The beginning of 2023 has been a boon for North Africa’s wealthiest billionaires thanks to a rebound in global stock markets and a surge in the market value of their successful businesses.
These billionaires have seen a significant increase in their net worth, consolidating their position as the richest individuals in the North African region, due to their publicly listed companies surpassing expectations in 2022.
From Egypt to Morocco, many North African billionaires have benefited from the momentum of the market and have made substantial gains in their net worth. For example, Nassef Sawiris and Mohamed Mansour have seen their net worth rise by $300 million and $400 million, respectively, since the beginning of the year.
It is important to note that not all of these billionaires have been so fortunate, with some seeing their net worth plummet due to the Egyptian pound’s depreciation. This has had a significant impact on the valuation of their business as well as the market value of their assets in the country.
Nevertheless, these billionaires have already left a lasting impact on their respective industries and the global economy as a whole. Whether they maintain their top positions in the wealth rankings or are challenged by new competitors, their extraordinary achievements will continue to inspire and drive the region’s economic growth for years to come.
Net worth: $7.3 billion
Nassef Sawiris, the richest billionaire in Egypt and the Arab world, has solidified his status as the fifth-richest man in Africa, with a net worth estimated at $7.3 billion.
Much of his fortune is attributed to his holdings in the Dutch fertilizer producer, OCI N.V., and his 3.72-percent stake in the German sportswear giant, Adidas.
Since the start of the year, Sawiris’ net worth has seen a remarkable increase of $300 million, from $7 billion to its current level.
#2 Issad Rebrab
Net worth: $4.6 billion
Issad Rebrab, the renowned founder of Cevital Group, Algeria’s largest privately held firm, boasts a net worth of $4.6 billion, a drop from his previously estimated fortune of $5.1 billion back in 2022.
Rebrab’s immense wealth which makes him the richest man in Algeria is derived from Cevital Group, a renowned conglomerate that is the proprietor of one of the world’s largest sugar refineries with a yearly capacity of producing 2 million metric tonnes of refined sugar.
Net worth: $3.3 billion
Naguib Sawiris, the elder brother of Egypt’s wealthiest man, Nassef Sawiris, has an estimated net worth of $3.3 billion, making him the second-richest man in Egypt and the tenth-wealthiest man in Africa. He amassed his wealth largely through the multibillion-dollar sale of Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in 2011.
He is a shareholder in Orascom TMT Investments and Ora Developers, a real estate developer.
His net worth since the start of the year has declined from $3.4 billion to $3.3 billion.
Net worth: $2.9 billion
Mohamed Mansour, who is credited with transforming the Mansour Group, a family conglomerate founded by his father Loutfy Mansour in 1952, into one of the most successful companies in the world with a valuation of more than $6 billion, is ranked as Egypt’s third-richest man.
As chairman of the group, Mansour played a crucial role in its growth, primarily by establishing GM dealerships in Egypt in 1975, which have since become one of the biggest GM distributors worldwide.
Mansour’s net worth of $2.9 billion is derived primarily from his stake in the group, alongside his billionaire brothers Yasseen and Youssef Mansour. His net worth so far this year has increased from $2.9 billion to $2.5 billion.
Net worth: $2 billion
Mohamed Fayed, an Egyptian businessman and retail mogul whose primary residence and business interests have been in the United Kingdom since the late 1960s is the world’s 1,505th richest man, according to Forbes, with a net worth of $2 billion.
Fayed amassed a fortune in retail after selling his stakes in the London department store Harrod’s to Qatar in a deal valued at $2.4 billion in 2010.
Following the sale of Fulham Football Club in 2013, he received a whopping $300 million from U.S. auto parts billionaire Shahid Khan.
Net worth: $1.5 billion
Aziz Akhannouch has been the prime minister of Morocco since September 2021, and is also the country’s wealthiest individual, with an estimated net worth of $1.5 billion.
His fortune is mainly derived from the Akwa Group, a Moroccan conglomerate with various investments in the oil and gas, telecom, tourism, hotels, and real estate sectors, and is best known for its Afriquia service stations.
Akhannouch’s net worth has declined from $2 billion to $1.5 billion since the start of the year.
Net worth: $1.6 billion
Like his younger brothers, Mohamed and Yasseen Mansour, Youssef Mansour, a director in the family-led Mansour Group, is worth over $1 billion.
His net worth since the start of the year has increased from $1.5 billion to $1.6 billion.
The Egyptian billionaire businessman who co-owns Mansour Group with his brothers is in charge of the consumer goods division, which includes the Metro supermarket chain and the exclusive distribution rights for L’Oréal in Egypt.
Net worth: $1.3 billion
Othman Benjelloun, who is worth $1.3 billion at the time of writing this report, is known for co-founding BMCE Bank of Africa, where he serves as chairman and CEO.
Based solely on market capitalization, Benjelloun’s stake in the bank was worth $4 billion in 2021. After purchasing the Mali-based Bank of Africa, his banking firm, BMCE Bank, now has a presence in at least 12 African countries.
Since the beginning of the year, his net worth has increased from $1.1 billion to $1.3 billion.
Net worth: $1.1 billion
Yasseen Mansour, Egypt’s sixth-richest man, owns a stake in the family-owned conglomerate Mansour Group. Aside from his business interests in Mansour Group, Mansour is the chairman of Palm Hills Development, a leading Egyptian real estate group.
#10 Samih Sawiris
Net worth: $1 billion
Samih Sawiris, brother to prominent Egyptian billionaires Naguib and Nassef Sawiris, derives the majority of his fortune from his family’s investments in OCI N.V., a global producer and distributor of nitrogen and methanol products, and Orascom Development, which builds and operates resorts in Egypt, Montenegro, and Switzerland.