Egypt’s second-richest man Naguib Sawiris has cemented his position among the world’s wealthiest individuals as the recent bump in his investments — across the Middle East and North Africa region — propels his fortune above $6 billion.
According to the Bloomberg Billionaires Index — which tracks the assets of the world’s billionaires — Sawiris, renowned as Egypt’s second-richest man, and one of Africa’s wealthiest individuals, has seen his net worth rise by $110 million over the past 5 days, from $6.18 billion on Feb. 15 to $6.29 billion.
With this resurgence, the leading Egyptian business mogul — widely regarded as one of the most influential figures in the Middle East and North African region — has now seen his year-to-date wealth losses trimmed to $190 million.
Egypt’s second-richest man Naguib Sawiris’ wealth rebound: A $110-million gain amid market fluctuations
Strategically offsetting earlier losses, his recent $110-million wealth gain is attributed to the recent performance of his investments, which encompass real estate, telecommunications, and the mining industry. This comes after he faced significant losses exceeding $200 million between Jan. 1 and 15.
His portfolio also features investments in La Mancha Resources, along with stakes in Endeavor Mining — a publicly traded gold miner based in the Cayman Islands and listed on the London Stock Exchange (LSE).
The surge in his fortune further cements his status as Egypt’s second-richest individual and solidifies his position among Africa’s most affluent billionaires — with a net worth amounting to $6.29 billion, Naguib Sawiris now ranks as the world’s 417th wealthiest man.
Strategic wealth transition: Naguib Sawiris’ journey from Vimpelcom to cash and private holdings
After selling shares in the Russian telecommunications company Vimpelcom from 2011 to 2012, Naguib Sawiris now holds his wealth in cash and private assets.
His 37-percent stake in publicly traded Orascom Investment Holding is held indirectly through an entity called OTMT Acquisition Sarl. This Cairo-based company resulted from the merger between Vimpelcom and Orascom’s former parent company, Orascom Telecom Holding.
The $110-million uptick in his fortune marking his first of the year highlights his entrepreneurial acumen as a key figure in the business world — it underscores his vast investments and substantial assets, affirming his success as a leading businessman on the African continent.
