In a remarkable turn of events, South African billionaire Michiel Le Roux has defied the odds and reclaimed his billionaire status with a spectacular surge in his net worth.
According to Forbes, the renowned U.S. business magazine that closely monitors the wealth of ultra-high net-worth individuals, Le Roux’s net worth has skyrocketed by $200 million in just 80 days, bolstering his position as one of South Africa’s wealthiest businessmen and cementing his status as an African billionaire.
Le Roux, who primarily derives his wealth from his 11.41-percent stake in Capitec Bank, experienced a significant setback earlier this year when his net worth plummeted by $200 million, putting him at risk of losing his billionaire status.
However, he has made an impressive recovery since then, with his net worth surging from $1 billion to $1.2 billion since Feb. 27, according to data tracked by Billionaires.Africa.
The resurgence in Le Roux’s net worth can be attributed to the outstanding performance of his stake in Capitec Bank, a leading retail bank he co-founded in 1999 alongside Jannie Mouton and Riaan Stassen.
Over the past two decades, the bank has flourished, becoming one of the world’s most esteemed retail banking brands.
The South African billionaire businessman is poised to receive a substantial dividend payout of R369.32 million ($20.12 million) from his stake in Capitec Bank.
This payout forms a significant portion of the R3.25 billion ($177.16 million) gross dividend proposed by the bank’s board of directors, following a 14-percent rise in profits from R8.52 billion ($466.4 million) in 2022 to R9.7 billion ($531 million) by the end of its 2023 fiscal year.
The bank’s impressive financial performance can be attributed to the growth in lending, investment, and insurance income, which substantially increased from R19.96 billion ($1.1 billion) to R24.17 billion ($1.32 billion).
The latest surge in Le Roux’s wealth serves as a testament to his entrepreneurial prowess and strategic investments in the banking industry.
His remarkable turnaround showcases his ability to navigate challenges and emerge stronger, securing his position among South Africa’s elite billionaires.