Ethiopian billionaire Mohammed Al-Amoudi’s net worth soars by $161 million

Following a lackluster 2022, the global equity market has seen an uptick, and this trend has positively impacted the net worth of Ethiopia’s wealthiest man Mohammed Al Amoudi, who has managed to recover some losses incurred during the previous year.

The Ethiopian billionaire, who is currently the 447th richest person in the world, according to the Bloomberg Billionaires Index, has seen his net worth rise by $161 million since the start of the year, from $5.46 billion on Jan. 1 to $5.62 billion at the time of writing.

According to data tracked by Billionaires.Africa, the recent increase in his net worth further cements his position as the richest man in Ethiopia and one of the richest billionaires in Africa.

However, the recent bump in his wealth comes after his net worth slumped by $1.25 billion in 2022, from $6.71 billion to $5.46 billion.

The $161 million bump in his wealth figures can be attributed to the strong performance of his industrial assets in Ethiopia, Saudi Arabia, and Sweden, which continues to track the performance of publicly traded companies in the global equity market.

At the time of writing, Al-Amoudi’s most valuable industrial assets — Preem, Midroc Gold, and Okote Gold — are worth $1.14 billion, $1.13 billion, and $993 million, respectively. His stakes in Svenska and Midroc Properties are now worth $772 million and $229 million, respectively.

The market value of his holding in Preem, Sweden’s largest oil refiner, has soared in the past 53 days from $1.08 billion on January 1 to $1.14 billion at the time of writing.

The oil company has been a vocal supporter of Sweden’s recent fight against carbon emissions, pledging millions of dollars to achieve a balance between the amount of greenhouse gas produced and the amount removed from the environment.