West Africa

Ethiopia's Al-Amoudi Wealth Up $3.59 Billion in 2023 to Place Him Africa's 4th Richest

He's unique being the only wealthy African to have gained $4 BN in 2023

Ethiopia’s richest man Mohammed Al-Amoudi had a remarkable year in 2023, adding almost $3.6 billion to his wealth.

According to the Bloomberg Billionaires Index, which ranks the world’s richest people, Al-Amoudi’s net worth jumped from $5.46 billion at the start of the year to $9.05 billion at the end of the year — making him the African billionaire with the biggest wealth increase in the last year.

Al-Amoudi made an impressive average of $10 million every day in 2023, showing his amazing financial achievement during the year.

His wealth boost in 2023 has moved him up to the 262nd place on the prestigious list of the world’s 500 richest billionaires, tracked by the Bloomberg Billionaires Index.

As the fourth-wealthiest person in Africa, Al-Amoudi’s dominant position as Ethiopia’s wealthiest man is further highlighted by his latest wealth increase.

The main reason for Al-Amoudi’s financial rise is the excellent performance of his stake in Preem, the largest energy company in Sweden. With an annual refining capacity of more than 18 million cubic meters of crude oil, Preem has been a key factor in Al-Amoudi’s success.As a top investor in Sweden and the owner of Preem, Al-Amoudi strategically positions himself to capitalize on his success.

Bloomberg’s figures reveal that the value of his stake in Preem skyrocketed by more than 400 percent, reaching an astounding $3.74 billion on December 30, 2023.

Al-Amoudi’s diverse investment portfolio also includes significant shares in Midroc Gold, Svenska Petroleum Exploration, Samir, and Okote Gold. As Al-Amoudi continues to navigate the global investment landscape, his remarkable financial rebound in 2023 stands as a testament to his resilience and strategic investment prowess.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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