Egypt’s 2nd Richest, Naguib Sawiris, Surpasses $6.5 Billion in Net Worth

Egyptian billionaire Naguib Sawiris’ fortune has skyrocketed following a recent spike in investments across the Middle East and North Africa (MENA) region, bringing his net worth above $6.5 billion.

Sawiris’ net worth has increased by $310 million in the last month, with an average daily growth of $9.7 million since Feb. 20, according to Bloomberg Billionaires Index data. This surge has increased his wealth from $6.29 billion on February 20 to $6.6 billion at the time of writing this report.

Sawiris’ wealth has increased by an average of $9.7 million each day since February 20, reflecting shrewd investments in real estate, telecommunications, and mining.

His broad investment portfolio, which includes shares in La Mancha Resources and Endeavor Mining, has contributed considerably to his $122 million in year-to-date wealth increases.

With this significant growth in his fortune, Sawiris cements his place as Egypt’s second-richest individual and joins the ranks of Africa’s wealthiest billionaires. Bloomberg ranks him as the 419th wealthiest person in the world, with a net worth of $6.6 billion.

Sawiris’ wealth is now mostly made up of cash and private assets after selling his shareholding in Russian telecommunications giant Vimpelcom in 2011 and 2012. His 37% share in publicly traded Orascom Investment Holding is indirectly held through OTMT Acquisition Sarl, a Cairo-based business formed by the merger of Vimpelcom and Orascom’s former parent company.

Sawiris’ recent income boom not only solidifies his status as one of Egypt’s most important corporate figures, but it also demonstrates his rising power in creating economic landscapes throughout the Middle East and North Africa.

Despite his wealth, Sawiris follows his younger brother, Nassef Sawiris, who has a fortune of $8.56 billion from investments in OCI N.V. and German sportswear giant Adidas. However, Naguib Sawiris’ recent climb highlights his tremendous influence in the Middle East and North Africa, as well as his rise to the ranks of the world’s elite billionaires.

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