Ethiopia’s richest man adds $1 billion, back to Bloomberg list after Preem’s deal

Key Points

• Ethiopia’s richest man is back among the world’s top 500 billionaires, with a net worth of $7.41 billion.
• His fortune rebounded after selling Corral Petroleum, the parent of Sweden’s Preem, to Switzerland’s VARO Energy.
• Despite earlier setbacks, Al-Amoudi’s diversified holdings across oil, mining, and industry continue to drive his wealth recovery.

Ethiopia’s richest man, Mohammed Al-Amoudi, has seen his fortune grow by $1 billion, bringing his net worth to over $7.4 billion, according to the Bloomberg Billionaires Index.

This comes after the recent sale of Corral Petroleum Holdings AB—the parent company of Sweden’s largest oil refiner, Preem AB—to Switzerland’s VARO Energy. The deal closed just 42 days ago.

Al-Amoudi returns to top 500

Back on May 8, 2025, Al-Amoudi had dropped off Bloomberg’s list of the world’s 500 richest people after his net worth slipped below $6.45 billion, the cutoff to remain on the ranking.

At the time, the 500th spot belonged to NFL team owner Steve Bisciotti. But since then, Al-Amoudi has regained ground, with his wealth rising to $7.41 billion. That $1 billion rebound not only brought him back onto the list but pushed him up to 455th place.

Business empire proves its resilience

As Ethiopia’s richest man, the recent upswing in Al-Amoudi’s net worth underscores the resilience of his business empire. His wide-ranging interests, from gold mining in Ethiopia to Morocco’s Samir refinery and other industrial ventures, continue to play a major role in Africa’s economic landscape.

Earlier this year, Bloomberg cut his estimated wealth by $4 billion, citing the sale of Svenska Petroleum Exploration and a revised valuation of his gold assets. But a more recent review of his holdings has helped recover a portion of that loss, offering a clearer picture of his fortune.

Preem assets, equity fall

Al-Amoudi’s stake in Preem was valued at $5.09 billion on April 4, 2025, shortly before the announcement of the sale to VARO Energy. The refiner faced tough challenges in the first quarter of 2025, including weaker margins on diesel and gasoline and unexpected outages at its Synsat unit.

These operational difficulties affected Preem’s financial health. Its total assets dropped by nearly 13 percent to SEK45.76 billion ($4.7 billion), down from SEK52.44 billion ($5.39 billion), while total equity fell almost 4 percent to SEK24.53 billion ($2.52 billion).