Home » Egypt’s richest man Nassef Sawiris loses $130 million in 2021

Egypt’s richest man Nassef Sawiris loses $130 million in 2021

by Mfonobong Nsehe

Egyptian billionaire Nassef Sawiris recorded a wealth loss of $130 million in 2021 as a result of a single-digit decline in the share price of the German sportswear manufacturer, Adidas.

Sawiris, who is one of Africa’s top five richest billionaires, had a net worth of $6.5 billion at the end of December, making him the richest man in Egypt and one of the wealthiest men in Africa.

The billionaire amassed the majority of this fortune from his 3.72-percent stake in Adidas, the largest sportswear company in Europe and the second-largest sports brand in the world.

A fraction of his wealth is also attributable to his stake in OCI N.V., a Netherlands-based fertilizer producer that was formed out of his family’s business, Orascom Construction, and an additional stake in LafargeHolcim, the world’s biggest cement maker.

Data retrieved by Billionaires.Africa revealed that his net worth at the opening of business and trading in 2021 was estimated at $6.63 billion.

The decline in Adidas shares from €297.9 ($336.7) on Dec. 31, 2020 to €253.2 ($286.2) on Dec. 31, 2021, as investors trimmed down their stakes in the sportswear maker ahead of its share buyback plans, which will begin in January 2022, caused Sawiris’ net worth to drop to $6.5 billion.

This translates to a net-worth loss of $130 million for the Egyptian billionaire for the year.

Despite the $130-million wealth loss that he recorded in 2021, Sawiris remains one of the richest billionaires in Africa and the wealthiest man in Egypt, Africa’s second-largest economy.

As of press time, Jan. 5, his net worth was $6.62 billion, making him the 433rd richest man in the world.

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