South African billionaire and businessman Douw Steyn, who founded the BGL Insurance Group and was a good friend of late South African statesman Nelson Mandela, has died aged 72. Steyn, known for his global success in the insurance industry, died on Tuesday following a long period of poor health.
Steyn was born in Brits, in the North West, in 1952 and went to school in Johannesburg.
Steyn was best-known for his Auto & General insurance business in SA, the BGL Group in the UK – the parent company of the well-known price comparison website Compare the Market, and for the creation of Steyn City, a residential and lifestyle estate in northern Johannesburg.
In a 2014 interview with Biznews owner Alec Hogg, Steyn said that he decided to develop the estate because of his loyalty to 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.”
The Sunday Times Rich List for 2024 claimed that Steyn has a net worth of £3 billion (R69.94 billion). He was the 58th wealthiest person residing in the UK according to the list.
When Mandela was released from prison, he stayed at Steyn’s home in Johannesburg, where he completed his autobiography Long Walk to Freedom. The home later became the Saxon Hotel.
Mandela was quoted in a statement issued by Steyn’s businesses on Tuesday as saying in 2005 that the businessman was “one of this country’s most successful entrepreneurs who enriched South Africa with his business skills and who always believed in South Africa’s future as a country of opportunity.”
Steyn was also involved in various philanthropic pursuits, including the Douw Steyn Family Trust, which, along with the companies he founded, pledged R370 million to assist coronavirus relief efforts.
Steyn is survived by his wife, Carolyn, his three children and their families.
Author: Mpheza Clara Manda
Harare –Zimbabwe
Senior Correspondent
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