Despite a continuous drop in the share prices of Egypt’s leading firms, the country’s richest man Nassef Sawiris saw a marginal increase in his net worth in July.
The decrease comes as investors transfer a sizable portion of their portfolio balance into core assets with a proven hedge against inflation.
Sawiris saw his net worth grow by $7 million for the month in stark contrast to Africa’s wealthiest man Aliko Dangote, who lost more than $700 million in July.
With the gains, Sawiris recouped just a fraction of the $600 million that he lost in June.
A renowned Egyptian businessman and one of Africa’s richest men, Sawiris sits on the boards of Adidas and OCI N.V., a global nitrogen product manufacturer and distributor.
The majority of his fortune stems from his 38.8-percent stake in the Netherlands-based OCI N.V. and his six-percent shareholding in Adidas, which is valued at $2.41 billion.
According to data obtained by Billionaires.Africa, Sawiris’ net worth has fallen by $7 million from the start of July – from $6.85 billion on July 1 to $6.97 billion on July 31.
Both his stake in OCI N.V. and his position in Adidas ended above their market starting price for the month, to which can be attributed the small increase in his net worth.
Sawiris’ net worth rose by $7 million in July following a $600-million loss in June and a stunning $1.25-billion drop in May.
So far this year, Sawiris’ net worth has increased by $416 million – from $6.5 billion when the year began to $6.92 billion at the time of writing this report.
