Suresh Bhagwanji Shah
- Net worth $120 million
- Status -
- Country Kenya
- Source(-s) of wealth Businessman, Investor
How much is Suresh Bhagwanji Shah Worth? Suresh Bhagwanji Shah Net Worth in 2026
Suresh Bhagwanji Shah’s net worth is estimated at $120 million as of November 2026. The founder and director of Kenya’s I&M Group holds 174.9 million of its shares directly, and almost all of his measurable wealth sits in that one line of the share register. A year of bank-stock rallying did the heavy lifting: the same shares were worth Sh6.25 billion in mid-2025 and about Sh14.8 billion on November 10, 2026.
| Net worth | $120 million (our estimate, range $110 million to $130 million) |
|---|---|
| Estimated annual income | About $5 million in dividends (Sh656 million paid in May 2026) |
| Country | Kenya |
| Known for | Founder and director of I&M Group, the Nairobi-listed banking group |
| Main income sources | Direct shareholding in I&M Group, dividends |
How much is Suresh Bhagwanji Shah worth in 2026?
We estimate $120 million. The number is mostly arithmetic: his direct shares multiplied by the Nairobi Securities Exchange price, converted at 129.93 shillings to the dollar (the mid-market rate on November 10, 2026), plus the cash from this year’s dividend. It is still an estimate, because I&M’s largest owners are three holding companies whose beneficial owners are not published, and we have not counted any of them for him.
How we got to $120 million
| Source | Our estimate | What it rests on |
|---|---|---|
| Direct I&M Group shares | $114 million | 174,947,573 shares at Sh84.50, the closing price on November 10, 2026, equals Sh14.78 billion, or $113.8 million at 129.93 shillings per dollar. |
| 2026 dividend cash | $5 million | Sh3.75 a share on the same holding, Sh656 million paid in May 2026, about $5.05 million. We assume older dividends were spent, taxed or reinvested and count none of them. |
| Total | $120 million | $118.8 million before rounding. No personal debt has been published, so none is deducted. |
A bank stake that more than doubled in 17 months
When Business Daily reported on July 1, 2026 that the Shah family’s paper wealth had doubled, it put his 10.06 percent stake at Sh12.16 billion, up from Sh6.25 billion a year earlier, after I&M shares hit a record Sh69.50. The run did not stop there. The stock went from Sh70 on July 1 to Sh83.50 on September 29, Billionaires.Africa reported, which by our math added about Sh2.36 billion to his stake in one quarter. On November 10 it closed at Sh84.50, market data shows.
Our calculation: Sh14.78 billion today minus Sh6.25 billion in mid-2025 is Sh8.53 billion, about $65.7 million of paper gain. That is more than half of our whole estimate, earned by a stake he did not add a share to. The dividend tells the same story from the other side. Sh3.75 on an Sh84.50 share is a yield of 4.4 percent, so the payout grew from Sh3 to Sh3.75 while the price ran much faster.
The price an outsider paid
There is a useful check on whether Sh84.50 is a fair mark. In October 2024 East Africa Growth Holding, a vehicle managed by AfricInvest, bought 86.5 million new I&M shares at Sh48.42 each, a 93 percent premium to the market price at the time, per the Business Daily report. A professional buyer who studied the books paid Sh48.42. The market now pays 75 percent more than that. Profits help explain it: I&M reported first-half 2026 profit after tax of Sh10.2 billion, up 22 percent, with units outside Kenya producing a third of pre-tax profit.
From Investments & Mortgages to four countries
The bank began in 1974 as Investments & Mortgages Limited, a private company lending to Nairobi business people, and became a commercial bank in 1996. The listed group now runs banks in Kenya, Rwanda, Tanzania and Uganda plus insurance and investment arms. Its present shape dates to a 2013 reverse merger with the old City Trust, followed by bank purchases in Tanzania (2010), Rwanda (2012) and Kenya’s Giro Commercial Bank (concluded 2017).
Ownership stayed concentrated. Minard Holdings, Tecoma and Ziyungi together held 54.93 percent at the end of May 2026, worth Sh66.43 billion, and he is a director of those companies. A charitable foundation carrying the Bhagwanji Raja name owns another 2.43 percent. Sarit Raja Shah, an executive director, and Sachit Raja Shah, a non-executive director, hold about 37 million shares each.
Why other estimates disagree
Most public estimates for him are snapshots from January 2026, when the shares traded around Sh45, so they land near $60 million. Some also use a stake percentage from before the October 2024 share issue, which diluted every existing holder; he now holds about 10.06 percent. At the far end, anyone who credits him with the holding companies’ 54.93 percent arrives at half a billion dollars or more. We count only shares registered in his own name.
What would move the figure
The share price is the big lever: every Sh10 move changes his stake by about $13.5 million, by our math. A disclosure of who owns Minard, Tecoma and Ziyungi would be the other. If he were shown to own even a third of them, the estimate would rise by roughly $210 million at the November 10 price, by our math (a third of 54.93 percent of a Sh147.9 billion market value). The next dividend, declared with full-year 2026 results, adds cash.
Suresh Bhagwanji Shah net worth FAQ
What is Suresh Bhagwanji Shah’s net worth?
About $120 million as of November 2026 by our estimate, of which $114 million is his direct I&M Group stake priced on November 10.
How many I&M Group shares does Suresh Shah own?
174,947,573 shares, about 10.06 percent of the group after the October 2024 share issue.
How much did Suresh Shah make from I&M dividends in 2026?
About Sh656 million, roughly $5 million, from the Sh3.75 per share dividend for 2025 that was paid in May 2026.
What does I&M Group own?
Banks in Kenya, Rwanda, Tanzania and Uganda, plus insurance and investment services. It reported Sh10.2 billion of profit after tax for the first half of 2026.
Do other Shah family directors own I&M shares?
Yes. Sarit Raja Shah holds 37,595,103 shares and Sachit Raja Shah holds 37,152,231. We do not include them in his figure.
How is his net worth estimated?
We multiply his directly registered shares by the latest closing price, convert at the day’s dollar rate and add dividend cash. Holding companies are left out because their owners are not disclosed.
Related profiles
How we estimate net worth
Our estimates are based on public reporting, company valuations, and deal and earnings figures all compiled in an internal valuation model. They are approximate, and figures change over time as new information emerges.
Last updated: November 2026.