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Egyptian billionaire Nassef Sawiris, the richest person in his home country and one of Africa’s leading tycoons, has seen his wealth balloon by $410 million in just nine days. This solidifies his position atop the continent’s wealth pyramid and propels him higher on the global rich list.
According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest individuals, Sawiris’ net worth jumped to $8.68 billion as of reporting, up from $8.27 billion on April 16. This translates to an impressive average daily gain of $45.56 million.
Sawiris Surges on Adidas, OCI Gains
The wealth surge erases previous losses and pushes Sawiris’ year-to-date gains to $271 million. This stems primarily from the performance of his stakes in Dutch fertilizer giant OCI N.V. and German sportswear company Adidas. Sawiris owns 38.8 percent of OCI and 6 percent of Adidas.
Adidas has been the key driver, with its share price climbing 11.51 percent since April 16, from €202.50 ($217.03) to €225.80 ($242). This surge propelled the company’s market cap above $40 billion, boosting Sawiris’ stake by an estimated $266.63 million. His stake in OCI has also seen a modest rise of $35 million, to $2.17 billion from $2.13 billion. The unexpected surge catapults Sawiris nine spots on the Bloomberg Billionaires Index, from 300th to 291st.
Adidas rides investor confidence after strong 2023
Adidas’ recent gains build on investor confidence in its 2023 performance. Despite cutting ties with Kanye West’s Yeezy brand in October 2022, Adidas exceeded expectations with a €268-million ($292 million) operating profit, surpassing forecasts by nearly €1 billion ($1.08 billion).
Looking ahead, Adidas is exploring new collaborations following the Yeezy split. CEO Bjorn Gulden hinted at potential partnerships with pop culture icons, with speculation naming U.S. music star Taylor Swift as a frontrunner.
Additionally, a major coup for the company is Liverpool Football Club’s upcoming switch from Nike to Adidas kits starting in the 2025-2026 season, solidifying a lucrative five-year deal secured after Adidas outbid Nike and Puma.
