By: Billionaires Africa

Egyptian billionaire Naguib Sawiris has seen his net worth dip below $10 billion after a decline of more than $170 million in less than a month, according to data compiled by the Bloomberg Billionaires Index.

Naguib Sawiris feels gold’s price dip

Bloomberg’s daily index, which tracks the wealth of the world’s 500 richest people based on market performance and company filings, shows that Sawiris’ net worth fell from $10 billion on Oct. 7 to $9.83 billion. This comes after a steady run that earlier this year made him Egypt’s first billionaire to reach the $10 billion mark on the index.

The drop in his wealth is largely tied to a pullback in gold prices and the valuation of his mining investments. Gold on Tuesday slipped below $4,000 per ounce, down from a record high of over $4,350 per ounce earlier this year. The decline came as investors scaled back expectations for additional U.S. interest rate cuts, a factor that often influences the price of precious metals.

Wealth moves from telecom to mining

Naguib Sawiris, the eldest son of the late Egyptian tycoon Onsi Sawiris—founder of the Orascom Group, one of Egypt’s most successful family-run conglomerates—built much of his wealth through telecommunications and mining.

His breakthrough came in 2010, when he sold major telecom assets, including Italy’s Wind Telecomunicazioni and a controlling stake in Orascom Telecom Holding, for $1.5 billion in cash and a 20 percent stake in Vimpelcom. The deal earned him $300 million. By 2012, follow-up transactions added another $4 billion to his fortune.

In recent years, Sawiris has focused heavily on gold mining through his investment firm, La Mancha Resources. The company holds significant stakes in Endeavour Mining, a major Africa-focused gold producer, and Evolution Mining, based in Australia. However, as gold prices have eased, the value of those holdings has also slipped.

Sawiris’ portfolio sees modest decline

His private mining assets are now estimated at $7.95 billion, down from $8 billion earlier in October. His stake in Endeavour Mining dropped from $1.4 billion to $1.34 billion, while his shares in Evolution Mining declined from $450 million to $411 million, according to Bloomberg.

Despite the short-term decline, Sawiris remains one of Africa’s wealthiest investors and among the continent’s most influential business figures. His portfolio spans mining, hospitality, and media, thus reflecting his decades-long presence in global markets.