After amassing nearly $1 billion in year-to-date gains earlier this year, Egyptian billionaire Naguib Sawiris has experienced a substantial decline in his fortune, causing his net worth to dip below the $6-billion mark.
According to the Bloomberg Billionaires Index, which tracks the fortune of the world’s wealthiest billionaires, Sawiris has seen his wealth figures slump by $250 million over the past 37 days, translating to an average loss of $6.7 million per day since Aug. 7.
The fortune of the leading billionaire, who ranks as one of Egypt’s richest men and also one of Africa’s wealthiest billionaires, presently stands at $5.81 billion, down from $6.06 billion on Aug. 7.
This can be attributed to fluctuations in the market value of his diverse investments in real estate, telecom, mining, and his stakes in Cayman Islands-based publicly traded gold miner Endeavor Mining Plc listed on the London Stock Exchange (LSE).
As a result of the recent $250-million decline in his fortune, Sawiris’ present fortune of $5.81 billion makes him the 443rd richest individual globally according to the Bloomberg Billionaires Index.
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 around $4.1 billion between 2011 and 2012.
Despite this latest decline in his net worth, the Egyptian tycoon has maintained stability by primarily holding his wealth in cash and closely held assets, upholding his position as one of the continent’s richest individuals.
However, he remains vigilant about exploring new investment opportunities in untapped markets, which will surely enhance his position as not only Egypt’s second-richest businessman but also as one of Africa’s most affluent billionaires.
