South African billionaire Michiel Le Roux gains $104.5 million in 2023

South African mogul Michel Le Roux recorded a significant upswing in the market value of his stake in Capitec Bank, increasing by more than $100 million in 2023, driven by the sustained surge in the retail bank’s shares on the Johannesburg Stock Exchange.

Le Roux, a key figure in South Africa’s business scene, saw the market value of his stake in the leading retail bank surge by R1.95 billion ($104.52 million) in 2023 — solidifying his position as one of South Africa’s richest businessmen.

Capitec Bank’s shares surge 7.86 percent, pushing market cap above $12 billion

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 leading retail banking brands.

Since its inception, Le Roux has played a pivotal role in shaping the landscape of the financial services industry throughout Africa. Presently, he holds an 11.39-percent stake in Capitec Bank equivalent to 13,190,043 shares — positioning him as one of South Africa’s leading investors.

In 2023, Capitec Bank shares on the local bourse increased by 7.86 percent, from R1,878.8 ($100.8) on Jan. 1 to R2,026.36 ($108.7) on Dec. 31 causing the group’s market cap to soar above $12 billion — cementing its status as one of Africa’s most valuable financial services group.

Michel Le Roux’s Capitec stake hit $1.4-billion milestone in 2023

According to data tracked by Billionaires.Africa, the market value of Le Roux’s stake in the financial services group climbed from R24.78 billion ($1.33 billion) on Jan. 1 2023 to R26.73 billion ($1.43 billion) on Dec. 31, 2023 — marking a substantial increase of R1.95 billion ($104.52 million) for the South African businessman in 2023.

This impressive surge in his fortune reaffirms his position among South Africa’s billionaires — firmly establishing his presence within the ranks of the continent’s financial elite and as one of the top investors on the Johannesburg Stock Exchange.