Egyptian billionaire Mohamed Al Fayed’s fortune has skyrocketed in the last 107 days, cementing his status as one of Africa’s wealthiest businessmen.
According to Forbes, a major U.S. business magazine that measures the wealth of ultra-high-net-worth individuals around the world, Al Fayed’s net worth has increased by $100 million to $2.1 billion, up from $2 billion on April 10.
The exceptional performance of Al Fayed’s privately held assets is responsible for the $100 million increase in his net worth, which contributes to a total year-to-date wealth gain of $200 million.
This huge increase follows his previous gains between January 1 and April 10, when his net worth climbed from $1.9 billion to $2 billion.
The recent increase in his fortune solidifies his place as one of Egypt’s most prosperous businessmen and propels him to the 845th richest person in the world.
Since 2020, Al Fayed’s net worth has increased significantly, owing to a rapid recovery of activities in the hospitality sector from the pandemic’s rock-bottom levels. The rise in hotel occupancy rates in 2021 and into the second half of 2023 also contributed to his extraordinary financial success.
Al Fayed made his fortune in the retail industry by selling his holdings in London’s iconic department store Harrod’s to Qatar in a landmark $2.4 billion deal in 2010.
Following the sale of Harrod’s, his hospitality portfolio now comprises 75 Rockefeller Plaza and the iconic Ritz Paris Hotel, which he purchased in 1979 for $30 million.
In addition to these well-known assets, Al Fayed owns the beautiful Scottish Highlands’ Balnagowan Castle & Estates and the British shirtmaker Turnbull & Asser.