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Egyptian billionaire Naguib Sawiris, one of Africa’s wealthiest individuals, has experienced a substantial decline in fortune, causing his net worth to dip below the $5.5 billion mark.
According to the Bloomberg Billionaires Index, which tracks the fortune of the world’s wealthiest billionaires, Naguib Sawiris has seen his wealth figures slump by $350 million over the past 49 days, translating to an average loss of $7.14 million per day since Sept. 13.
The fortune of the leading billionaire, who ranks as Egypt’s second-richest man and also one of Africa’s wealthiest individuals, currently stands at $5.45 billion, down from $5.81 billion on Sept. 13.
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 $350 million decline in his fortune, Naguib Sawiris’ present fortune of $5.45 billion makes him the 444th richest individual globally according to the Bloomberg Billionaires Index.
Naguib Sawiris’s wealth is primarily in cash and closely held assets, acquired through the sale of his stake in Russian telecom company Vimpelcom between 2011 and 2012.
Despite his recent decrease in net worth, the Egyptian billionaire maintains his position as the second-wealthiest individual in Egypt. His enduring status among the wealthiest individuals on the African continent is a testament to his extensive portfolio of investments and assets.
However, he remains vigilant about exploring new investment opportunities in untapped markets, a move which is sure to enhance his position as not only Egypt’s second-richest businessman but also as one of Africa’s most affluent billionaires.
