Home » Egypt’s richest man Nassef Sawiris loses $620 million in one month

Egypt’s richest man Nassef Sawiris loses $620 million in one month

Nassef Sawiris sees net worth fall below $9 Billion, decline in stake values of OCI N.V. and Adidas contributes to wealth reduction.

by Omokolade Ajayi
Nassef Sawiris

Key Points:

  • Nassef Sawiris, Egypt’s richest, saw his wealth dip below $9 billion due to OCI and Adidas stock declines.
  • His net worth fell $620 million in 28 days, impacted by OCI’s 11.5% drop and Adidas’ 5.4% decline.
  • Sawiris remains Africa’s fourth-richest with $8.56 billion, including $2.75 billion in cash and major stakes in Adidas and OCI.

Nassef Sawiris, Egypt’s richest person and a leading businessman who ranks as Africa’s fourth-richest individual, saw his net worth dip below $9 billion in the past month, after surging above $9.2 billion in late May.

According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s 500 richest people, Sawiris’s net worth has declined by $620 million since May 22. His fortune, which stood at $9.21 billion on May 22, has since fallen to $8.59 billion.

OCI, Adidas stock slump costs billionaire $620 million

The $620 million drop in his fortune stems from a decline in the market value of his holdings. This includes a 38.8 percent stake in Dutch fertilizer giant OCI N.V. and a 6 percent stake in German sportswear company Adidas.

Over the past 28 days, OCI’s shares on the Deutsche Börse have fallen 11.5 percent, from €25.88 ($27.80) to €22.90 ($24.60) as of this report. Similarly, Adidas shares have declined 5.4 percent during the same period, dropping from €227.70 ($244.60) to €215.40 ($231.40).

Nassef Sawiris: Egypt’s richest, fourth in Africa

Despite the recent setback, Sawiris remains Egypt’s wealthiest individual and the fourth-richest person in Africa. He also ranks 303rd globally, surpassing Russian billionaire Roman Abramovich, whose current net worth sits at $8.56 billion.

Abramovich is the primary shareholder of Evraz, Russia’s second-largest steelmaker, and holds a stake in Norilsk Nickel, the world’s top refined nickel producer. He previously owned Chelsea Football Club in London.

Sawiris’ $8.56 billion fortune includes $2.75 billion in cash holdings

Sawiris’s $8.56 billion fortune as of this report comprises $2.75 billion in cash holdings, along with his stakes in Adidas ($2.88 billion) and OCI N.V. ($2.01 billion).

Beyond these core holdings, Sawiris has a combined $728 million from his interests in English football club Aston Villa ($158 million), Madison Square Garden Sports Corp ($219 million), and a stake in publicly traded specialty materials manufacturer Arkema S.A. ($351 million).

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