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South African billionaire Michiel Le Roux’s fortune has risen to $2.6 billion, strengthening his position among Africa’s wealthiest individuals, as Capitec Bank—where he is a co-founder and major shareholder—overtook FirstRand to become the continent’s most valuable lender.
Le Roux’s stake lifts fortune to $2.6 billion
The latest shift reflects strong investor confidence that has pushed Capitec’s share price and market value to record levels on the Johannesburg Stock Exchange. According to data tracked by Billionaires.Africa, Capitec shares have climbed more than 14 percent this year, moving from R3,134.3 ($177.3) at the start of January to R3,578.6 ($202.4) at the time of reporting.
That increase lifted the bank’s market capitalization to R419.6 billion ($23.7 billion), edging out FirstRand, which has slipped nearly 2.5 percent this year to R416.2 billion ($23.5 billion). The surge has not only crowned Capitec as Africa’s most valuable bank but also added significantly to the wealth of its founding shareholder.
Le Roux, who co-founded the lender with Jannie Mouton and Riaan Stassen, owns 13,193,193 shares—an 11.36 percent stake. The value of his holdings has grown by R5.86 billion ($331.6 million) since January, rising from R41.35 billion ($2.33 billion) to R47.21 billion ($2.67 billion). Nearly all of his fortune is tied to this stake, which Forbes now values at $2.6 billion, up from $2.2 billion at the start of the year.
Digital banking drives profit growth
Capitec’s rise has been underpinned by steady earnings growth and a widening presence in South Africa’s retail banking market. With more than 850 branches and 7,400 ATMs nationwide, the Stellenbosch-based bank has earned strong brand loyalty and built a reputation for accessible, customer-focused services.
For the year ending February 2025, Capitec reported a 30.1 percent increase in profit after tax, reaching $742.5 million. The growth was driven by robust interest income, faster adoption of digital banking, and expanding products like Capitec Connect. Its balance sheet also improved, with total assets climbing nearly 15 percent to R238.46 billion ($12.84 billion) and equity up 17 percent to R50.91 billion ($2.74 billion).
Michiel Le Roux’s net worth hits $2.6 billion
Investors responded by driving the share price higher, reinforcing market confidence in the bank’s growth prospects. For Le Roux, the rally has secured his standing among the continent’s most prominent billionaires. At $2.6 billion, he ranks as Africa’s twelfth-richest person, and the fourth-richest in South Africa, behind Patrice Motsepe at $3.4 billion.
On the global stage, he sits at No. 1,497 on the Forbes billionaires list, placing him within the world’s top 1,500 richest individuals. Capitec’s climb, and Le Roux’s rising wealth alongside it, highlights how financial results and investor trust can reshape fortunes in Africa’s banking sector.
From its early days as a challenger brand to its current role as the continent’s most valuable bank, Capitec’s journey is also the story of how one entrepreneur’s bet on accessible banking turned into a defining success in South Africa’s financial industry.
