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Egyptian billionaire Mohamed Al Fayed’s net worth has increased by $300 million since the start of the year, as the market value of his investments in real estate assets, particularly those in the hospitality sector, such as Hotel Ritz Paris and 75 Rockefeller Plaza, has increased significantly.
Al Fayed, whose primary residence and business interests have been in the United Kingdom since the late 1960s, amassed a fortune in retail after selling his stakes in the London department store Harrod’s to Qatar in a deal worth $2.4 billion in 2010.
His net worth has increased from $1.8 billion at the start of 2022 to $2.1 billion at the time of writing this report. Research conducted by Billionaires.Africa revealed that the billionaire’s net worth has increased by $300 million, equating to an average gain of $2.54-million per day since the year began.
The wealth gains solidify his position as one of Egypt’s wealthiest businessmen, as the Egyptian billionaire continues to build on his wealth after his private wealth plummeted to $1.4 billion in 2020 due to the COVID-19 pandemic, which caused a temporary shutdown of hotels and other hospitality assets.
Since 2020, his net worth has increased significantly, aided by a strong recovery of operations in the hospitality sector from the pandemic’s rock-bottom levels, as well as a surge in hotel occupancy rates throughout 2021 and the first quarter of 2022.
These shifting dynamics in the hospitality sector resulted in an increase in the revenue generated by assets in the sector compared to previous levels in 2020 and 2021, which aided in the valuation of Al Fayed’s stakes in Hotel Ritz Paris and 75 Rockefeller Plaza.
Aside from his ownership of Hotel Ritz Paris and 75 Rockefeller Plaza, Al Fayed amassed a fortune through his ownership of Balnagowan Castle & Estates in the Scottish Highlands, as well as Turnbull & Asser, a British shirtmaker.
Photo: CC BY-SA 4.0 Zymurgy https://en.wikipedia.org/wiki/Mohamed_Al-Fayed#/media/File:Mohammed_Al-Fayed,_Madame_Tussauds.jpg
