INSURANCE BILLIONAIRE DOUW STEYN DIES
The brains behind the luxury estate Steyn City and the insurance group Auto & General has died.
He was 72.
The friend of former President Nelson Mandela struggled with his health over the last few years.
Steyn City was also the founder of the BGL Group in the UK, the parent company to Budget Insurance and the comparison website Compare the Market.
According to the Sunday Times Rich List for 2024, Steyn had a net worth of £3 billion (R69.94 billion). He was also the 58th wealthiest person living in the United Kingdom.
His decision to develop Steyn City was based on his love for South Africa.
“I’ve always wanted to invest further in my country. The spirit of Ubuntu is unique and unparalleled anywhere else in the world that I’ve lived or visited.
“I could have invested in a luxury residence in Europe or in the States, but instead I chose to invest in South Africa. This is indicative of the confidence I have in our country and the success of Steyn City.”
When Mandela was released from prison, he stayed at Steyn’s house in Johannesburg where he also completed his autobiography Long Walk To Freedom. That home then became the luxury Saxon Hotel.
Steyn is survived by his wife Carolyn along with his children and grandchildren.
Image credit: Netwerk24
