Egyptian billionaire Naguib Sawiris recorded the largest decline, losing $97.7 million in a single day, bringing his estimated net worth to $10.9 billion. South African luxury goods investor Johann Rupert followed closely, with his fortune falling by $95.9 million to $18.8 billion.
Nassef Sawiris, Naguib’s younger brother, recorded a $56.4 million decline, leaving him with an estimated net worth of $9.55 billion. South African investor Nicky Oppenheimer lost $50 million, bringing his fortune to $15 billion.
The four declines represent a combined $300 million reduction in their estimated wealth, based on the daily changes displayed on their Bloomberg profiles.
Global investments expose billionaire fortunes to market movements
The four businessmen have built their fortunes across different industries, with significant exposure to international companies and investment assets.
Naguib Sawiris has investments in gold mining through Luxembourg-based La Mancha Resources, which holds stakes in publicly traded mining companies including Endeavour Mining and Evolution Mining. Bloomberg also traces much of his wealth to the proceeds of his telecommunications investments.
His brother Nassef has interests in fertiliser producer OCI, construction company Orascom Construction, sportswear manufacturer Adidas and English football club Aston Villa. Bloomberg identifies his Adidas holding as one of his most valuable publicly traded assets.
Rupert‘s fortune is largely tied to Swiss luxury goods group Richemont, the owner of brands including Cartier and Jaeger-LeCoultre. He also holds investments through South African investment company Remgro and Reinet Investments.
Oppenheimer’s wealth is primarily linked to the proceeds of the family’s 2012 sale of its 40% stake in diamond producer De Beers to Anglo American for $5.2 billion. He subsequently built a portfolio of private equity investments across several regions.
Bloomberg updates its Billionaires Index daily, using the latest closing prices for publicly traded holdings and current exchange rates to estimate net worth. The four losses therefore reflect changes in estimated wealth, rather than cash withdrawals or realised investment losses.
Source: africa.businessinsider.com
