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The net worth of Egyptian billionaire Nassef Sawiris increased by $80 million in October, as his personal wealth soared above $6.85 billion.
As of press time, Nov. 1, Sawiris’ net worth was valued at $6.87 billion, making him the richest man in Egypt and the fourth richest in Africa behind South African billionaire Nicky Oppenheimer, who is worth $8.15 billion.
The billionaire experienced an additional $80-million increase in his wealth in October as his net worth climbed from $6.79 billion at the start of the month to $6.87 billion at its close.
The increase in his wealth can be linked to a growth in the market value of his stake in the Germany-based global sportswear company, Adidas. Shares in the sportswear manufacturer surged from a price of €271.8 ($315.1) on Oct. 1 to €283.30 on the last day of trading in October.
This translates to a 4.3-percent gain for shareholders for the month.
The $80-million net-worth gain in October lags behind Oppenheimer’s $220-million net worth gain and the $900-million gain that South African billionaire mogul Johann Rupert recorded from his investments and stakes in listed companies during the month.
Sawiris current net worth makes him the 420th richest man in the world. The billionaire derives the majority of his wealth from his three-percent stake in Adidas and 30-percent stake in the Netherlands-based fertilizer producer, OCI N.V.
On Oct. 27, Fertiglobe, a 58-42-percent partnership between OCI N.V. and the Abu Dhabi National Oil Company successfully listed on the Abu Dhabi Securities Exchange.
As of the time of the listing, Fertiglobe’s shares began trading at AED 2.55 ($0.6943), implying a market capitalization of $5.8 billion for the leading fertilizer producer.
