Ethiopia’s wealthiest man Mohammed Al-Amoudi gains $230 million in July; net worth nears $6 billion

Mohammed Al-Amoudi, one of Africa’s wealthiest billionaires, recorded a significant boost in his net worth in July. The gains followed a period of heavy losses for Al-Amoudi, who lost more than $1 billion in the first six months of 2022 as European stocks suffered across the board.

According to the Bloomberg Billionaires Index, Al-Amoudi, who is Ethiopia’s richest man thanks to the market value of his industrial assets, saw his net worth surge by $230 million in July, bringing his wealth closer to $6 billion.

The $230-million increase in his net worth during the month follows the $1-billion wealth loss that he suffered in the first half of 2022, when his net worth fell from $6.71 billion at the start of the year to $5.73 billion on June 30.

According to data obtained by Billionaires.Africa, Al-Amoudi’s net worth rose in July from $5.69 billion at the start of the month to $5.92 billion at its end, as the market value of his industrial assets soared, including prestigious Swedish oil companies and companies in Saudi Arabia and Ethiopia.

During the month, the market value of his prime oil asset, Preem, one of Sweden’s largest oil refiners, increased by $130 million, from $1.26 billion to $1.39 billion.

His stake in Swedish oil and gas exploration and production firm Svenska Petroleum Exploration also surged from $700 million to $772 million.

Despite the increase in his net worth, Al-Amoudi remains one of the few African billionaires whose net worth has fallen by more than $500 million this year alongside South African billionaire Johann Rupert and Zimbabwean tech tycoon Strive Masiyiwa.

Al-Amoudi’s net worth has dropped by $795 million since the start of the year, from $6.71 billion to $5.92 billion.