South African billionaire Michiel Le Roux loses $300 million despite Capitec’s growth

South African billionaire Michiel Le Roux has lost $300 million in personal fortune this year, even as shares of leading retail bank Capitec Bank continued to climb, pushing the lender deeper into the ranks of Africa’s most valuable financial institutions.

The decline follows a strong 2025, when Le Roux’s net worth surged by $1.6 billion alongside a broad rally in Capitec Bank shares. But despite the bank’s continued growth in earnings, customer activity, and market value, Forbes estimates that his fortune has eased from $3.8 billion at the start of the year to about $3.5 billion.

Michiel Le Roux hit by revaluation

Michiel Le Roux, who co-founded Capitec Bank in 2001 with Jannie Mouton and Riaan Stassen, remains one of South Africa’s richest banking figures. The latest decline in his wealth is largely tied to changes in the valuation of his assets and liabilities, according to Forbes calculations, rather than a fall in the market value of his stake in Capitec Bank.

That distinction is important because Capitec’s shares have continued to move higher on the Johannesburg Stock Exchange. The lender’s stock has gained about 5.2 percent this year, lifting its market value above R511.63 billion ($31.2 billion). The increase has also pushed the value of Le Roux’s 11.32 percent stake in the bank to more than $3.5 billion.

The rise in Capitec’s market cap reflects growing investor confidence in the bank’s ability to keep expanding earnings despite pressure on South African consumers from elevated living costs and borrowing expenses. Investors have increasingly focused on Capitec’s retail banking strength, digital services growth, and expanding customer base as key drivers of performance.

Capitec Bank’s profit rises to $1 billion

Even with the decline in his personal fortune, Le Roux is still expected to receive a substantial payout from the lender’s latest annual dividend. Capitec declared a full-year dividend of R9.27 billion ($563 million) for the fiscal year ended Feb. 28, 2026, up 22.58 percent from the previous year. Based on his holding, Le Roux is positioned to receive about $63.8 million.

The dividend increase came after another year of strong financial results from the Stellenbosch-based lender. According to its latest annual report, Capitec’s profit rose 22 percent to R16.84 billion ($1.03 billion), compared with R13.75 billion ($837 million) a year earlier. 

Digital banking lifts Capitec income

The bank said earnings were supported by higher lending volumes, stronger fee income and continued demand for digital banking services. Net interest income climbed 19 percent to R24.1 billion ($1.46 billion), helped by growth in both consumer and small-business lending.

Other income streams also improved. Net transaction and commission income increased 9 percent to R15.43 billion ($940 million), while net insurance income jumped 38 percent to R5.22 billion ($318 million). Together, non-interest income rose to R28.3 billion ($1.72 billion), up from R23.8 billion ($1.44 billion) a year earlier.

Capitec’s balance sheet also expanded over the period. Total assets increased 10 percent to R263.28 billion ($16.02 billion), while shareholder equity rose to R59.44 billion ($3.61 billion). Retained earnings climbed to R53.53 billion ($3.25 billion), underscoring the bank’s continued profitability as competition among South African lenders intensifies.