Risk of collapse: billionaire puts half of his fortune in gold

naguib-sawirisThe Egyptian billionaire Naguib Sawiris owns $ 5.7 billion in assets. Half of them now invested in gold – to protect themselves from the supposedly imminent crash.

Naguib Sawiris is the second richest man in Egypt and chairman of the Orascom Telecom Media and Technology Holding . Sawiris has not only made his fortune in the Egyptian telecommunications industry, but also in relatively unpopular markets such as Iraq, Pakistan, Bangladesh and even North Korea.

In the financial sector, too, Sawiris has gained a foothold by buying the Egyptian investment bank Belton Financial Holding – with no less a goal than founding the largest investment bank in Egypt through another acquisition. In addition, Sawiris is a major investor in the mining industry and holds interests in Evolution Mining , the Endeavor Mining Corporationand at La Mancha Ressources.

Continue reading “Risk of collapse: billionaire puts half of his fortune in gold”