Egyptian billionaire Naguib Sawiris, who is one of Africa’s wealthiest individuals, has seen his wealth figures plummet by $110 million in just nine days driven by a sharp decline in the market value of his diverse investments, causing his net worth to dip below the $6.1-billion mark.
According to the Bloomberg Billionaires Index, which tracks the fortune of the world’s wealthiest billionaires, Naguib Sawiris, who ranks as the second-richest man in Egypt has seen his wealth figures slump by $110 million over the past nine days — translating to an average loss of $13.75 million per day since Nov. 29.
Naguib Sawiris’ fortune drops $110 million, still ranks among Africa’s wealthiest
The recent $110-million decline in his fortune, attributed to market fluctuations in his diverse investments across real estate, telecom, mining, and a stake in Cayman Islands gold miner Endeavor Mining Plc, leaves Sawiris with a current net worth of $6.07 billion, ranking him 414th globally.
Despite seeing his fortune decline from $6.18 billion on Nov. 29 to $6.07 billion, reducing his year-to-date wealth gain from $1.08 billion to $965 million, Naguib Sawiris remains one of many African billionaires who have recorded impressive wealth gains since the start of the year.
Naguib Sawiris’ cash-heavy fortune makes him one of MENA’s richest
The leading Egyptian billionaire holds the majority of his $6.07-billion wealth in cash and closely held assets, amassed mainly through the sale of his stake in Russian telecom company Vimpelcom for around $4.1 billion between 2011 and 2012.
Despite the latest decline in his net worth, the Egyptian tycoon remains one of the richest individuals in not only Egypt, but also across the Middle East and North Africa region, trailing his younger brother Nassef Sawiris who derives the majority of his fortune from stakes in OCI N.V., a global nitrogen product manufacturer, and shares in German sportswear giant Adidas.