South African billionaire Tshepo Mahloele has crossed a major wealth milestone as his indirect stake in Capitec Bank surged past $2 billion, fueled by renewed investor confidence and a sharp rally in the lender’s share price.
According to data compiled by Shore Africa, Mahloele’s Capitec holding has gained more than $150 million in just 33 days of 2026, mirroring strong bullish momentum on the Johannesburg Stock Exchange and reinforcing Capitec’s position as Africa’s most valuable retail banking franchise.
Capitec shares have risen by 7.98 percent over the period, advancing from R4,155.80 at the beginning of the year to R4,487.61 at the time of writing. The rally has pushed the bank’s market capitalization to about R516 billion ($32.28 billion), delivering strong gains to major shareholders.
Capitec’s multi-year rally strengthens Mahloele’s position
The latest surge extends a bullish run that began in 2025, when Mahloele’s stake value climbed from R23.95 billion ($1.28 billion) to R31.81 billion ($1.91 billion). Continued momentum in 2026 has now lifted his holding to approximately R34.35 billion ($2.06 billion), placing him firmly above the $2 billion mark.
Mahloele, founder and chairman of Lebashe Investment Holding Group and founding CEO of Harith General Partners, holds an indirect 6.59 percent stake in Capitec, equivalent to 7,654,840 ordinary shares. This represents a gradual reduction from his previous 7.26 percent holding, while still benefiting significantly from the bank’s valuation expansion.
Capitec’s scale and investor appeal
Founded in 1999 by Michiel Le Roux alongside Jannie Mouton and Riaan Stassen, Capitec has built one of Africa’s largest retail banking platforms.
The lender operates more than 850 branches and 7,400 ATMs across South Africa, serving millions of customers and consistently ranking among the world’s strongest retail banking brands.
Investor confidence has been underpinned by Capitec’s resilient earnings, disciplined cost management, and continued customer growth, positioning the bank as a defensive and growth asset within South Africa’s financial sector.
Forecasts beaten as momentum accelerates
Mahloele’s $2 billion milestone also exceeds Shore Africa’s earlier analyst forecast, which projected his stake could approach $1.9 billion if Capitec shares sustained their upward trajectory above R4,000 ($250). The stronger-than-expected rally highlights how quickly market sentiment can reshape Africa’s wealth rankings.
Beyond the Johannesburg Stock Exchange, Mahloele’s influence spans the continent through his role as a founder of the $630 million Pan African Infrastructure Development Fund, reinforcing his standing as one of Africa’s most strategically positioned investors.
