Egyptian billionaire Naguib Sawiris, who is one of Africa’s wealthiest individuals, has experienced a remarkable resurgence, amassing nearly $1 billion in year-to-date gains, propelling his net worth to soar above the impressive milestone of $6 billion.
According to the Bloomberg Billionaires Index, which tracks the world’s wealthiest 500 billionaires, Sawiris has seen his net worth increase by $980 million since the start of the year, from $5.10 billion on Jan. 1 to a remarkable $6.08 billion at the time of writing.
This year-to-date surge marks a positive turn for Sawiris, especially considering his wealth had fallen below $5 billion in the latter part of last year. Between Dec. 14 and Dec. 31, 2022, his net worth declined by $100 million due to fluctuations in the market value of his diverse investments in real estate, telecom, mining, and construction sectors.
However, the latest boost in his net worth solidifies his position as Egypt’s second-richest businessman and one of Africa’s most affluent billionaires, who have seen significant growth in their fortunes since the beginning of this year.
With his net worth now pegged at $6.08 billion, Sawiris ranks as the 425th richest person globally, trailing behind Pakistani-American billionaire businessman and sports tycoon Shahid Khan, who owns Flex-N-Gate, a closely held auto-parts maker with revenue of $7.9 billion in 2022.
The Egyptian tycoon has maintained steady, lucrative returns from his existing investments. However, he remains vigilant about exploring new investment opportunities in untapped markets, further enhancing his standing as one of Africa’s richest and most influential individuals.
Sawiris primarily holds his wealth in cash and closely held assets, amassed mainly through the sale of his stake in Russian telecom company Vimpelcom for about $4.1 billion between 2011 and 2012.
Earlier this year, Sawiris’ Cairo-based holding company, Orascom Investment Holding, forged a strategic partnership with BluEV, a specialized information technology and transportation engineering firm.
The collaboration aims to revolutionize the global transport sector, making it more eco-friendly and affordable through the utilization of the BluEV network, smart battery exchange stations, and an integrated digital platform.
Established by Sawiris in 2011, Orascom Investment Holding initially focused on the telecom, media, and technology spheres. However, the company has since expanded its portfolio to encompass sectors with significant growth potential, transformational prospects, and a positive impact on communities.