Egypt’s richest man Nassef Sawiris has experienced a remarkable upswing in his fortunes, with his net worth skyrocketing by $230 million in just two weeks, solidifying his position among Africa’s wealthiest billionaires — this comes after a period of decline earlier in 2024.
According to the latest data from the Bloomberg Billionaires Index, which tracks the fortunes of the world’s top 500 richest individuals, Sawiris’ net worth has surged by $230 million over the past fortnight (two weeks). This surge has seen his fortune rise from $8.31 billion on March 7 to $8.54 billion at the time of drafting this report.
Adidas stake boosts Nassef Sawiris’ net worth
The primary catalyst behind Sawiris’ recent wealth surge, averaging a staggering daily gain of $23 million since March 6, is his stake in the German sportswear giant Adidas. Serving on Adidas’ supervisory board since 2016, Sawiris holds a commanding six-percent stake in the leading sports brand, which has experienced a notable increase in value in recent times.
Adidas shares have risen by more than six percent since the start of March, climbing from €187 ($203.115) to €199.20 ($216.366). This surge has propelled the market capitalization of the sportswear giant beyond the $38-billion mark.
Sawiris’ fortunes have been directly impacted by this remarkable uptick, making him the 300th wealthiest individual globally, according to Bloomberg. His stake in Adidas, presently valued at $2.69 billion, has bolstered his net worth to $8.54 billion, reinforcing his position as Egypt and North Africa’s wealthiest individual.
Nassef Sawiris joins the ranks of African billionaires enjoying a banner year
With year-to-date wealth gains of $134 million, Sawiris joins the ranks of African billionaires enjoying a banner year. This surge not only solidifies his position as one of the continent’s richest but also underscores the resilience of his investment portfolio in volatile markets.
Despite challenges like ending its partnership with Kanye West’s Yeezy Brand, Adidas has impressed investors with its robust financial performance. The company’s 2023 operating profit of €268 million ($292 million) exceeded forecasts by nearly €1 billion ($1.08 billion).
