Ethiopian billionaire Mohammed Al-Amoudi is now ranked 406th on the Bloomberg Billionaires Index after his net worth fell below $5.9 billion due to a sustained decline in the valuation of his collection of industrial assets, particularly those with active operations in Sweden.
The Ethiopian-born billionaire, who was dethroned as the world’s wealthiest Black person in 2013 by Nigerian cement tycoon Aliko Dangote, has seen his net worth plummet by a whopping $1.69 billion since June 2021 as the value of his industrial assets in Sweden, Saudi Arabia and Ethiopia declines.
As a result, his ranking on the Bloomberg Billionaires Index has dropped from 367th to 406th between June 24, 2021, and the time of writing this report.
According to data retrieved by Billionaires.Africa Al-Amoudi’s fortune has dropped 12.8 percent, or $859 million, since 2022 began, from $6.71 billion to $5.85 billion at the time of writing.
The revaluation of his industrial assets, particularly his stake in Ethiopia-based Midroc Gold and Okote Gold, as well as his stake in Svenska Petroleum Exploration, a Swedish-based oil and gas exploration, and production company, is responsible for the billion-dollar loss in his net worth.
The decline in his fortune can also be attributed to Preem, Sweden’s largest oil refiner, which reported a 31-percent drop in revenue in 2020 from SEK84.69 billion ($9.36 billion) in 2019 to SEK58.19 billion ($6.57 billion), while gross profit fell from SEK2.83 billion ($319.6 million) to SEK575 million ($64.9 million).
Al-Amoudi’s most valuable industrial assets, which include Preem, Midroc Gold and Okote Gold are presently worth $1.3 billion, $1.13 billion and $993 million, respectively.
As a result of the revaluation of the company’s oil assets, the market value of his shareholding in Preem has fallen from $1.7 billion to $1.3 billion since 2022 began.