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Egyptian billionaire Mohamed Al Fayed’s net worth has increased by millions of dollars since the beginning of the year, recouping some of the losses he suffered in 2022 when his net worth fell by $300 million.
According to Forbes, a U..S business magazine that tracks the wealth of the world’s ultra-high net worth individuals, Al Fayed’s net worth has increased by $100 million in the past 60 days, from $1.9 billion on Jan. 1 to $2 billion on April 10.
The most recent $100-million increase in his net worth, which can be attributed to the performance of his privately held assets, comes after a $300 million drop in his net worth in 2022, from $2.1 billion to $1.9 billion, due to the revaluation of his hospitality assets in London.
However, the latest wealth gains cement his position as one of Egypt’s wealthiest businessmen, as he continues to build on his wealth after it 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.
The Egyptian businessman, 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 London department store Harrod’s to Qatar in a $2.4 billion deal in 2010.
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 in renovating the hotel over the course of four years.
His hospitality holdings include 75 Rockefeller Plaza and the storied Ritz Paris hotel, which he purchased for $30 million in 1979.
Over a four-year period, he spent more than $450 million renovating the hotel.
Aside from the Ritz Paris and 75 Rockefeller Plaza, Al Fayed, whose primary residence and business interests have been in the United Kingdom since the late 1960s, also owns Balnagowan Castle & Estates in the Scottish Highlands, as well as British shirtmaker Turnbull & Asser.
