Amid concerns regarding the potential onset of an economic downturn in Egypt, the country’s wealthiest billionaires have demonstrated their resilience and fortitude by surpassing the odds and significantly increasing their personal fortunes since the start of the year.
Despite the uncertain and volatile economic conditions that threaten to erode the financial stability of the country, these elite individuals have proven their business savvy and adeptness in navigating the market, amassing even greater wealth in the face of adversity.
With a combined fortune of $17.2 billion, the top five richest Egyptian billionaires hold 6.1 percent of the country’s total private wealth, which stands at $282 billion, placing Egypt in a coveted position as one of the top five African countries that account for more than half of the continent’s total private wealth.
Despite the recent depreciation of the Egyptian dollar and the macroeconomic difficulties faced by the country’s economy, some Egyptian billionaires have managed to record an impressive increase in their net worth since the start of the year.
One of these individuals is Nassef Sawiris, who is ranked as Egypt’s richest man. According to Forbes, Sawiris’ net worth has increased by $300 million, from $7.1 billion to $7.4 billion, in just a few months.
As reported by Forbes, the following are the top five wealthiest Egyptian billionaires, based on the collected data:
#1 Nassef Sawiris
Net worth: $7.4 billion
With a net worth of an astounding $7.4 billion, Nassef Sawiris is not only Egypt’s wealthiest businessman, but he also holds the title of the richest individual in the Arab world.
His impressive wealth was accumulated through his strategic investments, specifically in Adidas, one of the world’s leading sportswear brands, and OCI N.V., a renowned nitrogen fertilizer producer with facilities in Texas and Iowa.
Sawiris holds a significant portion of both companies, as he is the largest shareholder in Adidas with a 6 percent stake and a majority shareholder in OCI N.V. with a 38.8-percent stake.
Additionally, he holds a 28.97-percent stake in Orascom Construction, a multinational engineering and construction firm founded by his late father Onsi Sawiris.
#2 Naguib Sawiris
Net worth: $3.3 billion
Naguib Sawiris, the eldest of three sons of the late Onsi Sawiris, is known for his successful business ventures. As the elder brother of Egypt’s richest man Nassef Sawiris, Naguib made a significant portion of his wealth through the sale of Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in 2011, which was a multibillion-dollar transaction.
He holds investments in various companies, including Orascom TMT Investments and Ora Developers, a real estate operator. Since the beginning of the year, his net worth has increased from $3.1 billion to $3.3 billion.
With his eye on new opportunities, Naguib is reportedly looking to expand into the Pakistani market through his subsidiary investment firm, Eighteen Elite Real Estate. He has also recently announced plans to invest $100 million in Morocco’s technology sector.
#3 Mohamed Mansour
Net worth: $2.9 billion
Mohamed Mansour, a highly successful businessman who oversees his family’s conglomerate Mansour Group, is one of the richest billionaires in Egypt boasting a staggering fortune of $2.9 billion. Alongside his brothers Yasseen and Youssef, who are also billionaires and co-owners of the family group, Mohamed has driven the growth and success of the conglomerate, establishing it as one of the leading groups in Egypt.
The conglomerate’s subsidiary, Al Mansour Automotive Co., operates as the largest GM dealer in the world and the fifth-largest distributor of Caterpillar Inc.
In partnership with Africa Finance Corporation (AFC) through Infinity Group, Mohamed is looking to raise capital from market participants with the aim of scaling operations and expanding their reach across Africa. The target range for this capital raise is set at $2.5 billion to $4 billion.
#4 Mohamed Al Fayed
Net worth: $2 billion
Mohammed Al Fayed, a successful Egyptian businessman and retail magnate boasts a net worth of $2 billion as reported by Forbes. Fayed’s residence and primary business dealings have been based in the United Kingdom since the late 1960s.
He solidified his wealth through the sale of his shares in the iconic London department store Harrods, which earned him a staggering $2.4 billion in 2010. Additionally, he received a substantial $300 million payout from American billionaire Shahid Khan following the sale of Fulham Football Club in 2013.
His net worth since the start of this year has increased from $1.8 billion to $2 billion. Beyond his interests in Harrods and Fulham FC, Fayed is also the proud owner of the prestigious Ritz Paris hotel.
#5 Youssef Mansour
Net worth: $1.6 billion
Youssef Mansour, a renowned Egyptian billionaire businessman and the chairman of the family-led Mansour Group, boasts a net worth of $1.6 billion. His net worth since the start of the year has increased from $1.5 billion to $1.6 billion.
In his capacity as chairman and part owner of Mansour Group, he effectively manages the consumer goods division, which encompasses the renowned supermarket chain Metro and holds exclusive distribution rights for the world-renowned cosmetics brand, L’Oréal in Egypt.