Ethiopia’s richest man Mohammed Al-Amoudi makes shocking comeback on Bloomberg’s 500 richest list

Five days after being dropped from Bloomberg’s 500 richest list, Mohammed Al-Amoudi, Ethiopia’s richest man, has staged a return. His net worth has soared by millions of dollars, cementing his position among the world’s leading billionaires.

Data tracked by Billionaires.Africa reveals that Al-Amoudi, who derives the majority of his wealth from his industrial assets in Sweden, Saudi Arabia, and Ethiopia, witnessed a significant surge in his net worth.

From June 27 to July 9, his fortune skyrocketed by $170 million, reaching a staggering $5.27 billion, which propelled him back onto Bloomberg’s richest list of the world’s 500 richest people.

The recent upswing in Al-Amoudi’s wealth follows a temporary exit from the Bloomberg Billionaires Index, an exclusive group comprising the world’s top 500 billionaires. His fortune had dipped below $5.2 billion, necessitating his removal from the list.

His recent resurgence solidifies Al-Amoudi’s standing as Ethiopia’s richest man and one of the most affluent Black billionaires globally. Presently occupying the 489th spot on the Bloomberg Billionaires Index, he trails behind Jim Davis, the chairman of New Balance, an athletic shoemaker.

Al-Amoudi’s investment portfolio encompasses various valuable industrial assets, including Preem, Sweden’s largest fuel company, which boasts an impressive refining capacity of more than 18 million cubic meters of crude oil each year. 

Additionally, he holds stakes in Midroc Gold, Ethiopia’s largest miner, which actively invests in the hotel, oil, and agro-allied industries. Among his other prized possessions are Midroc Gold, valued at $1.13 billion, and Okote Gold, valued at $993 million.

Furthermore, Al-Amoudi possesses a $772-million stake in Svenska Petroleum Exploration and a 67-percent ownership in Samir, Morocco’s sole oil refiner.

However, despite his triumphant return to the esteemed Bloomberg’s 500 richest list, Al-Amoudi has encountered a significant decline in his net worth this year.

Bloomberg’s data indicates a $1.44-billion reduction, corresponding to a substantial 21.5-percent decrease since the start of 2023.

Feyisayo Ajayi
Feyisayo Ajayi
Feyisayo Ajayi is a financial reporter for Billionaires.Africa. He covers topics ranging from company valuations to educational technology. Feyisayo holds a degree in geology from the acclaimed University of Ibadan.

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