Mohammed Al-Amoudi, Ethiopia's richest businessman, has experienced a substantial increase in his net worth over the past three weeks according to data from the Bloomberg Billionaires Index.
Al-Amoudi's wealth jumped $2.83 billion from October 21 to November 11, 2023, surging from $5.03 billion to $8.18 billion. This growth in his fortune underlines the strong performance of his business interests across Sweden, Saudi Arabia and Ethiopia.
The data reveals the Ethiopian-born Saudi Al-Amoudi was accumulating wealth at an average daily pace of $134.76 million in that timespan. His rapid accumulation of billions cements his rank among Africa's wealthiest individuals and bolsters his standing in the global billionaire elite.
Reliable sources indicate the primary factor driving Al-Amoudi's recent windfall is the success of Preem, Sweden's largest energy company where he owns a major stake.
Preem's share value in Al-Amoudi's portfolio ballooned $2.59 billion over the past three weeks, growing from $726 million to $3.32 billion currently.
Al-Amoudi maintains sizable shareholdings in several other companies worldwide besides Preem, including gold miner Midroc Gold, oil and gas explorer Svenska Petroleum, and cement producer Cimpor Cimentos de Portugal.
His diverse investment portfolio, which includes assets like oil refiner Samir in Morocco and Okote Gold, contributed significantly to his expanding $8 billion fortune.
The Bloomberg Billionaires Index, considered a leading authority on global wealthy rankings, shows Al-Amoudi's $2 billion+ accumulation has rocketed him up their list to the 268th position from 460th in under a month.