According to Forbes, Malawi is one of the most underdeveloped countries in the world, with most people living on less than a dollar per day.
But while a majority of the population live below the poverty line, a few individuals have managed to beat poverty and are swimming in riches and luxury.
Here are the top ten richest people in Malawi as of 2022.
Read also: Richest people in Namibia
Read also: Richest people in Namibia
With a net worth of around $220 million, Thom Mpinganjira is currently considered the richest man in Malawi.
The high profile businessman is the founder of one of the largest financial holdings in Malawi- FDH Limited (Financial Holdings Limited), which has multiple subsidiary companies, including FDH bank, First Discount House, and FDH Money Bureau.
Thom Mpinganjira served as the group's CEO until 2020 when he was arrested and charged with bribery.
Simbi Phiri is another Malawian tycoon who keeps getting rich every day.
Phiri's net worth as of 2022 is estimated at around $190 million, making him one of the richest people in Malawi.
He is the founder of one of the biggest construction companies in Malawi- Khato Civils and the South Zambezi Consortium.
It is estimated that Khato Civils makes a yearly turnover of around $200,000.
The founder of Enlightened Christian Gathering is known for his flashy lifestyle and numerous controversies. The 'humble' man of God owns several private jets, a fleet of expensive luxurious cars, and giant mansions.
But his lifestyle is justified given that he is one of the wealthiest people in Malawi, with a net worth of about $150 million. After all, money is meant to be spent, right?
Besides owning one of the biggest churches in Africa, Shepherd Bushiri also owns Shepherd Bushiri Investments (Pty) Ltd, which deals in businesses such as mining, oil, hospitality, and real estate, amongst others.
Jimmy Korea Mpatsa
Jimmy Korea Mpatsa's net worth is estimated at $138 million, and he is one of the top ten richest people in Malawi.
He is the founder of Mpatsa Holdings, which is the mother company for Mpatsa Trading Co Ltd, Mpatsa Farms Ltd, Mpatsa Lodges Ltd, and Armando Ramos Ltd. He is also a shareholder at Mwabvi Coal Ltd, Corporate Graphics Ltd, and Malawi Pharmacies Ltd.
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With a net worth of about $136 million, Aniz Suleiman is one of the richest people in Malawi.
His primary investments are in the agriculture and real estate sectors.
Besides owning about 50% of all buildings in the Limbe area, Aniz Suleiman also owns businesses such as Right Price, Conforzi Plantations, Northgate, and Glenae Poultry, just to name a few.
The former head of state, Bakili Muluzi, is another wealthy Malawian whose net worth is something worth discussing.
The 78-year-old invested his wealth in farming, real estate, transport, and petroleum business which have cumulatively earned him a net worth of about $103 million.
The retired president currently lives in his beautiful home in BCA Hill, Blantyre.
The proprietor of Mulli Groups of Companies is of the most loaded fellows in Malawi.
Some of the businesses that Mulli Group of companies has majored in include transport and agriculture.
The success of his investments brings Leston Mulli's net worth to around $78 million earning him a spot among the richest people in Malawi.
Gospel Kazako is another tycoon who wouldn't miss in this list of the richest people in Malawi.
Kazako, who is a well-known poet, is the founder of one of the biggest private media companies in Malawi- Zodiak Broadcasting Station.
Since 2020, he has been the Minister of Information and Government spokesperson.
From his successful businesses and career, Gospel Kazako has accumulated immense wealth and has an estimated net worth of about $68 million.
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Joyce Banda is not just the first woman president in Malawi, but she is also the richest woman in Malawi.
The founder of the Peoples Party has invested her money in money minting companies that have helped her obtain a net worth of $51 million.
Besides making money, Joyce Banda is also very passionate about giving back to society. She is the founder of several projects that seek to uplift the lives of Malawians, including, The Joyce Banda Foundation and the National Association of Business Women.
Read also: The Richest woman in Namibia
Dr. E.D Nyirongo
Dr. Nyirongo's name has never missed in any conversation about the richest people in Malawi.
Nyirongo is an astute businessman with a hand in agriculture, real estate, and export sectors where he exports rare minerals like Bauxite.
His current net worth is estimated at around $50 million, and he is one of the richest people in Malawi.