Business An Egyptian billionaire is at the forefront of the...

An Egyptian billionaire is at the forefront of the wealthy Arabs

date of publication:15.04.2020 | 11:00 GMT |

Last updated:15.04.2020 | 11:08 GMT | money and business

An Egyptian billionaire is at the forefront of the wealthy Arabs

Reuters

Forbes

Egyptian billionaire Nassif Sawiris, one of the sons of the famous Sawiris family in Egypt, managed to top the list of the rich Arabs in 2020.

According to Forbes magazine, the Middle East, the wealthy Arabs, like other wealthy people, were affected by the blow the world economy received, as their number shrank to 21 billionaires, compared to 24 billionaires in the list last year.

She pointed out that 3 wealthy people went out of the list, and one of them died, while another billionaire returned to the list, and the wealth of the wealthy Arabs decreased by 19.4%, to decline from $ 58.7 billion in 2019 to $ 47.3 billion in 2020, to lose about $ 11.4 billion of its value, which is what My fortune exceeds the wealth of the two richest people in the Arab world.

Egyptian billionaire Nassif Sawiris topped the list of Arab billionaires again with a net worth of $ 5 billion, compared to $ 6.4 billion in 2019, a decline of 21.9%.

The Algerian Saad Saad Rabrab and the family ranked second with a fortune of $ 4.2 billion, as he is the founder and CEO of the Cevital Group, which is the largest private company in Algeria, and has one of the largest sugar refineries in the world with a production capacity of 2 million tons annually.

In the third place came the Emirati Abdullah bin Ahmed Al Ghurair and the family, with a fortune of $ 3.7 billion, where Abdullah Al Ghurair founded “Al Mashreq Bank” in 1967, which is one of the leading banks in the United Arab Emirates.

While the Egyptian Mohamed Mansour came first among the winners for this year after he added one billion dollars to his wealth, to rise to 3.3 billion dollars compared to 2.3 billion dollars a year ago, an increase of 43.3% to become the fourth richest Arab billionaire.

Emirati Majid Al Futtaim and the family’s wealth contracted by $ 1.8 billion, meaning that it lost 35% of its value, after its retail giant recorded losses in 2019.

The Emirati Hussain Sajwani also recorded the biggest loss among the wealthy Arabs for this year, as his wealth declined by 41%, due to the weakness of the real estate market.

Forbes did not include the wealthy Saudis for the third year in a row, which gave Egyptians and Lebanese the highest representation in the 2020 list.

Source: Forbes

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