South African tycoon Laurie Dippenaar gained $59 million in 2023 from FirstRand

Feyisayo Ajayi -

South African tycoon Laurie Dippenaar recorded a remarkable surge in the market value of his stake in the leading financial services group FirstRand in 2023, propelled by the sustained surge in the group’s shares on the Johannesburg Stock Exchange.

Dippenaar, a top figure in South Africa’s business scene, saw the market value of his stake in the Johannesburg-based financial services provider increase by R1.09 billion ($59.45 million) in 2023 — cementing his position as one of South Africa’s richest businessmen.

FirstRand shares surge by double-digit pushing market cap above $20 billion

Dippenaar’s journey to financial success began in 1977 when he co-founded Rand Consolidated Investing alongside partners GT Ferreira and Paul Harris. The company went through a series of mergers and acquisitions, leading to the formation of FirstRand in the 1990s.

Since its inception, FirstRand has been pivotal in shaping the landscape of the financial services industry throughout Africa. Presently, Dippenaar holds a 1.76-percent stake in FirstRand, to 98,726,988 shares — this stake makes him one of South Africa’s leading investors.

In 2023, FirstRand shares on the local bourse increased by 17.69 percent, from R62.46 ($3.404) Jan. 1 to R73.51 ($4.006) on Dec. 31 causing the group’s market capitalization to surge above $20 billion — cementing its position as Africa’s most valuable financial services providers.

Dippenaar’s FirstRand stake surged above $390 million in 2023

According to data tracked by Billionaires.Africa, the market value of Dippenaar’s stake in the financial services group increased from R6.17 billion ($336.02 million) on Jan 1. 2023 to R7.26 billion ($395.47 million) on Dec. 31, 2023— marking a substantial increase of R1.09 billion ($59.45 million) for the South African businessman in 2023.

The surge in the market value of Dippenaar’s stake in FirstRand further cements his position as one of South Africa’s richest businessmen and as one of the top investors on the Johannesburg Stock Exchange.