South African billionaire Michiel Le Roux, co-founder of Capitec with Jannie Mouton and Riaan Stassen, has experienced a significant $100-million increase in his net worth over the past 41 days, thanks to the sustained surge in the leading retail bank’s shares on the Johannesburg Stock Exchange (JSE).
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 $1.2 billion on March 19 to $1.3 billion at the time of drafting this report.
Le Roux’s wealth surges with Capitec Bank stake
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 — effectively securing his place as one of the wealthiest individuals on the continent.
Capitec Bank’s shares have experienced a notable ascent on the local bourse, climbing by 10.23 percent from R2,054.10 ($109.502) on March 19 to R2,264.29 ($120.707), thereby propelling its market capitalization beyond $13 billion. This surge has translated into substantial gains for Le Roux, further solidifying his financial standing.
Capitec Bank’s fiscal triumph: A 16-percent surge in earnings
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.
Amidst strategic expansion initiatives and a steadfast focus on innovative client-centric services, Capitec Bank has reported a commendable 16-percent increase in headline earnings to R10.58 billion ($550.8 million) by the conclusion of its 2024 fiscal year, further consolidating its position as Africa’s leading retail bank.
The substantial surge in Le Roux’s wealth reaffirms his position among South Africa’s billionaire elite, cementing his status as one of the top investors on the Johannesburg Stock Exchange and within the continent’s financial sphere.
