group’s market capitalization surge to MWK8.32 trillion ($4.8 billion), making it the largest company on the Malawi Stock Exchange and one of the standout performers across African markets in 2025.
The impact has been reflected on Kantaria’s fortune, growing his stake from MWK291.4 billion ($167.8 million) at the start of the year to the current MWK1.77 trillion ($1.02 billion), representing an increase of MWK1.48 trillion ($855.2 million).
This performance places him firmly in billionaire territory and makes him the first confirmed dollar billionaire in Kenya, long known for influential business families and regional investors but without a confirmed dollar billionaire from private-sector enterprise.
According to the wealth intelligence and market research firm New World Wealth, dollar billionaires are individuals with investible wealth of $1 billion/KSh129 billion or more.
New World Wealth’s recent data shows that there are only 22 dollar billionaires in Africa in only four countries: South Africa (8), Egypt (7), Morocco (4), and Nigeria (3).
Rasik Kantaria Wealth
Kantaria is the founder and chairman of Prime Bank Limited and Prime Capital Holdings and a co-founder of Mauritius-based FMB Capital Holdings PLC.
He is also the owner of Yaya Centre in Nairobi after acquiring it from the Biwott family in 2023 in a deal estimated to be worth billions.
The Kantaria family has a long-standing history of entrepreneurial success in Kenya, with their first enterprise established in the country in 1896 by the tycoon’s grandfather.
Following the footsteps, Kantaria entered the service industry, founding Prime Capital and Credit Finance Company, which eventually evolved into a successful commercial bank.
In 1995, he teamed up with Malawian billionaire Hitesh Anadkat to launch First Merchant Bank Limited in Blantyre. What started as a modest operation in Malawi’s commercial center gradually grew into First Capital Bank, now the flagship of FMB Capital Holdings.
Over the years, the group expanded into Malawi, Botswana, Zambia, and Mozambique. Kantaria’s investments span various sectors, including finance, real estate, hospitality, horticulture, and manufacturing.
The businessman chairs Tausi Assurance Company Limited and previously served on the board of the Deposit Protection Fund, an appointment made by the Central Bank of Kenya.
Over the years, the tycoon has maintained a low-profile, working quietly away from public attention.
In a past interview with Business Daily, he revealed that he does not know his net worth, arguing that he does not count money because he does not want it to get into his head.
“The moment you start counting money, it will go into your head and it will go into your children’s heads…I don’t work for wealth, I work to help society. To create employment, educate children, and help sick children get medical care,” Kantaria said.
He is heavily involved in charity through his family trust that provides prosthetic legs and wheelchairs to those who need them free of charge.
His philanthropic work earned him an Honorary Doctor of Humanities Degree from the United Graduate College and Seminary in the United States of America.
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