The decline in his net worth brings his year-to-date wealth loss to $1.61 billion.
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Ethiopia’s wealthiest man Mohammed Al-Amoudi gains $230 million in July; net worth nears $6 billion
The increase in his net worth follows a $1-billion wealth loss in the first half of 2022.
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Al-Amoudi has lost his position as Africa’s sixth-richest man to Nigerian billionaire Mike Adenuga.
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His net worth fell after Preem, Sweden’s largest oil refiner, reported a 31-percent drop in revenue.
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The mogul controls valuable assets in Sweden, Saudi Arabia and Ethiopia, and is Ethiopia’s richest man.