Gold Slip Reportedly Pulls North Africa's Richest Man Below $10 Billion Fortune
Gold Slip Reportedly Pulls North Africa's Richest Man Below $10 Billion Fortune
Egyptian billionaire Naguib Sawiris's fortune saw a decline of over $170 million in recent weeks, according to the Bloomberg Billionaires Index. His net worth now stands at $9.83 billion.
⤵The downturn is largely attributed to a retreat in gold prices, which recently fell below $4,000 per ounce. As a prominent gold investor, Sawiris's wealth is heavily tied to the precious metal through his firm, La Mancha.
The company holds significant stakes in major gold producers like Endeavour Mining and Evolution Mining.
Beyond mining, Sawiris maintains diverse investments, including a growing presence in high-end real estate. His company recently launched Bayn, a massive $10 billion beachfront development in the UAE.
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