After a boom in his fortune in 2023 cemented his status as Egypt’s richest man and one of Africa’s wealthiest billionaires, Nassef Sawiris, who is also North Africa’s richest man, has had his wealth fall by more than $200 million since the beginning of 2024.
Sawiris’ net worth has decreased by $220 million in the last 33 days, as per the Bloomberg Billionaires Index, which analyzes the fortunes of the world’s top 500 richest individuals. This collapse, which has resulted in an average daily loss of $8.16 million since the beginning of the year, is connected to a drop in the market value of his industrial assets in Europe and Africa.
Nassef Sawiris, who sits on the boards of OCI N.V., a global nitrogen product maker, and the German sportswear giant Adidas, has seen his net worth fall from $8.41 billion on January 1 to $8.19 billion at the time of this report.
This fall contrasts sharply with his fortune’s upward trend in 2023, when his net worth increased by $1.41 billion, from $7 billion to $8.41 billion.
As a result of the $220-million drop, Sawiris, the richest man in Egypt and North Africa, is now the 292nd wealthiest person in the world, according to the Bloomberg Billionaires Index.
While his Arkema SA share has declined by $16 million, the recent drop in his fortune can be attributed to the performance of his 38.8 percent ownership in Netherlands-based OCI N.V. and 6% stake in the famed German sportswear firm Adidas.
According to Bloomberg, Sawiris’ investment in Netherlands-based OCI N.V. decreased by $250 million from $2.6 billion to $2.35 billion, and his share in Adidas decreased by $190 million from $2.52 billion to $2.33 billion since the beginning of the year.
Despite the recent decrease in the market value of his assets in Adidas, OCI N.V., and Arkema SA, Sawiris remains Egypt’s wealthiest individual and the most affluent businessman in North Africa.