Bravo Douw Steyn, Gaynor Rupert, other believers in SA
Our piece about insurance entrepreneur Douw Steyn's new home topped the weekend popularity charts on Biznews. Perhaps because it's just the kind of story we all need right now. Steyn is a visionary who made piles of money not just in SA but also the UK, where he has spent most of his time since 1992. He's bringing the cash home to put into a long-term investment, the R6bn Steyn City property development. Some commentators criticise Steyn's Tuscan taste, but none can possibly question his style.
Steyn is not the only billionaire showing confidence in the country's future. Last month, Richemont chairman Johann Rupert's wife Gaynor invested millions of dollars to bring one of the best stallions on earth to South Africa. The regally bred Duke of Marmalade was European Champion racehorse of 2008 after winning five consecutive Group One races in the highest possible company. At stud, he was shuttled between his home in Ireland and Australia with his first foals born in 2010. Between them his offspring have already won 14 feature races around the world. As a 10 year old, he's hardly started.
Duke of Marmalade is the third big name international stallion the Ruperts have bought for South Africa. Outside of property, thoroughbreds are arguably the longest-term investment possible. Especially in South Africa, where global regulations against African Horse Sickness make it virtually impossible to re-export a stud. Like Steyn, the Ruperts made most of their money outside of the country's borders and could have left it there. Yet have chosen to bring it back home. A cheery thought for the rest of us.
Best,
Alec
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