Michiel Le Roux overtakes Motsepe, Bekker to become South Africa’s third-richest billionaire

After spending much of the first half of 2026 behind fellow South African billionaires Patrice Motsepe and Koos Bekker, billionaire banker Michiel Le Roux has become the country’s third-richest person. The ranking changed in July after months in which Motsepe and Bekker traded places behind luxury tycoon Johann Rupert and mining magnate Nicky Oppenheimer.

According to Forbes’ real-time billionaire rankings, Le Roux’s fortune has risen to $3.7 billion, moving him ahead of Motsepe, whose net worth stands at $3.6 billion, and Bekker, whose wealth is estimated at $3.4 billion. The shift marks the first time this year that Le Roux has claimed the No. 3 spot among South Africa’s richest individuals.

Capitec surge drives Le Roux’s gains

The change reflects a steady rise in the value of Le Roux’s holding in Capitec Bank, the lender he co-founded in 2001 alongside Jannie Mouton and Riaan Stassen. Since May 7, his fortune has increased by $200 million, climbing from $3.5 billion to $3.7 billion. Over the same period, Motsepe’s net worth declined from $3.9 billion to $3.6 billion, while Bekker’s wealth fell from $3.6 billion to $3.4 billion, allowing Le Roux to move ahead of both men.

The gain has been driven largely by Capitec Bank’s strong share price performance. Shares of the lender have climbed about 11 percent since May 7, lifting its market value to R544.6 billion ($33.1 billion) at the time of writing. That makes Capitec Africa’s most valuable listed bank, edging past FirstRand, valued at R541.8 billion ($32.9 billion), and Standard Bank, with a market capitalization of R530.4 billion ($32.2 billion).

Investors have continued to back Capitec as the bank delivers steady earnings growth despite persistent pressure on household budgets and elevated borrowing costs in South Africa. Its expanding retail banking franchise, growing digital offering, and larger customer base have helped strengthen confidence in the lender, supporting its share price and, in turn, Le Roux.

Capitec triumphs amid tough economy

Capitec’s financial results reinforced that confidence. For the fiscal year ended Feb. 28, 2026, it posted a 22 percent increase in headline earnings, with profit rising to R16.84 billion ($1.03 billion) from R13.75 billion ($837 million) a year earlier. The performance highlighted the bank’s ability to grow earnings even as consumers faced a challenging economic environment.

Growth extended beyond lending. Net transaction and commission income increased 9 percent to R15.43 billion ($940 million), while net insurance income surged 38 percent to R5.22 billion ($318 million). As a result, total non-interest income climbed to R28.3 billion ($1.72 billion), up from R23.8 billion ($1.44 billion) in the previous fiscal year, reflecting broader sources of revenue across the business.

Capitec also strengthened its balance sheet during the year. Total assets rose 10 percent to R263.28 billion ($16.02 billion), while shareholders’ equity increased to R59.44 billion ($3.61 billion). Retained earnings reached R53.53 billion ($3.25 billion), highlighting the bank’s solid financial position as it continues to compete with South Africa’s largest lenders.