Ethiopia's richest man Mohammed Al-Amoudi's fortune nears $10 billion again
Key Points:
- Mohammed Al-Amoudi’s net worth surged by $606 million in 2024, nearing a $10 billion milestone last reached seven years ago.
- Al-Amoudi’s strategic investments include Svenska Petroleum and significant stakes in Preem and gold miner Midroc Gold, positioning him among Africa’s wealthiest.
- His stake in Preem, Sweden’s top energy firm, has appreciated by $600 million in 2024, contributing significantly to his wealth growth.
Ethiopian billionaire Mohammed Al-Amoudi’s wealth is on track to surpass $10 billion once more, fueled by a significant gain in the first half of 2024. This resurgence, which cements his position as Ethiopia’s richest man, brings him close to a level last achieved seven years ago.
According to the Bloomberg Billionaires Index, Al-Amoudi’s net worth has risen by $606 million year-to-date, climbing from $9.05 billion on January 1 to $9.66 billion. This brings him closer to the $10 billion milestone.
His net worth last exceeded $9.6 billion in 2017, but his wealth fluctuated significantly that year, dropping from over $10.2 billion in October to less than $8 billion by December.
Building on 2023’s success
The $606 million year-to-date gain is attributed to the strong performance of his industrial holdings spread across Ethiopia, Saudi Arabia, and Sweden. This growth solidifies his position as Ethiopia’s richest individual and places him among the world’s wealthiest Black billionaires.
Al-Amoudi’s impressive wealth surge builds on his gains in 2023. His net worth jumped nearly $3.6 billion that year, from $5.46 billion on January 1 to $9.05 billion on December 31, making him the African billionaire with the highest wealth increase in 2023.
Sweden’s top energy company, Preem fuels the rise
A key contributor to Al-Amoudi’s rising fortune is his stake in Preem, Sweden’s top energy company with an annual refining capacity exceeding 18 million cubic meters of crude oil.
His stake in Preem has appreciated by $600 million this year alone, rising from $3.74 billion in January to $4.34 billion as of this writing.
Mohammed Al-Amoudi’s portfolio includes Svenska and Okote Gold
With a current net worth of $9.66 billion, Al-Amoudi remains among Africa’s wealthiest individuals and maintains his ranking of 262nd on the global wealth list, unchanged from the year’s beginning.
Beyond Preem, Al-Amoudi’s extensive portfolio includes significant equity interests in Midroc Gold, Samir, and Okote Gold. Notably, he holds a $1.04 billion stake in Svenska Petroleum, a 67 percent share in Morocco’s sole oil refiner, Samir, and a $1.01 billion stake in Okote Gold.
Al-Amoudi’s Svenska Petroleum in talks for Vaalco Energy deal
In February, reports surfaced about Al-Amoudi’s Swedish oil and gas company, Svenska Petroleum, engaging in discussions with Houston-based Vaalco Energy regarding a potential acquisition of a 27.39 percent interest in Block CI-40, located offshore Cote d’Ivoire.
This move aligns with plans by Al-Amoudi’s holding company, Corral Petroleum Holdings AB (CPH), to sell its subsidiary, Preem Holding AB. Preem, valued at nearly $5 billion, is a major player in Scandinavia’s advanced renewable fuels market.