Nassef Sawiris, Egypt’s wealthiest individual and one of Africa’s most affluent billionaires, has experienced a notable decline of approximately $500 million in his wealth within just nine days.
According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s top 500 richest individuals, Sawiris’ net worth has dipped by $470 million in a span of nine days. This translates to an average daily loss of $52.2 million since Oct. 20.
The fortune of this leading billionaire, who not only holds the title of Egypt’s richest man but also serves on the boards of OCI N.V. a global nitrogen product manufacturer and the German sportswear giant Adidas, now stands at $6.95 billion, down from $7.42 billion on Oct. 20.
This significant dip in his wealth erases the gains that he had recorded earlier this year, resulting in a year-to-date loss of $80 million. Throughout this year, his wealth has fluctuated from $7.03 billion on Jan. 1 to $6.95 billion at the time of this report.
As a result of the $470-million decline, Sawiris, who ranks as the richest man in Egypt and the Arab world, is presently the 322nd wealthiest individual globally according to the Bloomberg Billionaires Index.
While there has been a slight increase of $2 million in his Orascom stake, the primary contributors to Sawiris’ recent wealth loss have been the $280-million drop in his 38.8-percent stake in the prominent Netherlands-based OCI N.V.
Data tracked by Billionaires.Africa reveals that the market value of the Egyptian billionaire’s stake in OCI N.V. has declined by €170.60 million ($180 million) since Oct. 20, as investors on the Euronext Exchange reduce their stakes in the Dutch-listed company.
Apart from the recent decline in the market value of his stake in the Dutch fertilizer company, Sawiris has also been affected by the decrease in the market value of his stake in Adidas, which is now valued at $2.18 billion, down by $110 million from $2.229 billion on Oct. 20.
Despite this recent decline in his investments in Adidas, OCI N.V., and Orascom, thus reducing his fortune to $6.95 billion, Sawiris retains his status as not only Egypt’s wealthiest individuals but also as the most affluent individual in the Arab world.
