Mohammed Al-Amoudi, Ethiopia’s wealthiest individual, has witnessed a significant boost in his net worth over the last 15 days, consolidating his status as one of the world’s richest Black people and one of Africa’s wealthiest billionaires.
Al-Amoudi’s net worth has increased by $320 million in the last 15 days, from $9.06 billion on March 28 to $9.38 billion at the time of writing, according to the Bloomberg Billionaires Index.
The recent growth in his fortune, averaging a daily increase of $21.33 million over the last 15 days, is mostly due to the good success of his extensive industrial interests in Sweden, Saudi Arabia, and Ethiopia.
Al-Amoudi’s wealth is primarily derived from his interest in Preem, Sweden’s leading energy firm with an annual processing capacity of more than 18 million cubic meters of crude oil. His Preem holdings increased by $400 million to $4.09 billion from $3.69 billion on March 28.
Al-Amoudi, ranked 265th on the Bloomberg Billionaires Index, remains Ethiopia’s richest man and has tremendous power in the Middle East and Africa. His diverse holdings in the mining, oil, and construction industries contribute to his success.
In addition to Preem, the top billionaire businessman owns large shares in Midroc Gold, which adds significantly to his $9.38 billion net worth.
Other prominent interests include a $1.04-billion position in Svenska Petroleum Exploration, a 67% ownership in Samir, Morocco’s sole oil refiner, and a $1.01-billion stake in Okote Gold.
The latest increase in his wealth strengthens Al-Amoudi’s position in Africa’s corporate arena, reinforcing his role as a major billionaire businessman.