COVID-19 nullifies Arab billionaires' wealth, Nassef Sawiris tops list by $5



Mon, 13 Apr 2020 - 05:03 GMT


Mon, 13 Apr 2020 - 05:03 GMT



CAIRO – 13 April 2020: The novel coronavirus (COVID-19) pandemic spoiled the total wealth of Arab billionaires in 2020, recording to $47.3 billion, compared to $58.7 billion in 2019, according to Forbes.

The economic downturn caused by the novel coronavirus (COVID-19) pandemic declined the wealth of Arab billionaire by $11.4 billion.

Moreover, the number of Arab billionaires dipped to 21 in 2020, compared to 24 in a prior year.

The Egyptian tycoon Nassef Sawiris topped Forbes’ list of the wealthiest Arabs in 2020 with a net wealth of $5 billion, compared to $6.4 billion in 2019.

The Algerian Issad Rebrab and his family came in the second place with a net worth of $4.2 billion, followed by the Emirati mogul Abdullah bin Amed Al Ghurari and his family with $3.7 billion.

In addition, the Egyptian businessman Mohammed Mansour gained $1 billion to $3.3 billion in 2020 to be the fourth richest Arab, compared to $2.3 billion last year.

The net worth of Majid Al Futtaim and family shrank by $1.8 billion to $3.3 billion, making him the fifth wealthiest Arab in 2020.

Naguib Sawiris came in the sixth place with a net worth of $3 billion, followed by Yasseen Mansour with $2.2 billion, the Lebanese Taha Mikati and Najib Makati with $2.2 billion and $2.1 billion, respectively, and the Omani Suhail Bahwan with $2.1 billion.

The list doesn’t include Saudi Arabian billionaires for the third consecutive year, while Egyptian and Lebanese dominated the list.

Locally, Naguib Sawiris ranked third following Nassef Sawiris and Mohamed Mansour by $ 3 billlion. Yassen Mansour and Youseef Mansour came at the fourth and fifth places by $2.2 billion, and $1.9 billion, respectively. Finally, the list included also Mohamed al-Fayed by $1.4 billion.

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