Global fortunes might be shrinking, but Egypt’s billionaire dynasties have held their places on the list.
For the third year running, Nassef Sawiris continues to be the world’s richest Arab. Though global fortunes have shrunk (including that belonging to the youngest Sawiris) and the Arab world has four fewer billionaires this year than last, Forbes’ list of the World’s Richest Arabs features six Egyptian billionaires, the same number as last year’s.
The world’s richest people, by and large, are still wealthy enough to end world hunger several times over, but even they are not immune to the troubles of the Coronavirus. Since the start of 2020, the implosion of markets around the world has seen personal fortunes tank.
In the 12 days between when Forbes first calculated the total net worth for its annual list of the World’s Richest in March 6th, to March 18th when it revisited the list, 226 people had dropped out of the rankings. Globally, 51% of billionaires on the list had gotten poorer in that time.
Of the six Egyptians who remained on the list, the dynasties are clear, with three hailing from the eponymous Mansour Group, and two from the Sawiris family, including the richest Arab in the world.