After a $300-million increase in his net worth in the first four months of 2022, Egyptian billionaire Mohamed Al Fayed’s net worth has fallen recently by several million dollars due to the revaluation of his hospitality assets in London.
According to data obtained from Forbes, Al Fayed’s net worth has dropped from $2.1 billion on April 28 to $2 billion at the time of writing this report.
This equates to a total loss of $100 million in his fortune in the past 110 days, paring his year-to-date wealth gains to $200 million, down from $300 million in the first four months of the year.
Despite the multimillion-dollar drop in his net worth in the past 110 days, Al Fayed still ranks not only as one of Egypt’s wealthiest men but also as one of Africa’s richest billionaires.
The leading businessman, who made the majority of his fortune from the London department store Harrods, which he sold to Qatar in 2010 for $2.4 billion, has poured a significant portion of his net worth into real estate and hospitality assets and investments.
Some of his assets in the hospitality industry include 75 Rockefeller Plaza and the storied Ritz Paris hotel, which he purchased for $30 million in 1979. He invested more than $450 million renovating the hotel over the course of four years.
Apart from the Ritz Paris and 75 Rockefeller Plaza, Al Fayed, whose primary residence and business interests have been located in the United Kingdom since the late 1960s, also owns Balnagowan Castle & Estates in the Scottish Highlands, as well as British shirtmaker Turnbull & Asser.
In 2013, Al Fayed sold Fulham Football Club to U.S. auto parts billionaire Shahid Khan for a reported $300 million. He bought the club in 1997.