Why Ethiopia's Richest Man Fell from Billionaire List
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Billionaires - July 6, 2023

Why Ethiopia’s Richest Man Fell from Billionaire List

Mohammed Al-Amoudi, Ethiopia’s wealthiest individual, has recently experienced a significant decline in the market value of his industrial assets across Europe, the Middle East, and Africa over the span of ten years. As a result, his net worth has plummeted from over $12 billion to below $5.2 billion, leading to his removal from Bloomberg’s esteemed 500 richest list.

At the beginning of the year, the Bloomberg Billionaires Index reported that Mohammed Al-Amoudi’s net worth was recorded at $5.46 billion. This index meticulously monitors the wealth of the world’s most affluent billionaires.

Nevertheless, owing to a persistent downturn in the market value of his industrial assets in Ethiopia, Saudi Arabia, and Sweden, Mohammed Al-Amoudi’s net worth has now fallen below the $5 billion mark.

At the time of this report, Bloomberg’s prestigious richest list had a net worth cutoff of $5.26 billion. Since Mohammed Al-Amoudi’s fortune has dipped below the $5 billion mark, he has been excluded from the exclusive group of the world’s wealthiest billionaires.

Despite the recent decline in his fortune, Mohammed Al-Amoudi continues to hold his position as the wealthiest individual in Ethiopia. Additionally, he maintains his status as one of the wealthiest Black billionaires globally.

What caused the decrease in his net worth

The decrease in Mohammed Al-Amoudi’s net worth can be attributed to the performance of his industrial holdings, with a particular focus on his stake in Preem, Sweden’s leading oil refiner. The value of this investment has experienced a notable decline, decreasing by over $500 million since the beginning of the year.

From an initial value of $1.08 billion at the start of the year, the market value of Mohammed Al-Amoudi’s stake in Preem has dwindled below $500 million. However, he still retains other valuable industrial assets in his portfolio. For instance, he owns Midroc Gold, which is valued at $1 billion, and Okote Gold, which holds a value of $993 million.

Despite the decline in his net worth, Mohammed Al-Amoudi continues to be a prominent figure in the Middle East and Africa. He possesses a diversified portfolio that extends across multiple sectors, including mining, energy, and construction.

Abdul Samad fell of the list

With the recent decline in his fortune and subsequent exclusion from Bloomberg’s prestigious richest list, Mohammed Al-Amoudi becomes the second African billionaire to depart from this esteemed group in the current year. Adding to this trend, Abdul Samad Rabiu, a Nigerian billionaire businessman, made his debut on the Bloomberg Billionaires Index just three weeks prior but has also now exited the list.

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