South African billionaire Michiel Le Roux gains $100 million within 24 hours

South African billionaire Michiel Le Roux, co-founder of Capitec with Jannie Mouton and Riaan Stassen, experienced a notable $100-million increase in his net worth within 24 hours. This surge is attributed to the recent rise in the market value of his stake in Capitec, a prominent South African retail bank, following an initial decrease earlier this year.

According to Forbes, a leading U.S. business magazine that tracks the fortunes of the world’s ultra-high-net-worth individuals (UHNWIs), Le Roux, one of South Africa’s wealthiest businessmen and Africa’s top billionaires, has seen his net worth surge by $100 million from $1.1 billion on Feb. 15 to $1.2 billion at the time of drafting this report.

The recent uptick in his fortune can be attributed to the performance of his 11.39-percent stake in Capitec Bank, which translates to a total of 13,190,043 ordinary shares in the leading retail banking group — making him one of the richest men on the continent.

Capitec Bank shares up by 1.65 percent, catapulting market cap beyond $12 billion

In recent times, Capitec Bank shares on the local bourse have increased by 1.65 percent, from R1997.56 ($105.934) on Feb. 15 to R2030.44 ($107.673), pushing its market capitalization above $12 billion — and returning gains amounting to millions of dollars for Le Roux.

Since Le Roux, Mouton, and Stassen co-founded Capitec Bank 20 years ago, it has grown into one of the world’s most reputable banking brands, providing transactional banking services and loan products such as term loans, credit facilities, and credit cards.

Le Roux’s recent wealth upswing underscores his entrepreneurial acumen and shrewd investments in banking. His adept navigation of challenges has not only led to a remarkable turnaround but also solidified his status among South Africa’s elite billionaires.