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5 Egyptians Rank In Forbes' Top 20 African Billionaires

NileFM logo NileFM 15/01/2019 Nile FM Staff

Nassef Sawiris, Naguib Sawiris posing for the camera

© Provided by NileFM

2019 isn’t looking good for African Billionaires, as it seems that they’re shrinking with the start of the new year, dropping from 23 to 20.

According to Forbes that four African billionaires were dropped off their list of the richest people in Africa, three from South Africa, founder of generics drug firm Aspen Pharmacare, Stephen Saad, founder of retailer Pepkor and former chairman of furniture retailer Steinhoff International, Christoffel Wies, and chairman of iron ore mining company Assore Group, Desmond Sacco, and finally Egyptian powerhouse Onsi Sawiris.

Interestingly while each of them had their own issues individually, the common factor of their fall from grace was the stock price of their main asset declining significantly, putting them in that situation.

Although Forbes' African Billionaires list lost one Egyptian, it still has 5 ranking in the top 20.

1- Nassef Sawiris

Nassef Sawiris made it to the top 5 on the list, ranking at number four with a total value of $6.3 billion, largely because of his company OCI and his holdings in cement giant Lafarge Holcim and Adidas.

2- Naguib Sawiris

Naguib Sawiris reserves the seventh spot with a cool $2.9 billion, thanks to him being the chairman of Orascom Investment Holding, as well as selling Orascom Telecom in 2011 to Russian telecom firm Veon.

3- Mohamed Mansour

While the Sawiris family control most of the top, they’re followed closely by the Mansour family, with Mohamed Mansour holding the eighth spot with a net value of $2.3 billion, thanks to the exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries, as well as legacy in the automobile business.

4- Yasseen Mansour

Mohamed is joined on the list by his brother Yasseen, at number 17 with a total value of $1.5 billion, sharing a stake in the Mansour Group company and having the added value being the chairman of Palm Hills Developments.

5- Youssef Mansour

Following Mohamed and Yasseen is their third brother Youssef ranking 18 with $1.2 billion, also sharing in the same Mansour Group, while Youssef overseeing the goods division including supermarket chain Metro, and sole distribution rights for L'Oreal in Egypt.

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