Mohammed Al-Amoudi, Ethiopia’s richest man, has strengthened his position as one of the world’s wealthiest Black people and a prominent player among Africa’s billionaire elite, following a huge increase in net worth in recent weeks.
According to the Bloomberg Billionaires Index, Al-Amoudi’s net worth has increased from $9.12 billion on April 26 to $9.31 billion as of this report. This equates to an average daily gain of $10 million since April 26.
This latest increase has altered the narrative surrounding Al-Amoudi’s fortunes in 2024. On April 26, he reported a $67.5 million fall in wealth for the year. However, with this recent jump, his year-to-date gains have skyrocketed to $255 million, putting him on par with other African billionaires who have had significant wealth growth this year.
Al-Amoudi, ranked 275th on the Bloomberg Billionaires Index, derives a considerable percentage of his wealth from his ownership in Preem, Sweden’s largest energy company with an annual processing capacity of more than 18 million cubic meters of crude oil.
Bloomberg’s calculations show that the value of his Preem shareholding has increased by $150 million, to an astonishing $4.04 billion from $3.89 billion at the time of reporting.
Preem’s remarkable achievement in 2024 has significantly increased Al-Amoudi’s wealth.The company’s first-quarter interim report for 2024 showed a net profit of SEK1.93 billion ($178.63 million), a significant rise from SEK1.72 billion ($158.87 million) in the same time in 2023, indicating continued financial strength.
Al-Amoudi’s enormous portfolio includes substantial investments in Midroc Gold, Svenska Petroleum, Samir, and Okote Gold, all of which contribute significantly to his net worth.
Notably, he owns a $1.04 billion investment in Svenska Petroleum Exploration, 67% of Morocco’s sole oil refiner, Samir, and a $1.01 billion holding in Okote Gold.
With this recent increase in wealth, Al-Amoudi is Ethiopia’s richest individual and a powerful role among Africa’s billionaire class.