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Billionaire businessman Naguib Sawiris, renowned as Egypt’s second-richest man, and one of Africa’s wealthiest individuals, has experienced a remarkable resurgence in his net worth, surpassing the $5.5 billion mark once again after it dipped below the mark between on Nov. 1.
According to the Bloomberg Billionaires Index, which tracks the fortune of the world’s wealthiest billionaires, Sawiris’ fortune surged by $260 million within a span of 12 days, rising from $5.45 billion on November 1 to an impressive $5.71 billion at the time of writing.
This recent surge in his wealth, amounting to an average daily gain of $21.67 million since Nov. 1, marks a gratifying turn of events for Sawiris. It follows a recent downturn in the valuation of his industrial assets, which led to a dip in his net worth below the $5.5 billion mark.
Naguib Sawiris’s year-to-date wealth gains surpass $600 million
Between Sept. 13 and Nov. 1, his net worth declined by $350 million, mainly due to fluctuations in the market value of his diverse investments in real estate, telecom, mining, and construction sectors.
With the latest boost in his fortune, Sawiris’ year-to-date wealth gains have increased to $605 million, cementing his position as one of the few African billionaires who have seen significant growth in their fortunes since the beginning of this year.
The fortune of the leading billionaire, who ranks as Egypt’s second-richest man and also one of Africa’s wealthiest individuals, presently stands at $5.71 billion in spite of mounting macroeconomic uncertainty worldwide.
Naguib Sawiris ranks 431st globally in wealth, eyes untapped markets for future investments
With his current fortune, Sawiris ranks as the 431st richest person globally, trailing behind America’s billionaire industrialist, Gary Rollins, the chairman and chief executive of Rollins Inc, a pest control group.
Sawiris primarily holds his wealth in cash and closely held assets, amassed mainly through the sale of his stake in Russian telecom company Vimpelcom for about $4.1 billion between 2011 and 2012.
The Egyptian tycoon has maintained a steady stream of lucrative returns from his existing investments. However, he remains vigilant in exploring new investment opportunities in untapped markets, further enhancing his standing as one of Africa’s richest individuals.
