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5 richest bankers in South Africa

by Omokolade Ajayi
Michiel Le Roux

South African banking magnates have played an integral role in shaping the country’s economic landscape, propelling it to become Africa’s foremost industrialized powerhouse. Through their visionary leadership and revolutionary financial products, these bankers have not only transformed the financial services sector but also propelled South Africa into its current position of prominence on the continent.

At the forefront of this financial revolution is Michiel Le Roux, a billionaire banker and co-founder of Capitec Bank. Le Roux and esteemed South African visionaries Jannie Mouton and Riaan Stassen have spearheaded a retail banking transformation that has left an indelible mark on the nation. Their pioneering efforts have propelled Capitec Bank to the forefront of innovation, redefining how South Africans interact with financial services.

Alongside these founders, a league of outstanding executives has emerged to cement South Africa’s financial prowess. Andre du Plessis, Gerhardus Fourie, Michael Thomas Brown, and Alan Pullinger are exemplary figures in this regard. As leaders of prominent institutions such as Capitec Bank, FirstRand, and Nedbank, their dedication and understanding of the banking domain have been instrumental in driving these institutions to new heights.

In the tapestry of South Africa’s economic success, these five individuals are beacons of ingenuity and expertise. Their contributions have enriched the nation’s financial fabric and paved the way for a prosperous and thriving economy, securing South Africa’s status as a leading player in Africa’s financial arena.

  1. Michiel Le Roux

Market value of stake in Capitec Bank: $1.24 billion

Michiel Le Roux, hailed as South Africa’s wealthiest banker, co-founded Capitec Bank in 2001, overseeing its remarkable rise by focusing on the financial empowerment of the middle class. He was Chairman from 2007 to 2016, amassing an impressive net worth of more than $1 billion. His stake of 11.39 percent in Capitec Bank, valued at more than $1.2 billion, forms the cornerstone of his wealth. Le Roux’s strategic vision has positioned Capitec Bank as a formidable force in the Stellenbosch-based banking landscape.

  1. Tshepo Mahloele

Market value of stake in Capitec Bank: $789.1 million

Tshepo Mahloele, the founding CEO of Harith General Partners, stands out as a prominent investment banker with over two decades of experience in private equity, investment banking, and project finance. Besides managing an extensive investment portfolio through Lebashe Investment Holding Group — a Black-owned unlisted investment holding firm founded by him in 2018 — Mahloele held executive roles in esteemed financial institutions like the Development Bank of Southern Africa and the Commonwealth Development Corporation. His indirect 7.26-percent stake in Capitec Bank, held via Lebashe Investment Holding Group, boasts a market value of R14.92 billion ($789.1 million).

  1. Jannie Mouton

Market value of stake in Capitec Bank: $555.2 million

Jannie Mouton, a driving force behind the creation and expansion of Capitec Bank, stands among Africa’s leading retail banking figures. As a co-founder alongside Le Roux and Riaan Stassen, he has been instrumental in shaping Capitec Bank’s success over the past two decades. Mouton also founded PSG Group, a significant investment holding company. His ownership through Jf Mouton Familietrust grants him a 5.11-percent stake in Capitec Bank valued at R10.5 billion ($555.25 million), while indirect exposure via his son Piet Mouton’s stake further solidifies his impact on the bank’s legacy.

  1. Laurie Dippenaar

Market value of stake in FirstRand: $377.2 million

Laurie Dippenaar, a prominent figure in South Africa’s financial landscape, co-founded Rand Consolidated Investing in 1977, establishing Africa’s most valuable financial services provider, FirstRand. His contributions, along with partners GT Ferreira and Paul Harris, laid the foundation for FirstRand’s substantial influence in the continent’s financial sector. Dippenaar’s 1.76-percent stake in FirstRand, equating to 98,726,988 shares, is valued at R7.13 billion ($377.2 million), solidifying his status as a notable figure among the country’s affluent bankers.

  1. Gerhardus “Gerrie” Fourie

Market value of stake in Capitec Bank: $96.4 million

Gerhardus “Gerrie” Fourie, the CEO of Capitec Bank, continues the bank’s legacy of growth and success, positioning him as one of South Africa’s affluent bankers. Fourie’s leadership has been crucial in leading the bank into a new era. His ownership of a 0.89-percent stake in Capitec Bank, comprising 1,027,673 shares, holds a market value of R1.82 billion ($96.4 million). Fourie’s strategic guidance ensures the bank remains at the forefront of the retail banking industry.

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