Barry Swartzberg, a South African businessman, has enhanced his place among the country’s richest businessmen by increasing his 3.92 percent interest in Discovery Limited, a Sandton-based insurer, to more than $260 million, owing to stock gains on the Johannesburg Stock Exchange.
Discovery’s stock has risen 19.85% on the JSE in the last 46 days, from R148.46 ($8.4) on September 11 to R177.93 ($10.1). This spike has brought the company’s market valuation close to the $7 billion threshold.
Swartzberg, the company’s co-founder, owns 3.92 percent of Discovery, or 25,954,540 shares.
In the last 46 days, the value of his investment has risen by R764.9 million ($43.3 million), from R3.85 billion ($218.12 million) on September 11 to R4.62 billion ($261.41 million).
This comes after a $15 million gain between July 23 and August 16, when the market value of his equities rose from R3.49 billion ($193.7 million) to R3.76 billion ($208.7 million).
Swartzberg and Adrian Gore founded Discovery, which has evolved to become one of South Africa’s largest and most diverse financial services businesses. It operates in a variety of industries, including long- and short-term insurance, asset management, savings, investing, and employee benefits.
Discovery’s shares have risen 28.9 percent this year, outperforming peers and expanding its position in South Africa’s insurance market. A $100,000 investment at the beginning of 2024 would now be worth $128,897, generating a profit of $28,897.
Barry Swartzberg’s investment demonstrates his long-term commitment and impact on Discovery’s success since co-founding the company in 1992 as a medical insurer. He worked with Adrian Gore to build it into a global leader in health and financial services.
With Discovery’s market capitalization approaching $7 billion, Swartzberg’s expanding fortune reflects investor confidence, solidifying his role in developing one of South Africa’s top corporations.