Naguib Sawiris’ Wealth Hits New Record at $12.2 Billion

Sudanhorizon – Agencies

The wealth of Egyptian businessman Naguib Sawiris has reached a new record of $12.2 billion, a level no Egyptian billionaire had previously reached. His fortune increased by $1.4 billion in a single month.

According to Al Arabiya Business, the latest increase in Sawiris’ wealth has widened the gap between him and his brother, Nassef Sawiris, to 100 places on the Bloomberg Billionaires Index, which the publication reviewed.

According to the index, the bulk of Sawiris’ wealth comes from his investments in gold through La Mancha Holdings, which he transformed into an investment platform focused on the mining sector. According to the company’s website, its strategy involves identifying undervalued companies, developing and growing them over a period of up to five years, and then exiting the investments.

With the recent rise in gold prices, Sawiris has emerged as one of the biggest global beneficiaries of the surge. He has previously stated that he is the world’s largest individual investor in the gold sector.

Although gold itself has not surpassed its previous record levels, the Egyptian billionaire’s fortune has crossed a threshold that no other Egyptian had previously reached.

Among the world’s wealthiest individuals, Sawiris currently ranks 294th globally, while his brother Nassef ranks 394th, with a fortune of $9.8 billion.

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