Nassef Sawiris, Egypt’s richest man and one of Africa’s most affluent billionaires, has witnessed a remarkable rebound in his fortune, registering an impressive gain of $150 million in a span of four days.
According to the Bloomberg Billionaires Index, which monitors the wealth of the top 500 richest individuals in the world, Nassef Sawiris’ net worth has surged by $150 million in just four days, translating to an average gain of $37.5 million per day since Sept. 26.
The fortune of the leading billionaire, who ranks as Egypt’s richest man and Africa’s fourth-wealthiest individual, currently stands at $7.48 billion, climbing from $7.33 billion on Sept. 26.
In recent weeks, Sawiris faced a temporary setback as his net worth slumped by $103 million between September 16 and September 21.
However, his financial acumen and resilience have shone through as he swiftly rebounded, not only recouping $150 million in a span of four days but also amassing a remarkable total of $457 million in wealth gains from Jan. 1 up to the present moment.
This remarkable financial gain can be attributed to the significant uptick in the valuation of his diversified investments, including his stake in Adidas, a 38.8-percent stake in the prominent Netherlands-based OCI N.V., as well as his five-percent stake in the publicly traded multinational manufacturer of specialty materials, Arkema S.A.
Although there has been a slight increase of $9 million in his five-percent stake in Arkema S.A., the $100-million surge in his 38.8-percent stake in the prominent Netherlands-based OCI N.V. has predominantly contributed to Sawiris’ recent wealth growth.
Shares in the Dutch company have increased from a price of €25.06 ($23.99) per share on September 26 to €26.39 ($27.95) per share at the time of writing this report, representing a total gain to shareholders of 5.31 percent.
Following this recent surge in his fortune, Nassef Sawiris now commands a staggering fortune of $7.48 billion, propelling him from the 306th to the 300th spot on the esteemed Bloomberg Billionaires Index. This cements his position as Egypt’s wealthiest individual.