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Africa’s leading investment destination, Egypt is the second-largest economy on the continent with a GDP of $363 billion, not far behind Africa’s most populous nation, Nigeria, which boasts of a GDP of $432 billion.
Despite lagging behind Nigeria in terms of gross output, Egypt’s city, Cairo, is home to more billionaires than any other city on the African continent, with a total of six; one more than South Africa’s Johannesburg, which has five.
These six Egyptian billionaires are jointly worth at least $18.2 billion, according to Forbes.
Egypt ranks second in the elite group of five African countries that account for more than 50 percent of the continent’s total private wealth held by individuals.
With a population of 102.3 million people, the country is home to $810 multimillionaires and 15,500 high net-worth individuals, who are worth more than $1 million.
Data gathered by Billionaires.Africa revealed that Egyptian billionaires own less than 6.5 percent of the country’s total private wealth of $282 billion as of December 2020.
Here is a list of the six billionaires in the North African country.
#1 Nassef Sawiris
Net worth: $8.2 billion
Source: Construction, Investments
Nassef Sawiris is Egypt’s wealthiest businessman and a scion of Egypt’s wealthiest family.
The billionaire amassed a substantial percentage of his wealth from his stake in the German sportswear behemoth Adidas and OCI N.V., one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa.
Sawiris founded OCI in 2013. He is the CEO of the Netherlands-based fertilizer manufacturer.
Recently, Fertiglobe, an operating subsidiary of OCI. N.V., successfully listed on the Abu Dhabi Securities Exchange, giving the company a market capitalization of $5.8 billion.
#2 Naguib Sawiris
Net worth: $3.1 billion
Source: Telecom, Real Estate, Investments
Naguib Sawiris is the eldest of the three sons of Onsi Sawiris, the late Egyptian industrialist who died on June 29. He is also the elder brother of Egypt’s richest man, Nassef Sawiris.
He made the majority of his wealth from the sale of Orascom Telecom in 2011 to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction. He currently holds investments in Orascom TMT Investments and Ora Developers, a real estate operator.
In August, through Orascom Financial Holding, the billionaire trimmed down his stake in Belton Financial Holding to 59.22 percent from 61.24 percent, pocketing EGP21.086 million ($1.34 million) from the transaction.
Recently, Gemini Global Development, an Egyptian property development firm controlled by Naguib Sawiris, signed an investment deal with Chimera that will see the property development firm receive $100 million.
#3 Mohamed Mansour
Net worth: $2.5 billion
Source: Automobile, Investments
Mohamed Mansour, who oversees his family’s conglomerate Mansour Group, is one of the richest billionaires in Egypt with a fortune of $2.5 billion. His brothers Yasseen and Youssef Mansour, who share ownership in the family group, are also billionaires.
Under the Egyptian billionaire businessman, the Egyptian conglomerate has grown into one of the leading groups in Egypt. Its subsidiary Al Mansour Automotive Co. operates as the largest GM dealer in the world and the fifth-largest distributor of Caterpillar Inc.
Recently, Mansour Group signed a definitive agreement with GM to study the joint manufacturing of electric vehicles in Egypt.
#4 Mohamed Al Fayed
Net worth: $1.8 billion
Source: Retail, Hospitality, Sports
Mohamed Fayed, an Egyptian businessman and retail mogul whose residence and chief business interests have been in the United Kingdom since the late 1960s, is worth $1.8 billion, according to Forbes.
Fayed built a fortune in retail after he sold his stakes in the London department store Harrod’s, which he sold to Qatar in a deal that saw him pocket a whopping $2.4 billion in 2010.
He also received a whopping $300 million from U.S. auto parts billionaire Shahid Khan following the sale of Fulham Football Club in 2013.
Aside from his business interests in Harrods and Fulham FC, the Egyptian businessman owns the storied Ritz Paris hotel.
#5 Youssef Mansour
Net worth: $1.5 billion
Source: Conglomerate
Youssef Mansour, the chairman of the family-led Mansour Group, is worth more than $1 billion, like his younger brothers, Mohamed and Yasseen Mansour.
The Egyptian billionaire businessman is the chairman and part owner of Mansour Group.
He oversees the consumer goods division, which includes the supermarket chain Metro and the sole distribution rights for L’Oreal in Egypt. His net worth is at $1.5 billion.
#6 Yasseen Mansour
Net worth: $1.1 billion
Source: Conglomerate
Yasseen Mansour is a billionaire and a shareholder in family-owned conglomerate, Mansour Group.
Aside from his business interests in Mansour Group, Mansour is the chairman of Palm Hills Development, a leading Egyptian real estate group.
Palm Hills Development unveiled plans to invest EGP3.8 billion ($242 million) in 2022 to cement its position in the real estate industry and unlock its value as a going concern.
The projected investment represents an increase of 52 percent, or EGP1.3 billion ($82.7 million), compared to the EGP2.5 billion ($159 million) that it projected for the current financial year.
In a move to cover operating activities and working capital requirements, Palm Hills Development finished its seventh securitization bond issuance program of about EGP1.1 billion ($70 million), taking the group’s securitized portfolio to EGP 6.2 billion ($394.6 million).
