Ethiopia’s richest man Mohammed Al-Amoudi has recently experienced a substantial increase in his net worth, surpassing the $8-billion mark. This further solidifies his standing as one of the world’s wealthiest individuals.
According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest billionaires, Al-Amoudi’s net worth has soared by $2.83 billion over the past 21 days, from $5.03 billion on Oct. 21 to $8.18 billion — a testament to the robust performance of his diverse industrial assets across Sweden, Saudi Arabia, and Ethiopia.
This surge represents an average daily gain of $134.76 million since Oct. 21, signaling a remarkable financial ascent for the Ethiopian billionaire who ranks as one of Africa’s wealthiest individuals.
Stake in Sweden’s largest energy company boosts Al-Amoudi’s net worth to $8.18 billion
The driving force behind the recent increase in Al-Amoudi’s wealth is the outstanding performance of his stake in Preem, Sweden’s largest energy company, which boasts an annual refining capacity exceeding 18 million cubic meters of crude oil.
As a prominent investor in Sweden and the beneficial owner of Preem, Al-Amoudi is strategically poised to capitalize on his success as he looks to divest his interest in Preem. Bloomberg’s figures reveal that the value of his stake in Preem has skyrocketed by $2.59 billion, reaching an astounding $3.32 billion from $726 million on Oct. 21.
Ethiopian business mogul Mohammed Al-Amoudi claims the 268th spot among world’s richest billionaire
In addition to his holdings in Preem, Al-Amoudi maintains significant shares in Midroc Gold, Svenska Petroleum Exploration, Samir, and Okote Gold. Notably, his $1.04 billion stake in Svenska Petroleum Exploration, a 67-percent stake in Morocco’s sole oil refiner, Samir, and a $1.01-billion stake in Okote Gold further contribute to his expansive wealth portfolio.
While Midroc Gold experienced a slight dip in value by $405 million, falling from $1.13 billion on Oct. 21 to $725 million at the time of drafting this report, the overall surge has propelled Al-Amoudi from the 460th to the 268th spot on the esteemed list of the world’s 500 wealthiest billionaires tracked by the Bloomberg Billionaires Index.
