Ethiopia-born billionaire Mohammed Al-Amoudi’s net worth declines by $850 million in 53 days

The net worth of Ethiopia-born billionaire Mohammed Al-Amoudi has declined by $850 million in 53 days.

The Bloomberg Billionaire Index revealed that Al-Amoudi, who had an estimated net worth of $7.56 billion at the start of the year, has seen his wealth decline to $7.54 billion.

The $850-million loss came not long after his wealth surged to a record nine-month high of $8.76 billion on May 18. Since then, his net worth has declined to $7.44 billion before a recent resurgence above the $7.5-billion mark.

The billionaire, who owns Preem, Sweden’s largest oil refiner, has seen his net-worth drop from $8.39 billion on May 1 to $7.54 billion today, June 24, as of the time of the drafting of this report, 2:00 pm (UTC+1).

The decline translates to a loss of $850 million for the Ethiopian-born billionaire, who was ousted by Nigerian cement tycoon Aliko Dangote in 2013 as the wealthiest black person in the world.

Al-Amoudi’s fortune is derived mainly from closely held companies in Sweden, Saudi Arabia and Ethiopia. He owns Svenska Petroleum, Midroc Europe (a construction and property group) and Preem (his most valuable asset) through the wholly-owned Petroswede AB.

Because there are no indications of outside partners in these companies, it is assumed that Al-Amoudi closely holds all three. They are valued using the most recent financial information and results, industry-specific metrics and macroeconomic indicators.

Al-Amoudi’s net worth of $7.54 billion makes him the 367th richest man in the world behind British real-estate mogul Charles Cadogan, chairman of Cadogan Group, who is $30-million richer.