The 4 Richest Egyptian Businessmen in Africa
Egyptian billionaire Nassef Sawiris, ranked fourth on the list of Africa's richest people, is an investor from one of Egypt's wealthiest families, the Sawiris family, with a fortune of $7.7 billion.
Nassef runs OCI, one of the world's largest nitrogen fertilizer producers, with plants in Texas and Iowa and shares traded on Euronext Amsterdam.
He also owns Orascom Construction, an engineering and construction company, whose shares are traded on the Cairo and Nasdaq Dubai stock exchanges.
His holdings also include a roughly 6% stake in German sportswear company Adidas.
Egyptian billionaire Naguib Sawiris, ranked eighth among the 10 richest people in Africa, has a fortune estimated at $3.8 billion. Naguib built his fortune in the telecommunications sector.
He also serves as chairman of Orascom TMT Investments, which owns stakes in an asset management company in Egypt and the Italian internet company Italia Online, among others. He also developed a luxury resort called Silversands on the Caribbean island of Grenada.
Egyptian billionaire Mohamed Mansour has a massive fortune of $3.3 billion, making him the ninth richest person in Africa. He oversees the Mansour family conglomerate, founded by his father Lotfy in 1952, which employs 60,000 people.
Mansour established General Motors dealerships in Egypt in 1975.
The Mansour Group also holds the exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries.
How Cairo outperformed major African cities economically
With the decline in the value of the Egyptian currency, Cairo saw a 21% decline in the number of millionaires compared to the previous year, while the decline in Egypt as a whole reached 22%.
However, it remains a prominent wealth center in Africa, according to a Forbes report, which praised Cairo's resilience amid the country's complex domestic and regional economic transformations.
Egypt's infrastructure projects, along with businessmen's investment portfolios in several other major capitals, have helped mitigate the impact of the decline in wealth resulting from the devaluation of the pound.
The five largest wealth markets in Africa—South Africa, Egypt, Nigeria, Kenya, and Morocco—account for 56% of the continent's total individual wealth and more than 90% of its billionaires.
South Africa and Egypt saw declines of 20% and 22%, respectively, while countries such as Mauritius (87%), Rwanda (84%), Morocco (35%), and Namibia (32%) saw significant growth in their number of ultra-high-net-worth individuals.
Mauritius recorded the third-highest growth rate in the world for its millionaire population during this period.
Areas where the wealthy gather in Egypt
Located on the banks of the Nile River, Cairo is one of the world's most historically significant cities.
Cairo has the largest number of billionaires—those with a net worth exceeding $100 million—than any other African city.
The wealthy are concentrated in Greater Cairo, particularly in the neighborhoods of Zamalek, Garden City, and New Giza.
Forty-six billionaires (those with a net worth exceeding $1 billion) live in Cairo.
Alexandria ranks 13th among the cities with the highest concentration of wealthy people in Africa.
Approximately 52 individuals with a net worth exceeding $100 million reside in Egypt.
A Henley & Partners report revealed that 30 of these individuals reside in Cairo alone, while the remaining 22 are distributed across the rest of the country's governorates. These figures reveal that Egypt's most populous capital holds nearly two-thirds of the country's wealth.
a summary
Despite the challenges facing the global market and the impact this has had on businessmen's profits, the Egyptian capital, Cairo, continues to rank among the richest cities in North Africa.
A significant number of investors have managed to survive amid a wave of global losses that have hit financial markets.
Many Egyptian businessmen have maintained their position on the billionaires list, reinforcing Cairo's position among the wealthiest in Africa.
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