Multimillionaire Gerrie Fourie says South Africa's dysfunction is exactly what makes it worth staying for

Gerrie Fourie, the co-founder and former chief executive of Capitec Bank, has told South Africans considering emigration that the country's dysfunction is precisely what creates its opportunities, and that those who leave for more stable countries will find stability without the returns.

Fourie made the comments during a discussion with economist Dawie Roodt on an Efficient Group Market Call, offering a direct and unsentimental view of South Africa's commercial proposition.

"You can go to Switzerland, where everything works, but there are no opportunities," Fourie said. "The other option is to stay in South Africa, where nothing works, but there are plenty of opportunities. Choose where you want to go."

The argument is one Fourie did not arrive at theoretically. He joined Capitec in 2000 when businessman Michiel Le Roux approached him to help build a new bank targeting South Africa's underbanked population from a base in Stellenbosch. The country was in the early years of post-apartheid democracy, banking infrastructure for lower-income South Africans was minimal, and the established banks showed little interest in serving that market. Fourie and Le Roux saw an opportunity in exactly the gap that more cautious operators had decided to avoid.

By the time Fourie retired as chief executive on July 18, 2025, Capitec had more than 26 million clients, nearly 900 branches, and a market capitalisation of approximately R403 billion ($24.3 billion), making it South Africa's most valuable bank and one of the most successful retail banking stories on the African continent. Annual net profit had grown from R2.04 billion ($109 million) when he took the top job in 2014 to R13.75 billion ($742 million) in the 2025 financial year, a 575 percent increase over his decade-long tenure.

Fourie retains a 0.89 percent stake in Capitec. At the bank's current market capitalisation that stake is worth approximately R3.59 billion ($216.7 million).

His comments on South Africa's opportunity landscape were measured rather than evangelical. He acknowledged the country's structural problems directly, including slow economic growth throughout his tenure, but argued that a positive mindset is what separates those who capitalise on difficult environments from those who do not.

"If you look at the economy, you focus on the bleak outlook and being negative, or you can look for opportunities and maintain a positive mindset," he said. "If you have a positive mindset, you will find those opportunities. We are slowly but surely turning things around."

He added that if the South African government executes its stated strategies, conditions will improve. "I am positive about South Africa. It is not easy, but there are still plenty of opportunities out there."

Two other South African billionaires shared broadly similar views in separate public statements. Christo Wiese, who holds an 11.5 percent stake in Shoprite Holdings worth approximately $1.2 billion, told his son to remain in South Africa when asked for advice, adding the caveat that his son needed to accept the country's racial power dynamics as they exist. Paul Harris, co-founder of RMB and FirstRand, said South Africa has survived the Boer War, two World Wars, apartheid and multiple financial crises. "We are fine. We are cool. We know we live in the most beautiful country in the world with warm and vibrant people," Harris said.

Since his retirement, Fourie has moved into a portfolio of board roles. In November 2025, he joined the board of STADIO Holdings, the private higher education provider, as an independent non-executive director. In April 2026, Capitec announced his appointment as a non-executive director of the bank he co-founded, effective August 1, 2026, subject to shareholder confirmation at the bank's annual general meeting later that month. He received a total remuneration package of R155 million ($9.4 million) for the year to February 2026, the bulk of which came from the vesting of long-term incentive shares and share appreciation rights accumulated during his decade as chief executive.