Table of Contents
Key Points
- Douw Steyn, founder of Steyn City and luxury hotel owner, passed away on Feb. 4, 2025, at age 72 after ongoing health issues.
- Steyn, a visionary entrepreneur, built a global empire spanning insurance, real estate, and hospitality across seven countries.
- Steyn's $3.7 billion fortune and philanthropic efforts leave a lasting legacy in South Africa and beyond.
South African billionaire Douw Steyn, known for his vast insurance and financial services empire in the UK and his luxury developments in South Africa, has passed away at the age of 72. Steyn, the founder of Steyn City and owner of the Saxon Hotel in Johannesburg, died on Tuesday, Feb. 4, after battling ongoing health issues.
Steyn City founder’s legacy remembered
Steyn City Properties, his property holding company, confirmed the news, remembering him as “an exceptional entrepreneur and visionary with a deep commitment to South Africa and its people.” He stepped down from his role as executive chairman of his global business interests in 2012, at the age of 60, after shaping a lasting legacy in multiple industries.
He leaves behind his wife, Carolyn Steyn, a well-known philanthropist and founder of 67 Blankets for Mandela, and their sons, TJ and Louis, who are active investors in real estate and private equity across South Africa, the UK, and the US.
In a heartfelt statement, Steyn City Properties said, “It is with profound sadness that we announce the passing of the visionary behind Steyn City, Douw Steyn. He’ll be remembered as an exceptional entrepreneur who built a global business of immense scale across seven countries, and a visionary with a deep-seated commitment to South Africa and its people.”
The statement continued, We extend our heartfelt condolences to his wife, Carolyn, his children and their families during this difficult time. Together we mourn this great loss, but find comfort in knowing that his legacy will live on through his sons and their fellow Board members and Shareholders, who remain deeply committed to the future of our unparalleled development.”
Global reach spans insurance, real estate
He began his career as a quantity surveyor at Eskom Mega Watt Park before moving into insurance, where he built his fortune. He founded Auto & General Insurance and later expanded his business with companies like Telesure Investment Holdings and the Budget Group, now known as BGL Group—the parent company of Comparethemarket.com.
Real estate was another passion. His developments stretched across South Africa, Australia, and the UK, employing more than 10,000 people in 50 offices worldwide. One of his most ambitious projects was Steyn City, a 900-hectare (2,200-acre) luxury estate between Fourways and Lanseria in Johannesburg. Launched in 2015, the development cost R12 billion ($700 million at the time) and was the realization of his dream to build a world-class residential city.
Steyn’s giving spirit and impact
Steyn was also known for his generosity. In 1990, after Nelson Mandela’s release from prison, he offered him his former Saxonwold home in Johannesburg for six months. The property later became the Saxon Hotel, Villas & Spas, one of Africa’s most exclusive luxury hotels.
Mandela considered Steyn a good friend, while Steyn saw the statesman as a father figure. In 2005, Mandela paid tribute to him, calling him “not only a great businessman and visionary but one of South Africa’s most successful entrepreneurs who enriched the country with his business skills and believed in its future as a land of opportunity.”
His philanthropic efforts extended beyond personal gestures. In April 2020, at the height of the COVID-19 pandemic, Steyn pledged R320 million ($18 million) to South Africa’s relief efforts through the Douw Steyn Family Trust and his companies.
Douw Steyn’s wealth estimate
As of 2024, the Sunday Times Rich List estimated his fortune at £3 billion ($3.7 billion). His private residence, Palazzo Steyn, remains one of South Africa’s largest and most expensive homes—a lasting symbol of his success and vision.
