This post should have been published but here I am rushing to get it online before the end of 2024.
I could not publish then because of the ongoing genocide in Gaza but I think I was wrong. I should have published it on time and not let depression due to the news cycle get me.
Now to the annual disclaimers: Forbes Middle East has not included Saudi billionaires on its list since 2018. The list is based on published information and assets.
As Arabs, we are aware that there is another unofficial list of the Richest Arabs whose fortunes remain secret and unknown.
This secret list includes Arab rulers except for Lebanese PM Mikati and ex-Lebanese PM Saad El-Hariri who already come from filthy rich families with multi-billion business empires.
For the third year in a row, Lebanon and Egypt have the highest number of billionaires in the region, with six and five.
It's worth noting that the same individuals from last year are present, though their rankings have shifted. However, one has left the list due to his passing: Mohamed El-Fayed.
Published in May, here is Forbes 2024 World's Richest Arabs and Africans aka billionaires subsequently the Richest Egyptians.
According to Forbes, Nassef Sawiris of Egypt is still maintaining his position as the richest Egyptian in the world, with a net worth of US $8.8 billion. He also ranks as the fourth richest African. This year, his global rank on the Forbes World's Billionaires list is 287th, a notable rise from his 2023 position of 305th.
His wealth has risen by $1.4 billion compared to 2023.
Nevertheless, Nassef Sawiris has been dethroned as the richest Arab in the world by none other than Pavel Durov. Originally from Russia, Durov, the only tech CEO on the list, obtained Emirati citizenship, ironically earning him the leading spot in the Arab billionaires club.
Durov is not the only non-Arab to make it to the list. A group of Indian tycoons residing in the UAE also joined, including Renuka Jagtiani, the first businesswoman to make the list. These foreign entries have pushed Arab billionaires down the rankings.
Forbes says that Nassef Sawiris’ most valuable asset is a nearly 6% stake in the sportswear Adidas.
He also oversees OCI, one of the world's largest nitrogen fertilizer producers, with facilities in Texas and Iowa.
The second richest Egyptian in the world in 2024 is Naguib Sawiris replacing Mohamed Mansour who replaced him in last year’s Forbes. They shifting places as it seems.
Naguib Sawiris, our favourite billionaire of the Egyptian Twittersphere, ranks as the second-richest Egyptian, rising from third place last year, and the eighth-richest Arab, dropping from fifth place last year, according to Forbes.
In 2024, he ranks as the seventh-richest African, up from ninth place last year. Globally, Naguib Sawiris also rose in ranks from 878th to 835th richest billionaire.
That was due to the fact that his net worth went up from US$ 3.3 billion to US$ 3.8 billion.
In third place comes Mohamed Mansour, the senior treasurer of the UK's Conservative Party as the richest Egyptian billionaire alive. Mansour is the tenth-richest Arab dropping from fourth place last year.
He rose from being the tenth-richest African last year to the eighth-richest African on the Forbes list.
However, his global ranking dropped from 787th to 991st as his net worth also decreased from $3.6 billion to $3.3 billion.
According to Forbes, the fourth richest Egyptian billionaire is Youssef Mansour, the eldest brother of Mohamed Mansour. In 2024, he dropped from the 14th to the 27th richest Arab and from the 13th to 16th place in the 2024 African billionaire list.
In the global billionaires ranking, Youssef Mansour dropped from 1,905th to 2,287th place as his net worth decreased from $1.5 billion to $1.3 billion in 2024.
Yasseen Mansour, the youngest brother of Youssef and Mohamed Mansour, is the fifth richest Egyptian worldwide according to Forbes in 2024.
He dropped from 18th place in 2023 to 28th place on the richest Arab list in 2024. In Africa, he became the 17th richest person in 2024, down from 16th in 2023.
Globally, Yasseen Mansour ranks 2,410th on the list of World Billionaires in 2024, with his net worth decreasing from $1.3 billion to $1.2 billion.
There have been no changes in the faces of the richest Egyptians, only in their net worth and their ranking.
Family dominance continues to prevail in the list, with two Sawiris brothers and three Mansour brothers.
The combined net worth of the five Egyptian billionaires amounts to $18.4 billion in 2024 dropping down from US$19.1 in 2023, out of a population of 105 million Egyptians.
Now to Lebanon.
Similarly, to last year, Lebanon has two Mikatis billionaires on the list, including current Prime Minister Najib Mikati and his brother Taha Mikati, who dropped from seventh place in 2023 to fourteenth place in 2024.
Bahaa El-Hariri dropped from his 11th place in 2023 to the 18th place in 2024, and renowned jeweler Robert Mouawad also went down from the 14th place in 2023 to the 24th place in 2024.
The younger El-Hariri brothers also featured on the list: Ayman El-Hariri dropped from 17th place in 2023 to 25th place in 2024, while Fahd El-Hariri dropped from 20th place in 2023 to 28th place in 2024.
Cairo Ranks Third in Africa for Number of Millionaires
Cairo now occupies the third position in Africa in terms of its millionaire population according to the Henley and Partners’ World Wealthiest Cities Report 2024
The famous global firm specializing in residence and citizenship by investment noted that Egypt is home to over 15,700 millionaires.
Nearly half of this number—approximately 7,200 individuals with net assets exceeding $1 million—reside in the capital, Cairo.
Additionally, the country hosts 52 centimillionaires (individuals with fortunes exceeding $100 million), with 30 of them based in Cairo. It is the highest in Africa actually.
However, the report highlighted a significant decline in the number of millionaires in Egypt due to the devaluation of the Egyptian pound.
In Cairo alone, the number of millionaires dropped by approximately 21% year-on-year, while the overall decline across the country was 22% that’s why it moved down from second to third place in the annual ranking.
Interestingly, the firm says that the affluent parts of Cairo are Zamalek, Garden City, and New Giza. New Giza is actually in Giza and honestly, the millionaires and centimillionaries no longer live in Zamalek or Garden City, this is more of historical information.
We now gated communities in the suburbs of Cairo and Giza where those centimillionaires live.
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