Ethiopia’s richest man Mohammed Al-Amoudi has seen his net worth fall by more than $370 million since the start of the year as the value of his industrial assets, which include top Swedish oil businesses, decline in value.
According to data from the Bloomberg Billionaires Index, Al-Amoudi has lost 5.5 percent of his fortune, or $370 million, since 2022 began. At the start of business and trade in January, his net worth was $6.34 billion.
The leading businessman, who controls valuable assets in Sweden, Saudi Arabia and Ethiopia, ranks as the richest man in Ethiopia thanks to a collection of industrial assets, including Svenska Petroleum Exploration and Preem, Sweden’s biggest oil refiner.
Since the start of the year, his net worth has dropped from $6.71 billion to $6.34 billion as of the time of writing this article, resulting in a total net-worth loss of $370 million for the billionaire.
His most valuable industrial assets, which include Preem, Midroc Gold and Okote Gold, are worth $1.62 billion, $1.13 billion and $993 million, respectively.
Since 2022 began, the market value of his shareholding in Preem has fallen from $1.7 billion to $1.62 billion as a result of the revaluation of the oil assets.
Apart from his investments in Sweden through Svenska Petroleum and Preem, Al-Amoudi owns Ethiopia’s largest miner, Midroc Gold, as well as hotels and rice fields.
He also holds a controlling position in National Oil Ethiopia, Tossa Steel Plant and Ethiopian cement manufacturing facilities.
According to Bloomberg, his stake in Svenska Petroleum is worth $772 million.
Despite the recent multimillion-dollar drop in his net worth, Al-Amoudi remains the 409th richest man in the world and one of Africa’s wealthiest individuals.