Ethiopia’s wealthiest individual Mohammed Al-Amoudi has experienced a significant downturn in his fortune, losing millions of dollars due to a decline in the market value of his industrial assets in Sweden, Saudi Arabia, and Ethiopia.
According to the Bloomberg Billionaires Index, Al-Amoudi, known as one of the world’s richest Black billionaires, witnessed a $300-million slump in his net worth over the past four days.
Data compiled by Billionaires.Africa indicates that Al-Amoudi’s wealth has declined from $5.35 billion on May 22 to $5.05 billion at the time of reporting, marking a $300-million decrease.
The slump brings his year-to-date wealth decline to $410 million, aligning him with other African billionaires who have experienced substantial financial setbacks this year.
Al-Amoudi holds the 500th spot on the Bloomberg Billionaires Index, with a net worth of $5.05 billion.
The $410-million decline in his net worth can be primarily attributed to the decrease in the market value of his industrial assets in Ethiopia, Saudi Arabia, and Sweden, which closely mirrors the valuation of publicly traded companies in the global equity market.
Particularly, Al-Amoudi’s stake in Preem, Sweden’s largest oil refiner, has suffered a significant drop in value, decreasing by approximately $500 million since the start of the year.
Starting at $1.08 billion on Jan. 1, the market value of his stake in Preem has now dwindled to $582 million.
Al-Amoudi’s other valuable industrial assets include Midroc Gold, valued at $1.13 billion, and Okote Gold, valued at $993 million.
Despite the recent slump in his fortune, Al-Amoudi remains a prominent figure in the Middle East and Africa, with his diversified portfolio spanning various sectors, including mining, energy, and construction.
