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South African billionaire Michiel Le Roux has witnessed another significant boost in his wealth due to the sustained surge in the share price of Capitec Bank, propelling the market value of his stake in the retail bank to $1.25 billion.
Recent data compiled by Billionaires.Africa reveals that Le Roux has experienced an impressive increase of R1.96 billion ($104.6 million) in the market value of his 11.41-percent stake in Capitec Bank. This surge is attributed to the recent increase in the bank’s shares on the Johannesburg Stock Exchange.
This latest surge in Le Roux’s wealth closely follows a noteworthy gain of $91.1 million he amassed in the preceding month. Reports from Billionaires.Africa had previously highlighted an increase of R1.63 billion ($91.1 million) in Le Roux’s stake between June 26 and July 20.
Capitec Bank, co-founded by Le Roux alongside Jannie Mouton and Riaan Stassen, has solidified its standing over the past two decades, amassing a substantial customer base. With a network of more than 850 branches and 7,400 ATMs across South Africa, the bank has earned a reputation as one of the world’s top retail banking brands.
Le Roux holds an 11.39-percent ownership stake in Capitec Bank, encompassing a total of 13,190,043 ordinary shares, a stake that places him among the most affluent individuals on the continent.
Recent market performance of Capitec Bank reveals a 9.15-percent increase in share price, soaring from R1,628.05 ($86.7021) on July 21 to R1,777 ($94.7102) on Aug. 10. This positive trajectory has led to substantial gains for shareholders, including Michiel Le Roux.
The recent share price rally has propelled the market value of Le Roux’s stake in the prominent financial services group by R1.96 billion ($104.62 million) over the past 20 days, escalating from R21.47 billion ($1.14 billion) to R23.44 billion ($1.25 billion) at the time of this report’s drafting.
This surge in the market value of Le Roux’s stake further solidifies his position as one of Africa’s billionaires, marking his presence within the ranks of the continent’s financial elite.
