Nassef Sawiris, Egypt’s richest individual and one of Africa’s wealthiest billionaires, has encountered a significant downturn in his wealth recently, diminishing his gains for the year.
As per the Bloomberg Billionaires Index, which monitors the fortunes of the top 500 richest people globally, Nassef Sawiris, holding the top spot in North Africa, witnessed a $180 million drop in his net worth over the last three days.
Due to this recent wealth decline, the net worth of the prominent Egyptian billionaire, serving on the boards of OCI N.V., a global nitrogen product manufacturer, and the German sportswear giant Adidas, has now decreased to $7.67 billion from $7.85 billion on Nov. 29.
Nassef Sawiris has slipped to the 308th position globally due to a $180 million wealth slump.
The recent dip in his fortune has resulted in a year-to-date decrease in wealth gains to $655 million, down from $820 million on Nov. 29. Throughout the year, his wealth has grown from $7.03 billion on January 1 to $7.67 billion as of the current report.
As a consequence of this $180 million decline, Sawiris, the wealthiest man in Egypt and the Arab world, is presently ranked as the 308th wealthiest individual globally according to the Bloomberg Billionaires Index.
While there has been a minor decrease of $12 million in his Orascom stake, the recent downturn in his fortune is associated with the performance of his 38.8 percent stake in Netherlands-based OCI N.V.
Market fluctuations have impacted Nassef Sawiris’ fortune, with his OCI N.V. stake experiencing a $125 million slump.
Shares in the Dutch company have recently dropped from €20.98 ($22.836) per share on Nov. 29 to €19.58 ($21.313) per share at the time of this report, reflecting a total loss of 6.67 percent.
According to data from Billionaires.Africa, the market value of Sawiris’ stake in OCI N.V. has fallen by €115.46 million ($125 million) from €1.73 billion ($1.88 billion) on Nov. 29 to €1.61 billion ($1.76 billion) on Dec. 2, as investors on the Euronext Exchange reduce their stakes in the Dutch-listed company.
Despite this recent decline in his investments in OCI N.V. and Orascom, Sawiris retains his status as not only Egypt’s wealthiest individual but also the most affluent individual in the Arab world.
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