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Weeks after overtaking his younger brother Nassef Sawiris as Egypt’s richest man, billionaire investor and philanthropist Naguib Sawiris has reached a new milestone.
His fortune has climbed to $10 billion, according to the Bloomberg Billionaires Index, making him the first Egyptian to hit that mark. The jump comes as gold prices reached a record high on Tuesday, lifting the value of his mining holdings.
Bloomberg’s latest data ranks Sawiris as the 346th richest person in the world, placing him ahead of his brother Nassef Sawiris, whose net worth stands at $9.74 billion. The new ranking underscores how the 71-year-old businessman has benefited from a sharp rise in gold, where much of his wealth is tied.
How Naguib Sawiris built his empire
Sawiris is the eldest son of the late Onsi Sawiris, who founded the Orascom Group, one of Egypt’s most successful conglomerates. Over the years, Naguib built on that foundation with a series of deals that expanded his fortune beyond Egypt.
In 2010, he sold major telecom assets—including Italy’s Wind Telecomunicazioni and a controlling stake in Orascom Telecom Holding—for $1.5 billion in cash and a 20 percent share of Vimpelcom. The transaction earned him about $300 million, and by 2012, follow-up deals added another $4 billion, forming the base of his current investment portfolio.
Sawiris gains $3.12 billion from gold boom
So far this year, his fortune has risen by $3.12 billion, up from $6.88 billion on Jan. 1 to $10 billion as of this week. Most of that increase comes from his gold investments, held through his private firm, La Mancha Resources. Through his stakes in Endeavour Mining and Evolution Mining, Sawiris has benefited directly from gold’s historic rally.
Gold prices have soared more than 50 percent this year, driven by steady central bank purchases, strong demand for gold-backed exchange-traded funds, a weaker dollar and investors looking for safe havens amid rising geopolitical tensions.
Sawiris’ mining, Egyptian assets see boost
The effect on Sawiris’ holdings has been striking. His private investments are now worth close to $8 billion, while his stake in Endeavour Mining jumped from $500 million to $1.45 billion. His position in Evolution Mining more than doubled, from $150 million to $443 million.
In Egypt, Sawiris’s listed holdings have also gained ground. His shares in Orascom Construction rose from $34.4 million to $60.3 million and his stake in Orascom Investment Holding grew from $20.6 million to $43.6 million, reflecting investor confidence in Egyptian equities.
Wealth trackers split on Sawiris rankings
While Bloomberg now ranks Naguib ahead of Nassef, Forbes still places Nassef on top, valuing his fortune at $8.9 billion compared with Naguib’s $5 billion. The gap underscores how wealth estimates can differ based on asset valuations and market conditions.
