Egypt’s richest man, Nassef Sawiris, has seen his net worth surpass $6.6 billion for the first time since January of this year, after falling below $5.5 billion earlier in March.
Data tracked by Billionaires.Africa revealed that Sawiris recovered from a deficit of $566 million in the first 73 days of 2022, to notch a year-to-date wealth gain of more than $109 million since the start of the year, thanks to the recent surge in his wealth above $6.6 billion.
Despite a drop in the market value of his 3.22-percent stake in German sportswear giant Adidas, the leading billionaire’s fortune has risen significantly in recent times driven by an increase in the value of his 38.86-percent stake in Dutch fertilizer producer OCI N.V.
OCI N.V. shares have increased 35.82 percent since the start of the year, rising from €23.62 ($26.2) per share at the start of the year to €32.08 ($35.6) per share at the time of writing. This increased the market value of his stake in the Netherlands-based fertilizer producer to more than $2.6 billion.
Sawiris’ net worth has increased by $109 million since the beginning of the year due to the surge in the market value of his stake in OCI N.V., a company formed from a demerger from his family’s original business, Orascom Construction.
According to the Bloomberg Billionaires Index, his net worth has increased from $6.5 billion at the beginning of 2022 to $6.61 billion at the time of writing this report, despite the market value of his Adidas stake falling by more than 18 percent below $2.9 billion.
With a total net worth of over $6.6 billion, Sawiris remains the richest man in Egypt and the 389th richest man in the world.