Following a more than $500-million drop in his wealth figures in the first nine months of 2022, Ethiopia’s richest man Mohammed Al-Amoudi has seen his net worth significantly increase recently thanks to the performance of his diverse assets.
The billionaire, who spends the majority of his time in Saudi Arabia and Sweden, where he keeps most of his wealth, has seen his net worth rise by $420 million in the past 11 weeks, from $5.02 billion on Sept. 6 to $5.44 billion at the time of writing.
The surge in his net worth can be linked to the performance of his industrial assets in Sweden, Saudi Arabia, and Ethiopia, as shares in publicly traded companies rallied sharply after falling to their lowest price levels in September, closely tracking the performance of their industry peers.
The market value of his holding in Preem, Sweden’s largest oil refiner, has soared in the past 51 days, from $762 million on Sept. 26 to $1 billion at the time of writing this article, owing to a resurgence in its operations despite disruptions in its operating environment.
Al-Amoudi, one of Africa’s richest billionaires, derives the majority of his fortune from Preem and Svenska Petroleum Exploration, another Swedish oil and gas exploration and production company.
Aside from his broad base investments in Sweden and Morocco, Al-Amoudi also owns Ethiopia-based Midroc Gold, the country’s largest miner, as well as active investments in the hotel, oil, and agro-allied industries.
Despite his recent net worth increase, 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 $1.28 billion this year.
Al-Amoudi is now ranked 443rd on the Bloomberg Billionaires Index, down from 367th in June when his net worth was estimated to be around $6 billion.
