Egyptian billionaire Naguib Sawiris, who is one of Africa’s wealthiest individuals, has seen his net worth decline by $200 million over the past three weeks, driven by a sharp drop in the market value of his broad private investments.
According to the Bloomberg Billionaires Index, which tracks the fortune of the world’s wealthiest billionaires, Naguib Sawiris who ranks as the second-richest person in Egypt, has seen his net worth decline from $6.73 billion to $6.53 billion — marking an average loss of $9.52 million per day since April 9.
Sawiris’ net worth dips after recent gains
The recent downturn follows a notable gain of $130 million recorded between March 23 and April 9. However, fluctuations in his investments, spanning real estate, telecom, mining, and a stake in gold miner Endeavor Mining Plc, have led to the recent decline in his net worth.
Naguib Sawiris’s net worth currently stands at $6.53 billion, ranking him 422nd globally. This reflects a recent decline from a peak of $6.73 billion reached on April 9, 2024. Despite this, Sawiris remains a top figure among Egypt’s and the Middle East and North Africa’s wealthiest individuals.
Sawiris holds onto vast wealth despite recent dip
Sawiris’s fortune stems primarily from the sale of his stake in Russian telecom giant Vimpelcom, a transaction that generated roughly $4.1 billion between 2011 and 2012. Since then, his diversified investment portfolio has driven significant wealth growth.
The recent dip in Sawiris’s net worth has reduced his year-to-date gains from $256 million to $55.8 million. Nevertheless, his expansive holdings continue to position him as a powerhouse investor on the African continent.
