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Nearly a week after the Bloomberg Billionaires Index reported that billionaire investor Naguib Sawiris had overtaken his younger brother, Nassef, to become Egypt’s richest man, his fortune has climbed even higher. His wealth is now estimated at $9.25 billion, lifted by the continued rise in his private investments.
Bloomberg data shows that Naguib’s net worth has grown by more than $120 million since August 22, moving from $9.13 billion to $9.25 billion at the time of writing. That gain extends his total increase this year to $2.36 billion and leaves him nearly $200 million ahead of Nassef, whose fortune stands at $9.07 billion.
From telecom sales to billion-dollar portfolio
At 71, Naguib is the eldest of the three sons of the late Onsi Sawiris, who built the Orascom Group into one of Egypt’s most powerful business empires. Naguib has long been a familiar figure in international business.
In 2010, he sold telecom assets—including Italy’s Wind Telecomunicazioni and a controlling stake in Egypt’s Orascom Telecom Holding—for $1.5 billion in cash and a 20 percent share of Vimpelcom. That deal alone brought him $300 million, and by 2012, further sales had added more than $4 billion. Those moves provided the foundation for the portfolio he manages today.
Stakes in miners surge in value
Much of his recent wealth growth comes from gold. Through his investment firm La Mancha Resources, and stakes in Endeavour Mining and Evolution Mining, Naguib has ridden a surge in gold prices. The metal has gained nearly 30 percent since the start of 2025 as investors turn to safer assets amid global tensions.
The impact on his holdings has been significant. His stake in London-listed Endeavour Mining has grown from $500 million to $1.17 billion, while his position in Australia’s Evolution Mining has more than doubled from $150 million to $329 million. In Egypt, his interests in Orascom Construction and Orascom Investment Holding have also gained value, rising from $34.4 million to $51.5 million and from $20.6 million to $47.1 million, respectively.
Betting on Africa’s EV future’ Sawiris rankings differ
In July, Naguib expanded into North Africa’s renewable energy market with a $100 million investment in BluEV, a Moroccan company developing electric two- and three-wheelers to replace petrol-powered motorbikes. The venture, a subsidiary of Orascom Investment Holding, is part of a broader push to make urban transport cleaner and more affordable.
The question of who holds the title of Egypt’s richest man isn’t settled. Bloomberg currently places Naguib at the top, but Forbes offers a different view. In its most recent estimate, Forbes values Nassef’s fortune at $8.8 billion, compared with $5 billion for Naguib. The contrast highlights how wealth rankings can shift depending on how assets are measured and the timing of market valuations.
