Egyptian billionaire Yasseen Mansour made $200 million last year

Egyptian billionaire Yasseen Mansour saw his net worth increase by $200 million in 2023 — a display of resilience amidst diverse macroeconomic challenges in 2023.

According to Forbes, Mansour who is one of Egypt’s wealthiest businessmen, saw his wealth figures surge by $200 million in 2023 — from $1.1 billion at the start of the year to $1.3 billion at the end of the year.

Family fortune propelled Mansour’s $200-million wealth surge

The $200-million surge in Mansour’s fortune in 2023 is largely linked to his investment in the family-owned conglomerate Mansour Group, the largest General Motors dealer in the world and a leading distributor of Caterpillar equipment.

Mansour Group, which operates in 100 countries with total revenues exceeding $7.5 billion, is managed by the Mansour brothers. Its operations span six divisions, including Al-Mansour Automotive, Mantrac, Mansour Financial, Manfoods, MMID, and Man Capital

The increase in his fortune propelled him to the 2223rd spot on Forbes’ list of the world’s wealthiest individuals and the eighteenth position in Africa. Within Egypt, he holds the sixth spot, securing a position among the top ten wealthiest individuals in his country.

Mansour’s leadership propels Palm Hills, consolidates real estate empire

Mansour’s 6.87 percent stake in Palm Hills Developments, comprising 202,291,698 shares, saw a 26 percent increase in 2023. The company, a subsidiary of Mansour Group, a leading Egyptian conglomerate with a market capitalization of EGP 8.68 billion ($282.07 million), specializes in real estate development.

Under Mansour’s leadership, Palm Hills achieved a notable financial performance, with revenues rising to EGP 11.28 billion ($366.72 million) in the first nine months of 2023, solidifying its position in the real estate market.

This substantial increase reinforces Mansour’s status as one of Egypt’s and Africa’s billionaires, securing his place among the continent’s financial elites.