Home » North Africa’s richest man Nassef Sawiris gains $370 million in 12 days

North Africa’s richest man Nassef Sawiris gains $370 million in 12 days

Nassef Sawiris solidifies position among Africa’s richest

by Omokolade Ajayi
Nassef Sawiris

Nassef Sawiris, Egypt and North Africa’s wealthiest individual has witnessed a remarkable rebound in his fortune, registering an impressive gain of $370 million in just 12 days.

This recent surge has effectively overturned his earlier financial setback, reducing it to a relatively modest loss of $130 million since Oct. 20.

According to data tracked by Billionaires.Africa, Sawiris’ fortune soared from $6.95 billion on Oct. 29 to an impressive $7.32 billion on Nov. 10, marking an average daily gain of $30.83 million during this period.

Adidas stake drives wealth surge

The primary driver behind this surge can be attributed to the stellar performance of his stake in Adidas, Europe’s largest sportswear firm and the world’s second-largest sports brand.

Serving as a member of the Adidas supervisory board since 2016, Sawiris holds a six-percent stake in the company. The market value of his Adidas stake has significantly contributed to his recent wealth surge.

Since Oct. 29, data obtained by Billionaires.Africa revealed that Adidas stock has surged by 4.53 percent, with the share price rising from €166.44 ($177.58) to €173.98 ($185.62) at the time of writing.

Nassef Sawiris solidifies position among Africa’s richest

This surge has translated into substantial gains amounting to millions of dollars for Sawiris, solidifying his position as Egypt and North Africa’s richest man.

Following this unexpected surge, Sawiris now commands a staggering fortune of $7.32 billion, propelling him from the 322nd to the 315th spot on the esteemed list of the world’s 500 wealthiest billionaires tracked by Bloomberg Billionaires Index.

This development cements his status as one of Africa’s wealthiest individuals. Furthermore, his year-to-date gains now amount to $296 million, marking him as one of the few African billionaires experiencing substantial growth in their fortunes this year.

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