Egypt’s Richest Man, Nassef Sawiris’ Wealth Surges by $410M in Just over a Week.

Egyptian billionaire Nassef Sawiris, the richest individual in his home nation and one of Africa’s most powerful businessmen, has seen his fortune increase by $410 million in just nine days. This strengthens his position atop the continent’s wealth pyramid and moves him up the worldwide rich list.

Sawiris’ net worth increased from $8.27 billion on April 16 to $8.68 billion as reported by the Bloomberg Billionaires Index, which analyzes the fortunes of the world’s 500 wealthiest individuals. This works out to an amazing average daily gain of $45.56 million.

The wealth increase reverses prior losses and brings Sawiris’ year-to-date gains to $271 million. This is primarily due to the performance of his investments in the Dutch fertilizer firm OCI N.V. and the German apparel brand Adidas. Sawiris owns 38.8 percent of OCI and 6% of adidas.

Adidas’ share price has risen 11.51 percent since April 16, from €202.50 ($217.03) to €225.80 ($242). This spike pushed the company’s market capitalization beyond $40 billion, increasing Sawiris’ ownership by an estimated $266.63 million. His stake in OCI has also increased by $35 million, reaching $2.17 billion from $2.13 billion. Sawiris’ surprising leap propels him nine ranks up the Bloomberg Billionaires Index, from 300th to 291st.

Adidas’ recent increases have boosted market confidence in its 2023 success. Despite ending its partnership with Kanye West’s Yeezy brand in October 2022, Adidas topped expectations with a €268-million ($292 million) operating profit, exceeding projections by roughly €1 billion ($1.08 billion).

Adidas is looking for fresh collaborations following the Yeezy split. CEO Bjorn Gulden hinted about possible collaborations with pop culture luminaries, including Taylor Swift as a candidate.

Furthermore, a significant coup for the corporation is Liverpool Football Club’s forthcoming transfer from Nike to Adidas uniforms beginning in the 2025-2026 season, securing a lucrative five-year contract gained after Adidas outbid Nike and Puma.

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