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After a surge in his fortune in 2023 solidified his position as Egypt’s richest man and one of Africa’s wealthiest billionaires, Nassef Sawiris, who also ranks as North Africa’s richest man has seen his wealth plunge by over $200 million since the start of the year 2024.
According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s top 500 richest individuals, Sawiris’ net worth has dipped by $220 million in the last 33 days. This downturn — which translates to an average daily loss of $8.16 million since the start of the year — is linked to the slump in the market value of his industrial assets in Europe and Africa.
Sawiris’ fortune falls to $8.19 billion, ranking drops to 292nd globally
Nassef Sawiris who serves on the boards of OCI N.V. a global nitrogen product manufacturer and the German sportswear giant Adidas, has seen his net worth decline from $8.41 billion on Jan. 1 to $8.19 billion at the time of this report.
This decline starkly contrasts with the positive trend of his fortune in 2023, when his net worth rose by $1.41 billion from $7 billion to $8.41 billion.
As a result of the $220-million decline, Sawiris, who ranks as the richest man in Egypt and entire North Africa, is presently the 292nd wealthiest individual globally according to the Bloomberg Billionaires Index.
Sawiris’ $220-million loss tied to decline in OCI N.V. and Adidas according to Bloomberg
While there has been a slight decline of $16 million in his Arkema SA stake, the recent decline in his fortune is linked to the performance of his 38.8 percent stake in Netherlands-based OCI N.V. and six percent stake in the renowned German sportswear giant Adidas.
Going by Bloomberg’s figures, Sawiris’ stake in Netherlands-based OCI N.V. declined by $250 million from $2.6 billion to $2.35 billion, while his stake in Adidas also declined by $190 million from $2.52 billion to $2.33 billion since the start of the new year.
Despite this recent decline in the market value of his investments in Adidas, OCI N.V., and Arkema SA, Sawiris retains his status as not only Egypt’s wealthiest individual but also as the most affluent businessman in North Africa.
