Mohammed Al-Amoudi, an African billionaire, has seen his wealth fall by $1.94 billion in the past year as the valuations of his collective industrial assets, which include top Swedish oil companies, have declined significantly.
The $1.94-billion drop in his net worth is his largest wealth loss since 2020 when he lost over $3.6 billion in four months due to the impact of the COVID-19 pandemic on the valuation of his industrial assets.
According to data retrieved from the Bloomberg Billionaires Index, Al-Amoudi’s net worth has decreased by $1.94 billion since April 10, exactly a year ago, from a valuation of $8.27 billion to $6.33 billion at the time of writing this report.
The drop in the Ethiopian billionaire businessman’s net worth can be attributed to a fall in the collective valuation of his industrial assets in Sweden, Saudi Arabia and Ethiopia.
The billionaire lost $855 million in wealth in 2021, as the market value of his investments in industrial assets plummeted significantly during the year.
Al-Amoudi owns a diverse range of industrial assets, including Svenska Petroleum Exploration, Midroc Gold, Ethiopia’s largest miner and Preem, Sweden’s largest oil refiner.
Preem, Midroc Gold and Okote Gold are his most valuable industrial assets, worth $1.55 billion, $1.13 billion, and $993 million, respectively. His stake in Svenska Petroleum is valued at $772 million.
Despite the $1-billion drop in his net worth, Al-Amoudi is still Ethiopia’s richest man, with a net worth of $6.33 billion. He is also the 399th richest man in the world, according to Bloomberg.
