Villa co-owner’s wealth revealed

GRAHAM HILL takes look at how much Villa chief Nassef Sawiris is really worth – and why he pays attention to gold and Donald Trump

VILLA co-owner Nassef Sawiris has been ranked at 230 on Bloomberg’s Billionaires Index.

And is brother Naguib is not far behind at 334.

They are two of only six Africans on the list.

Nassef, aged 58, is currently worth an eye-watering $6.76 billion (£5.1billion) while Naguib, 63, is valued at $5billion.

The Index is calculated by ranking s the world’s richest people based on their personal wealth based on changes in the markets and the economy.

The net worth of each individual is calculated at the end of each business day, and all valuations are converted to US dollars as per the exchange rate on the day.

“Closely held companies are valued in several ways, such as by comparing the enterprise value-to-Ebitda or price-to-earnings ratios of similar public companies or by using comparable transactions,” according to Bloomberg.

“The criteria used to choose peer companies is based on the closely held asset’s industry and size.”

The Egypt Today website reported that the older Sawiris saw a decline in his fortune by 0.89 percent year-on-year, while the Ness’s north Sawiris almost doubled.

Naguib Sawiris, according to Forbes Magazine, has about US 2.7 billion in March 2018. However, he saw an 85 percent increase in his fortune after he converted all of his current assets to gold.

In a July 2018 interview with Bloomberg, the Villa part-owner, who made most of his money by investing in the telecom sector in Egypt, Iraq, Pakistan, Bangladesh and North Korea, revealed that he has put half of his $5.7 billion net worth into gold.

Explaining is decision, Sawiris explained that gold is always a good investment during crises times as it secures the value of money.

Gold is also a particularly good investment right now as it is expected to increase in value from just above $1,300 per ounce to $1,800, according to the Egyptian businessman.

“People also tend to go to gold during crises and we are full of crises right now. Look at the Middle East and the rest of the world – and Mr. Trump doesn’t help,” Sawiris said.

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