South African billionaire Michiel le Roux's Capitec Bank stake nears $2.2 billion

Feyisayo Ajayi -

Key Points

  • Michel Le Roux’s Capitec Bank stake increased by $161.6 million in 16 days, approaching $2.2 billion after surpassing $2 billion earlier this month.
  • Capitec’s share price surged nearly 8% recently, boosting its market capitalization toward $20 billion and significantly raising Le Roux’s stake value.
  • Year-to-date, Capitec Bank’s share price is up 46.9%, turning a $100,000 investment into $146,900, reflecting strong shareholder returns.

South African billionaire Michel Le Roux has seen his stake in Capitec Bank swell by over $160 million in just 16 days, driving his holdings closer to the $2.2 billion mark. This boost comes shortly after surpassing the $2 billion milestone earlier this month.

According to data tracked by Billionaires.Africa, Le Roux’s stake in Capitec Bank has risen by R2.87 billion ($161.6 million) over the last 16 days. This significant gain is attributed to a sustained increase in Capitec’s share price on the Johannesburg Stock Exchange (JSE).

This follows an earlier gain from June 27 to July 11, when Le Roux’s stake increased by $77.03 million, $1.85 billion to $1.92 billion.

Capitec’s share price soars, enhancing market value

Founded in 1999 by Michiel le Roux, Jannie Mouton, and Riaan Stassen, Capitec Bank has grown into one of the world’s largest retail banking institutions. The bank, which serves over 22 million active clients as of Feb. 29, 2024—a 10 percent increase from the previous year—operates a vast network of over 850 branches and 7,400 ATMs across South Africa.

Its shares have shown impressive growth on the JSE this year. Recently, the bank’s share price rose by nearly 8 percent, climbing from R2,735.65 ($153.7) on Aug. 12 to R2,953.62 ($165.98). This price increase has propelled its market capitalization closer to the $20 billion mark.

Michiel le Roux’s Capitec stake reaches new heights

Michiel Le Roux, a top figure in South Africa’s financial services industry and one of Africa’s richest individuals, currently holds an 11.39-percent stake in Capitec Bank, equivalent to 13,190,043 shares. This investment positions him as a leading investor in South Africa.

Due to the sustained surge in the retail bank’s share price, the market value of Le Roux’s stake has increased by R2.87 billion ($161.6 million) over the past 16 days, climbing from R36.08 billion ($2.03 billion) on Aug. 12 to R38.96 billion ($2.19 billion).

Your Money and Your Life

Capitec Bank has delivered an impressive year-to-date gain of 46.9 percent on the JE, significantly enhancing shareholder wealth. A $100,000 investment at the start of the year would now be valued at $146,900, reflecting a profit of $46,900.