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Ethiopia’s richest man Mohammed Al-Amoudi has seen his fortune climb by $2.2 billion since the April sale of Svenska, lifting his net worth to $8 billion. The increase is driven by gains in the value of his private holdings.
Al-Amoudi net worth up $2.2 billion
Bloomberg’s Billionaires Index, which tracks the net worth of the globe’s 500 richest people, places Al-Amoudi at 450th. The index shows his wealth rising from $5.73 billion on April 7 to $7.93 billion at the time of this report—a gain of $2.2 billion.
The upswing has also narrowed the scale of his yearly losses. Earlier this year, Bloomberg cut its estimate of his wealth by $4 billion after the sale of Svenska Petroleum Exploration and a lower valuation of his gold assets.
That adjustment brought his net worth down sharply, but the more recent reassessment of his holdings has restored a large share of the value, leaving his year-to-date gains at $928 million.
Preem stake lifts Al-Amoudi’s wealth
The Svenska deal itself reshaped both sides of the table. Vaalco Energy, the buyer, secured a 27.4 percent interest in Block CI-40, home to the producing Baobab oilfield off Côte d’Ivoire.
For Al-Amoudi, the divestment has been followed by a stronger valuation of his other assets, most notably his stake in Preem, Sweden’s biggest petroleum and biofuels company.
Since April, his holding in Preem has risen from $5.09 billion to $5.43 billion. Still, the company has faced headwinds. In the first quarter of 2025, weaker fuel margins and unexpected outages at its Synsat unit weighed on performance.
Preem’s total assets dropped nearly 13 percent to SEK45.76 billion ($4.7 billion), from SEK52.44 billion ($5.39 billion), while total equity slipped about 4 percent to SEK24.53 billion ($2.52 billion).
Al-Amoudi holds diverse global assets
Al-Amoudi’s holdings extend beyond oil. He owns a minority stake in Sweden-based Granitor, which operates in real estate and infrastructure, and controls Midroc Europe, a construction and property group divided into services, property, and consulting units. In Saudi Arabia, his fuel retailer Naft Services is valued at $636 million.
