South African billionaire and co-founder of Capitec Bank Michiel Le Roux has experienced a substantial decline in his fortune in the past 24 days, after witnessing his fortune surge to $1.2 billion on Oct. 21.
According to data tracked by Billionaires.Africa, Le Roux has seen his wealth figures slump by $100 million in the past twenty-four days translating to an average daily loss of $4.17 million. This significant plunge has caused his net worth to slump from $1.2 billion on Oct. 21 to $1.1 billion at the time of this report.
Le Roux’s financial setback reflects a downward trend in his fortunes. From Jan. 1 to Oct. 21, the South African billionaire has seen his net worth slump by $100 million, from $1.2 billion to $1.1 billion.Â
The recent slump in his fortune can be linked to the recent decline in the market value of his stake in Capitec Bank, a leading South African retail bank which he co-founded in 1999 with Jannie Mouton and Riaan Stassen.
Despite recent setbacks, Michiel Le Roux remains one of South Africa’s richest individuals
Capitec Bank is a leading financial institution in South Africa, renowned for its robust customer base and status as one of the largest lenders in the country. Since Oct. 21, Capitec shares on the Johannesburg Stock Exchange have slumped by 15.47 percent.
The company’s shares on the local bourse have declined from R1,666 ($88.964) on Oct. 21 to R1,923.75 ($102.730) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including the Le Roux.
Despite experiencing a $100-million decline in fortunes over the past 24 days, his significant stake in Capitec solidifies his position as a leading figure in Africa’s financial services sector, and as one of the richest investors on the Johannesburg Stock Exchange.
