Egyptian billionaire Naguib Sawiris, one of Africa’s wealthiest persons, has seen his net worth fall by $200 million over the last three weeks, owing to a dramatic reduction in the market value of his extensive private investments.
The Bloomberg Billionaires Index tracks the fortunes of the world’s wealthiest billionaires. Naguib Sawiris, Egypt’s second-richest person, has seen his net worth decline from $6.73 billion to $6.53 billion, resulting in an average daily loss of $9.52 million since April 9.
The recent drop follows a significant gain of $130 million between March 23 and April 9. However, variations in his investments, which include real estate, telecom, mining, and a stake in gold miner Endeavour Mining Plc, have resulted in a recent drop in his net worth.
Naguib Sawiris’ net worth is currently $6.53 billion, placing him 422nd globally. This represents a recent fall from a peak of $6.73 billion on April 9, 2024. Despite this, Sawiris remains a leading figure among Egypt’s, the Middle East’s, and North Africa’s wealthiest people.
Sawiris’ fortune came mostly from the sale of his interest in Russian telecom firm Vimpelcom, which generated approximately $4.1 billion between 2011 and 2012. Since then, his diverse investment portfolio has resulted in tremendous wealth accumulation.
The recent drop in Sawiris’ net worth has lowered his year-to-date gains from $256 million to $55.8 million. Nonetheless, his extensive assets continue to establish him as a dominant investor on the African continent.