Ethiopia’s richest man Mohammed Al-Amoudi’s fortune rises $190 million in 19 days

Ethiopia’s richest man Mohammed Al-Amoudi has further solidified his position as one of the world’s wealthiest Black individuals and a prominent figure among Africa’s billionaire elite, after experiencing a significant net worth increase in recent weeks.

Mohammed Al-Amoudi’s wealth surges, gaining $190 million

According to the Bloomberg Billionaires Index, which tracks the world’s 500 richest people, Al-Amoudi’s net worth has jumped from $9.12 billion on April 26 to $9.31 billion as of this report. This translates to an average daily gain of $10 million since April 26.

This recent surge has flipped the narrative for Al-Amoudi’s fortune in 2024. Previously, he had a year-to-date wealth loss of $67.5 million on April 26. However, with this recent surge, his year-to-date gains have skyrocketed to $255 million, aligning him with other African billionaires who have witnessed substantial wealth growth this year.

Al-Amoudi’s Preem stake gains $150 million

Ranked 275th on the Bloomberg Billionaires Index, Al-Amoudi derives a significant portion of his wealth from his stake in Preem, Sweden’s largest energy company with an annual refining capacity exceeding 18 million cubic meters of crude oil.

Bloomberg’s figures reveal that the value of his stake in Preem has surged by $150 million, soaring to an impressive $4.04 billion from $3.89 billion at the time of reporting.

Preem’s impressive performance in 2024 has played a pivotal role in bolstering Al-Amoudi’s wealth. The company’s first-quarter interim report for 2024 revealed a net profit of SEK1.93 billion ($178.63 million), a notable increase from SEK1.72 billion ($158.87 million) for the corresponding period in 2023, affirming the company’s sustained financial robustness.

Al-Amoudi’s diverse investment holdings

Al-Amoudi’s vast portfolio includes significant stakes in Midroc Gold, Svenska Petroleum, Samir, and Okote Gold, which continue to contribute substantially to his net worth.

Notably, he holds a $1.04-billion stake in Svenska Petroleum Exploration, a 67 percent share in Morocco’s sole oil refiner, Samir, and a $1.01-billion stake in Okote Gold.

With this recent surge in wealth, Al-Amoudi maintains his position as Ethiopia’s richest man and remains an influential figure among Africa’s billionaire elite.