Ethiopian Billionaire's Wealth Rises to $8.5 Billion, Dangote Drops in Ranking, Loses $69m overnight
- Mohammed Al Moudi, an oil magnate, has experienced a rise in his net worth
- His net worth rose by $3.25 billion from October to hit $8.5 billion in November
- Al Moudi's wealth surged in October as Dangote experienced a slide in ranking
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Ethiopia's billionaire oil magnate, Mohammed Al Moudi, has experienced a remarkable surge in wealth, hitting $8.5 billion, a 61.9% rise in 30 days.
Bloomberg Billionaire Index reveals that Al Moudi's wealth stood at $5.24 billion in the second week of October and has climbed substantially by $3.25 billion as of Monday, November 14, 2023.
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Al Moudi's assets stretch to Sweden and Saudi Arabia
The 77-year-old reportedly has assets across Sweden, Saudi Arabia, and Ethiopia.
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One of his businesses, Svenska Petroleum Exploration and Preem, is one of Sweden's largest refiners.
Al Moudi's holdings also encompass Miroc Gold in Ethiopia, a leading miner in the country, and investments in hospitality, agriculture, coffee, and rice.
The robust performance of his industrial assets in Preem boosted his net worth.
Al Moudi's wealth has surpassed South Africa's Johann Ruper, with a net worth of $8.3 billion, according to Forbes ranking.
Dangote slides in ranking
Meanwhile, Africa's richest man, Aliko Dangote, has dropped to 115 in the billionaire ranking.
Dangote has experienced a significant wealth decline since June, when Nigeria began floating its naira currency.
The Nigerian billionaire lost $69 million on Tuesday, November 14, 2023.
Analysts believe this is unconnected with the abysmal performance of Nigeria's Exchange (NGX) stocks.
Abdul Samad Rabiu dethrones Dangote
Legit.ng reported that Dangote lost his position as the wealthiest investor in Nigeria to his arch-rival, Abdul Samad Rabiu, Chairman of BUA group.
The BUA Group Chairman now boasts a portfolio valued at N7.13 trillion on the NGX.
As of this writing, Billionaire Africa reported that Rabiu's total portfolio comprises 18.31% of the total market capitalization in the NGX N38.93 trillion.
Valued at N3.64 trillion, the billionaire's holding in BUA Foods (99.8%) emerged as the biggest on the exchange.
His stake in BUA Cement (96.29%), worth N3.49 trillion, also contributes significantly to his wealth.
Dangote, with an N5.5 trillion portfolio, is no longer the richest on the Nigerian Bourse.
He has an 86.8% stake in his cement company, Dangote Cement. He also maintains a significant stake in Dangote Sugar, NASCON, Jaiz Bank, and United Bank for Africa.
Dangote displaced as Africa's richest man on Forbes list, South African takes over
Legit.ng reported that Nigeria's richest man, Aliko Dangote, has been displaced as Africa's richest man, the position he held for over a decade.
According to Forbes, Dangote's fortunes plunged by about $3.4 billion in a single day because of Nigeria's naira devaluation, which slashed the fortunes of most Nigerian billionaires.
The drop pushed Dangote to the number two spot on the Forbes list, with South African billionaire Johann Rupert clinching the top spot.
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Source: Legit.ng
