Egypt’s richest man and one of the wealthiest billionaires on the African continent, Nassef Sawiris has recorded a multimillion-dollar net-worth gain in the past four days, as shares surge in the German sportswear manufacturer, Adidas.
According to the Bloomberg Billionaire Index, since the start of business and trading on Jan. 10, his fortune has increased by more than $260 million. The boost comes off a rise in Adidas’ share price, which triggered an increase in the value of his 3.72-percent stake in the sportswear company.
His beneficial stake in Adidas, the largest sportswear company in Europe and the second-largest sports brand in the world, accounts for the majority of his $6.69-billion fortune.
Research conducted by Billionaires.Africa revealed that, since Jan. 10, Sawiris’ net worth has grown from $6.43 billion to $6.69 billion.
The surge in his wealth can be directly linked to the company’s recent performance on the Deutsche Börse stock exchange in Frankfurt.
Since Jan. 10, shares in the multinational sportswear company have increased by over 3.7 percent from a price of €246.95 ($283.07) per share four days ago to €256.20 ($293.63) per share at the time of drafting this report.
The recent gains in the company’s shares, which led to the increase in Sawiris’ stake, can be linked to investor reactions to its announced buyback program, coupled with a report that the stockbroking platform, Freetrade, struck a deal to plug directly into the German stock market.
Experts believe the move by the stockbroking platform will give British clients access to buy stocks in German behemoths such as Adidas and BMW.
Sawiris remains the wealthiest man in Egypt and the 427th richest person in the world. His net worth represents an increase of about $190 million compared to his fortune in late December 2021.
In 2021, the billionaire recorded a wealth loss of $130 million as a result of a single-digit decline in the Adidas share price.
