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As the market value of his oil companies and industrial assets continues to fall, Ethiopia’s richest man Mohammed Al Amoudi has seen his net worth plummet by a whopping $1.45 billion since the year began.
Al-Amoudi, who derives the majority of his fortune from his industrial assets in Sweden, Saudi Arabia, and Ethiopia, has seen his net worth fall below $5.5 billion for the first time since Bloomberg began tracking his wealth in 2012.
According to data obtained by Billionaires.Africa, Al-Amoudi’s net worth has fallen by $1.45 billion, or 21.6 percent, since the start of the year, from $6.71 billion on Jan. 1 to $5.26 billion at the time of writing.
The sustained decline in the market value of his stake in Preem, Sweden’s largest oil refiner, can be linked to his net worth’s double-digit year-to-date decline, as his shareholding in the oil company fell from more than $1.8 billion at the start of business this year to $846 million.
Despite the recent drop in his net worth, Al-Amoudi remains Ethiopia’s richest man and one of Africa’s wealthiest businessmen. According to the Bloomberg Billionaires Index, he is presently the 452nd richest man in the world.
In addition to his stake in Preem, the Ethiopian businessman owns shares in Midroc Gold, Ethiopia’s largest miner, which has active investments in the hotel, oil, and agro-allied industries.
His diverse investment portfolio includes a $772-million stake in Svenska Petroleum Exploration, a 67-percent stake in Samir, Morocco’s sole oil refiner, and a $993-million stake in Okote Gold.
