Michiel Le Roux, a prominent South African billionaire banker and co-founder of Capitec Bank, has experienced another bump in the market value of his stake in the leading bank, adding to the $120-million gains he recorded earlier in June.
According to data tracked by Billionaires.Africa, Le Roux’s 11.41-percent stake in Capitec Bank has witnessed a substantial increase of R1.63 billion ($91.1 million) due to the recent surge in the bank’s shares on the Johannesburg Stock Exchange.
This followed a recent surge in his stake from May 31 to June 26, during which he witnessed a substantial increase of $120 million, surpassing the $1-billion mark.
The recent upswing in Capitec Bank’s share price, rising by 8.2 percent from R1,508.05 ($84.03) on June 26 to R1,631.99 ($90.89) on July 20, has contributed to Michiel Le Roux’s stake increasing by R1.63 billion ($91.1 million) over the past 24 days.
As a result, Le Roux’s stake has increased from R19.89 billion ($1.11 billion) to R21.53 billion ($1.19 billion) at the time of drafting this report. This solidifies his position as one of Africa’s wealthiest individuals, with his net worth now estimated at $1 billion, according to Forbes.
Capitec Bank, co-founded by Le Roux alongside prominent businessmen Jannie Mouton and Riaan Stassen, has garnered a reputation for its extensive customer base since its establishment two decades ago.
Under the leadership of Le Roux, Capitec Bank, renowned for its transactional banking and loan products, has become one of the world’s most esteemed retail banking brands since its establishment 20 years ago.
This recent surge in Le Roux’s net worth reflects the resilience of Capitec Bank in the face of earlier declines. The bank’s shares have been bolstered by its strong reputation and solid financial performance, allowing Le Roux to reclaim his billionaire status.