Home » Egypt’s richest man Nassef Sawiris loses $103 million in 5 days

Egypt’s richest man Nassef Sawiris loses $103 million in 5 days

by Omokolade Ajayi
Nassef Sawiris

Nassef Sawiris, Egypt’s richest man and one of Africa’s most affluent billionaires, has endured a notable decline of more than $100 million in his fortune in just five days.

According to the Bloomberg Billionaires Index, which monitors the wealth of the top 500 richest individuals in the world, Sawiris’ net worth has slumped by $103 million in just five days, translating to an average loss of $20.6 million per day since Sept. 16.

The fortune of the leading billionaire, who ranks as Egypt’s richest man and also Africa’s fourth-wealthiest individual, currently stands at $7.51 billion, down from $7.67 billion on Sept. 16. 

This can be attributed to the decline in the value of his diversified investments, comprising a $2-million decrease in his ownership stake in Aston Villa F.C. and a $6-million decline in his 5 percent ownership stake in the publicly traded multinational manufacturer of specialty materials, Arkema S.A

Notably, a substantial portion of his wealth is derived from his commanding 38.8-percent stake in the leading Netherlands-based OCI N.V. and his six-percent ownership of the internationally renowned sportswear giant Adidas AG, dipped by $50 million.

Data gathered by Billionaires.Africa revealed that Sawiris’ stake in Adidas AG has decreased by €93.84 million ($100 million) since September 16 as investors continue to reduce their stakes in the shoe and sports equipment manufacturer.

Sawiris, who sits on the board of the leading global nitrogen product manufacturer and distributor, has also been on the board of the German sportswear behemoth since 2016.

The slump in Sawiris’ wealth can be primarily attributed to the sharp decline of his Adidas holdings from €2.17 billion ($2.30 billion) on Sept. 16 to €2.06 billion ($2.20 billion) at the time of writing.

Despite the recent $103 million decline in his fortune, Sawiris’ present fortune of $7.51 billion makes him the 303rd richest individual globally, according to the Bloomberg Billionaires Index. He ranks as the richest man in Egypt and the richest individual in the Arab world.

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