Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#147 Mohammed Al-Amoudi $9.32B

Random fact: A donor to the William J. Clinton Foundation.


Al Amoudi controls a collection of industrial assets in Sweden, Saudi Arabia and Ethiopia. They include Svenska Petroleum Exploration and Preem, Sweden's biggest oil refiner. He owns Addis Ababa, Ethiopia-based Midroc Gold, the country's biggest miner, as well as hotels, an oil company, and coffee and rice farms.

As of Aug. 20, 2017:
Last change +$11.6M (+0.1%)
YTD change +$266M (+2.9%)
Industry Energy
Biggest asset Preem
Citizenship Saudi Arabia
Age 70
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Mohammed Al-Amoudi's net worth of $9.32B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

Al Amoudi's fortune is derived from a collection of closely held companies, mainly based in Sweden and Ethiopia, that have interests in oil, construction and real estate. His most-valuable asset is Preem, Sweden's largest oil refiner, according to the company's website in April 2017. It's valued using its published 2015 financials and the average enterprise value-to-sales multiple of three comparable publicly traded companies: Neste Oil, Polski Koncern Naftowy Orlen and Grupa Lotos.

He also controls a Swedish oil company, Svenska Petroleum, which is valued using its published 2016 financials and the average enterprise value-to-sales multiple of three publicly traded peers: Tullow Oil, Kosmos Energy and Lundin Petroleum.

He owns Midroc Europe, a Swedish construction and property group. The valuations for Midroc's services and property units, as well as consulting firm Granitor Invest, are based on 2015 financials and the average enterprise value-to-sales, enterprise value-to-Ebit, or price-to-book multiples of each business's publicly traded peers.

In Saudi Arabia, he owns engineering contractor ABV Rock Group, gas-station operator Naft Services and a 50 percent stake in metal fabricator Yanbu Steel, all of which are valued using the average enterprise value-to-sales and enterprise value-to-Ebitda multiples of publicly traded peers.

In Ethiopia, he owns Midroc Gold, the country's largest miner, according to its website in April 2017. It's valued based on the average enterprise value-to-reserves multiple of two comparable publicly traded peers, Centamin and AngloGold Ashanti. Midroc's largest holding is the undeveloped Okote Gold Mine, which is valued using a discounted cash-flow analysis, using the disclosed size of its reserves.

Through Tim Pendry, a spokesman at U.K.-based reputation management consultancy TPPR, Al Amoudi declined to comment on his net worth calculation.


Birthdate: 1946
Family: Married, 8 children
Education: Addis Ababa University, Graduated

Born in 1946, Al Amoudi grew up in Ethiopia. At the age of 19, he moved to Saudi Arabia, taking Saudi citizenship. There, he built a fortune in the construction and real estate industries, benefiting from government contracts. He created conglomerate Midroc in the early 1980s. In 1988, Midroc's construction arm won a contract to build Saudi Arabia's underground oil storage complex, a multi-billion dollar project.

In the mid-1990s, Al Amoudi also began investing in Ethiopia, forming a close relationship with the ruling party, the Ethiopian People's Revolutionary Democratic Front. He is now the country's single biggest foreign investor, holding a 98 percent stake in Ethiopia's only large-scale gold mine, as well as businesses operating in agriculture, manufacturing, real estate, steel and construction.

Al Amoudi expanded into oil in the 1990s via his energy-focused holding group, Corral Petroleum. He acquired Swedish energy companies OKP (now Preem Petroleum) and Svenska Petroleum in 1994. Five years later, he assumed control of Morocco's two largest oil refineries and merged them to create Samir.

In Ethiopia, he has invested in coffee, rice-growing projects and land, including a 60-year concession on 10,000 hectares in the province of Gambella. The project has attracted criticism from U.S.-based human rights advocacy group, Oakland Institute, which has characterized it as a "land grab" that has forced the relocation of local residents. The government says resettlement has been voluntary and is unrelated to Al Amoudi's development.

In 2005, Al Amoudi was involved in a defamation case in the U.K. after a self-proclaimed terrorist expert, Jean Charles Brisard, published articles accusing him of funding terrorism. The parties settled out of court, and Brisard later apologized, saying his information had been false. In July 2011, a U.K. court awarded Al Amoudi $282,000 in damages in a defamation case against Elias Kifle, publisher of the website Ethiopian Review. In an article, Kifle had also accused Al Amoudi of sponsoring a terrorist organization.

Al Amoudi has been awarded the Order of the Polar Star by King Carl XVI Gustav of Sweden and an honorary doctorate from Addis Ababa University in Ethiopia. He is married and divides his time between residences in Saudi Arabia and the U.K.

  • 1946 Mohammed Al Amoudi is born in Ethiopia.
  • 1970 Moves to Saudi Arabia at age 19.
  • 1988 Wins contract to build underground oil storage in Saudi Arabia.
  • 1991 Acquires Unity University, Ethiopia's first privately-owned college.
  • 1994 Acquires Sweden's OK Petroleum, renames it Preem.
  • 1999 Assumes control of Morocco's two largest oil refineries.
  • 2011 Announces plan to invest $2.5 billion in Ethiopian rice projects.
  • 2012 National Mining announces new gold discovery at Okote mine.