Egyptian billionaire Mohamed Al Fayed has experienced a remarkable surge in his fortune over the past 107 days, solidifying his position as one of Africa’s richest businessmen.
According to Forbes, a leading U.S. business magazine that tracks the wealth of ultra-high-net-worth individuals worldwide, Al Fayed’s net worth has soared by $100 million, reaching $2.1 billion from $2 billion on April 10.
The $100-million increase in Al Fayed’s net worth can be attributed to the stellar performance of his privately held assets, contributing to a total year-to-date wealth gain of $200 million.
This impressive growth comes on the heels of his earlier gains between Jan. 1 and April 10, when his net worth increased from $1.9 billion to $2 billion.
The recent surge in his fortune further cements his position as one of Egypt’s most affluent businessmen and elevates him to the rank of the 845th richest individual globally.
Since 2020, Al Fayed has experienced substantial growth in his net worth, supported by a robust recovery of operations in the hospitality sector from the rock-bottom levels of the pandemic. The surge in hotel occupancy rates throughout 2021 and into the second half of 2023 also contributed to his remarkable financial success.
Having made his mark in the retail industry, Al Fayed secured his fortune by selling his stakes in London’s prestigious department store Harrod’s to Qatar in a landmark $2.4 billion deal back in 2010.
Following the sale of Harrod’s, his portfolio of hospitality assets includes 75 Rockefeller Plaza and the historic Ritz Paris Hotel, which he acquired for $30 million in 1979.
In addition to these well-known properties, Al Fayed owns Balnagowan Castle & Estates in the scenic Scottish Highlands and British shirtmaker Turnbull & Asser.
