Home » Ethiopia’s richest man Mohammed Al-Amoudi gained $3.59 billion in 2023

Ethiopia’s richest man Mohammed Al-Amoudi gained $3.59 billion in 2023

by Feyisayo Ajayi
Mohammed Al-Amoudi

Ethiopia’s wealthiest man Mohammed Al-Amoudi experienced a notable resurgence in 2023, witnessing a staggering increase of nearly $3.6 billion in his fortune.

The Bloomberg Billionaires Index, which tracks the fortune of the world’s wealthiest individuals, recorded Al-Amoudi’s wealth surge from $5.46 billion on Jan. 1 to $9.05 billion on Dec. 31 — solidifying his status as Africa’s billionaire with the highest wealth gains in the past year.

Al-Amoudi rockets up wealth charts with $3.59-billion surge

The $3.59-billion surge in Al-Amoudi’s fortune represents an extraordinary daily average gain of $10 million throughout the year, underscoring his remarkable financial success during the year. 

The bump in his fortune in 2023 has propelled him to the 262nd spot on the prestigious list of the world’s 500 wealthiest billionaires, tracked by the Bloomberg Billionaires Index. As Africa’s fourth-richest person, Al-Amoudi’s notable position as Ethiopia’s richest man is further emphasized by the latest bump in his fortune.

At the heart of Al-Amoudi’s financial upswing is the outstanding performance of his stake in Preem, Sweden’s largest energy company. With an annual refining capacity exceeding 18 million cubic meters of crude oil, Preem has proven to be a key contributor to Al-Amoudi’s success. 

Al-Amoudi’s $3.74-billion triumph with Preem, diverse portfolio soars in 2023

As a top investor in Sweden and the owner of Preem, Al-Amoudi strategically positions himself to capitalize on his success. Bloomberg’s figures reveal that the value of his stake in Preem skyrocketed by more than 400 percent, reaching an astounding $3.74 billion on Dec. 30.

Al-Amoudi’s diverse investment portfolio also includes significant shares in Midroc Gold, Svenska Petroleum Exploration, Samir, and Okote Gold. As Al-Amoudi continues to navigate the global investment landscape, his remarkable financial rebound in 2023 stands as a testament to his resilience and strategic investment prowess.

Notably, his $1.04-billion stake in Svenska, a 67-percent stake in Morocco’s oil refiner, Samir, and a $1.01-billion stake in Okote Gold further contribute to his expansive wealth portfolio.

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