Billionaire businessman Naguib Sawiris, known as Egypt’s second-richest man and one of Africa’s wealthiest people, has witnessed a stunning rebound in his net worth, exceeding the $5.5 billion threshold after falling below it on Nov. 1.
Sawiris’ fortune increased by $260 million in 12 days, jumping from $5.45 billion on November 1 to an astonishing $5.71 billion at the time of writing, according to the Bloomberg Billionaires Index, which counts the fortunes of the world’s wealthiest billionaires.
Sawiris is pleased with the recent increase in his wealth, which amounts to an average daily gain of $21.67 million since November 1. It follows a recent drop in the valuation of his industrial holdings, which caused his net worth to fall below $5.5 billion.
Between September 13 and November 1, his net worth fell by $350 million, owing primarily to swings in the market value of his numerous investments in real estate, telecommunications, mining, and construction.
Sawiris’ year-to-date wealth gains have climbed to $605 million, solidifying his status as one of the few African billionaires to have witnessed considerable growth in their fortunes since the start of this year.
Despite rising socioeconomic uncertainties around the world, the fortune of Egypt’s second-richest man and one of Africa’s wealthiest persons currently stands at $5.71 billion.
With his present fortune, Sawiris is the 431st richest person in the world, trailing America’s billionaire industrialist, Gary Rollins, chairman and CEO of Rollins Inc, a pest control company.
Sawiris’ wealth is predominantly kept in cash and closely held assets, which he accumulated principally through the sale of his interest in Russian telecom giant Vimpelcom for approximately $4.1 billion between 2011 and 2012.
The Egyptian tycoon has kept a constant stream of profitable profits from his existing enterprises. However, he remains watchful in seeking out fresh investment opportunities in unexplored regions, bolstering his position as one of Africa’s wealthiest individuals.