Mohammed Al-Amoudi, Ethiopia’s richest businessman, has returned to the ranks of the world’s wealthiest people after his fortune climbed to $10.1 billion, according to the Bloomberg Billionaires Index.
The latest ranking, published on 1 August, places the Saudi-Ethiopian billionaire at No. 375 globally. His net worth has risen by $1.67 billion, or 19.7%, since the start of the year, including a $33.7 million increase in the latest daily update.
The rebound reinforces Al-Amoudi’s position as Ethiopia’s wealthiest individual and reflects stronger valuations across parts of his industrial, infrastructure and energy investments.
According to the Index, Preem, Sweden’s largest oil refinery, remains the largest asset underpinning Al-Amoudi’s estimated fortune. His wealth also reflects investments spanning infrastructure, property, agriculture, energy and mining across Sweden, Saudi Arabia and Ethiopia.
Much of his business empire is held through MIDROC, one of Ethiopia’s largest privately owned conglomerates.
