Home » Egypt’s second-richest man Naguib Sawiris kicks off 2024 with $201-million loss

Egypt’s second-richest man Naguib Sawiris kicks off 2024 with $201-million loss

The recent $200-million decline in his fortune can be attributed to market fluctuations

by Yusuf Abdulfatai
Naguib Sawiris

Egyptian billionaire Naguib Sawiris, who is one of Africa’s wealthiest individuals, has kicked off 2024 with a substantial decline in his wealth figures, driven by a sharp decline in the market value of his diverse investments.

According to the data tracked by Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people, Sawiris — Egypt’s second-richest man — has seen his fortune plummet by $201 million since the beginning of the new year.

His net worth dropped from $6.48 billion on Jan. 1 to $6.28 billion at the time of this report, placing him in the 410th position globally. This decline contrasts with the positive trend in 2023, during which his net worth rose from $5.1 billion to $6.28 billion.

Sawiris’ fortune dips by $201 million, but still ranks as Egypt’s second-richest man

The recent $201-million decline in his fortune, which translates to an average daily loss of $13.4 million, can be attributed to market fluctuations in his diverse investments across real estate, telecom, mining, and a stake in Endeavor Mining, leaving Sawiris with a current net worth of $6.28 billion.

Despite this setback, Sawiris’ investment in Orascom Construction remained stable during the first two weeks of the new year. The stake proved resilient, delivering significant gains, and providing a bright spot amid the overall market challenges for the Egyptian tycoon.

Sawiris’ fortune makes him one of Africa’s richest individuals

The top Egyptian billionaire predominantly holds his $6.28-billion wealth in cash and privately held assets. He accumulated this fortune primarily by selling his stake in the Russian telecom company Vimpelcom for approximately $4.1 billion between 2011 and 2012. 

Despite the recent decrease in his net worth, Sawiris remains one of the wealthiest individuals in Egypt and the broader Middle East and North Africa region. He is second only to his younger brother Nassef Sawiris, who derives his wealth from stakes in OCI N.V., a global nitrogen product manufacturer, and shares in the German sportswear giant Adidas.

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