Ethiopia’s richest man Mohammed Al-Amoudi gains $320 million in 15 days

Ethiopia’s wealthiest individual Mohammed Al-Amoudi has seen a substantial increase in his net worth over the past 15 days, solidifying his standing as one of the world’s richest Black individuals and cementing his position as one of Africa’s wealthiest billionaires.

According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest billionaires – Al-Amoudi’s net worth has surged by $320 million over the past 15 days, rising from $9.06 billion on March 28 to $9.38 billion at the time of drafting this report.

Preem stake boosts Al-Amoudi’s fortunes

The recent uptick in his fortune, averaging a daily increase of $21.33 million over the past 15 days, is mainly credited to the strong performance of his broad industrial investments in Sweden, Saudi Arabia, and Ethiopia.

Al-Amoudi’s wealth largely stems from his stake in Preem, Sweden’s top energy company, boasting an annual refining capacity exceeding 18 million cubic meters of crude oil. Recently, his Preem holdings surged by $400 million to reach $4.09 billion from $3.69 billion on March 28.

Ranked 265th on the Bloomberg Billionaires Index, Al-Amoudi maintains his position as Ethiopia’s richest man, with significant influence across the Middle East and Africa. His diversified holdings in mining, energy, and construction sectors contribute to his prominence.

Al-Amoudi’s billion-dollar investments

In addition to Preem, the leading billionaire businessman holds significant stakes in Midroc Gold, contributing significantly to his $9.38-billion net worth.

Other notable holdings feature a $1.04-billion stake in Svenska Petroleum Exploration, a 67-percent share in Morocco’s only oil refiner, Samir, and a $1.01-billion stake in Okote Gold.

The recent surge in his wealth solidifies Al-Amoudi’s standing in Africa’s business arena, reaffirming his status as a leading billionaire businessman.