In a world rife with distortions, disruptions, economic uncertainties and risks that have impacted both company performance and valuation, some billionaires, such as Egypt’s richest man, Nassef Sawiris, have seen their wealth increase by at least millions of dollars since the start of 2022.
Sawiris’ net worth has recently risen due to a surge in the value of his industrial assets, propelling him to the position of the world’s 372nd richest man.
Sawiris, Egypt’s richest man and the richest Arab billionaire, has seen his net worth surpass that of Canadian billionaires Linda Campbel and Gaye Farncombe, who were richer than him by more than $570 million at the start of the year.
The Egyptian billionaire’s net worth has increased by $177 million since the start of the year, from $6.5 billion to $6.68 billion, while the net worth of Campbel and Farncombe, both of whom own an 11 percent stake in Woodbridge, has decreased by $420 million to $6.65 billion, respectively.
Woodbridge operates as a Canadian private holding company that manages the fortunes of Roy Thomson’s seven grandchildren. The company from Ontario owns two-thirds of Thomson Reuters.
Despite the impact of the Russia-Ukraine war and the resulting economic sanctions on commodities, companies, and financial assets in the global equity market, Sawiris’ fortune has increased by 2.7 percent, or $177 million, from $6.5 billion to $6.68 billion.
The performance of his stake in industrial assets, OCI N.V., a Geleen, Netherlands-based fertilizer producer formed out of a demerger from his family’s original business, Orascom Construction is responsible for the $177-million wealth surge.
The Egyptian billionaire’s wealth has recently recovered after a $566-million deficit in the first 73 days of 2022.
Despite a drop in the market value of his 6 percent stake in German sportswear giant Adidas, the leading billionaire’s fortune has risen significantly in recent years, owing to an increase in the value of his 38.86 percent stake in Dutch fertilizer producer, OCI N.V.
OCI N.V. shares have increased 63.34 percent since the year began, rising from €23.62 ($26.2) per share at the beginning of the year to €38.58 ($41.7) at the time of writing.
This increased the market value of his stake in the fertilizer producer based in the Netherlands to more than $2.89 billion, making it his most valuable asset.
