Nassef Sawiris, Egypt and North Africa’s wealthiest individual, has witnessed a remarkable surge in his fortune, recording an impressive gain of $350 million in just 12 days.
According to the Bloomberg Billionaires Index — which monitors the wealth of the top 500 richest individuals in the world — Sawiris’ net worth has surged by $350 million in just twelve days, translating to an average gain of $29.17 million per day since Nov. 12.
Data tracked by Billionaires.Africa revealed that the fortune of the leading billionaire, who ranks as Egypt’s richest man and Africa’s fourth-wealthiest individual, currently stands at $7.60 billion, rising from $7.32 billion on Nov. 12.
Adidas stake boosts Nassef Sawiris’ wealth
The primary driver behind this surge can be attributed to the performance of his stake in Adidas, Europe’s largest sportswear firm and the world’s second-largest sports brand. His shares in Adidas in recent times have surged by $260 million, according to Bloomberg’s data.
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 Nov. 12 Adidas stock has surged by 8.22 percent, with the shares rising from €170.28 ($186.15) to €184.28 ($201.45). This has translated into gains amounting to millions of dollars for Sawiris, solidifying his position as Egypt and North Africa’s richest man.
Nassef Sawiris’ fortune hits $7.6 billion, climbing to 310th spot on world’s richest list
Following this unexpected surge, Sawiris now commands a staggering fortune of $7.6 billion, propelling him from the 318th to the 310th spot on the esteemed list of the world’s 500 wealthiest billionaires tracked by the Bloomberg Billionaires Index.
This development solidifies his standing as one of Africa’s wealthiest individuals. Furthermore, his year-to-date gains now total $576 million, positioning him among the select group of African billionaires who have seen significant growth in their fortunes this year.
