Mohammed Al-Amoudi, an Ethiopian billionaire and one of Africa’s richest men, saw his net worth drop by $520 million in September.
The decrease in his net worth comes as the market value of his industrial assets, which include prestigious Swedish oil companies, continued to decline, as publicly traded companies around the world suffer from a valuation crisis caused by share sales.
Data retrieved by Billionaires.Africa revealed that Al-Amoudi’s net worth has dropped by more than $500 million since early September, from $5.62 billion at the start of the month to $5.1 billion at the time of writing.
According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 richest people, this translates to a $520-million net worth loss for the Ethiopian billionaire — an average daily loss of $17.33 million throughout the month of September.
The decline in his net worth brings his year-to-date wealth loss to $1.61 billion.
Al-Amoudi owns industrial assets in Sweden, Saudi Arabia, Ethiopia, and Morocco. Among these industrial assets are Svenska Petroleum Exploration, Preem, Sweden’s largest oil refiner, and a 67-percent stake in Samir, Morocco’s sole oil refiner.
Aside from his broad base investments in Sweden and Morocco, he also owns Ethiopia-based Midroc Gold, the country’s largest miner, as well as active investments in the hotel, oil, and agro-allied industries.
The $520-million drop in his net worth can be attributed to a sustained decline in the market value of his industrial assets, specifically his stakes in Preem, Sweden’s largest oil refiner, and Svenska Petroleum Exploration, another Swedish oil and gas exploration and production company.
The market value of his investment in Preem has fallen from more than $1.8 billion at the start of business this year to $762 million at the time of writing this report.