Mohammed Al Amoudi #64 on Forbes world's billionaires list

Addis Ababa, March 11 (WIC) - Ethiopian born Mohammed Al Amoudi is once again the richest black person in the world with an estimated net worth of a cool 10 billion USD in the latest Forbes' World's Billionaires List. His net worth has increased from 2009 despite his drop in the ranking from #43 in 2009 to number 64th in the latest report. He is by far the richest person in Ethiopia and is the single largest investor in the country. His investments in Ethiopia range from mining to agriculture. Born in Ethiopia to Saudi father and Ethiopian mother, Al-Amoudi claims to be investing more than 3 billion USD into Ethiopian agriculture and industry with the aim of modernizing farming. Also owns mine in Ethiopia that puts out 5 tons of gold a year. Started investing in Sweden in 1974; stakes there now comprise half his fortune: Preem operates two refineries; Svenska Petroleum produces crude oil in the North Sea and west Africa. Construction company MIDROC operates in Europe, Africa and Middle East. In recent years completed estimated 30 billion USD contract with Saudi Arabia to build vast underground oil storage caverns. His net worth puts him as the second richest person in Saudi Arabai surpassed only by Saudi Prince Alwaleed Bin Talal Alsaud. Despite his drop in the ranking this year to #64, his net worth actually increased from 9.0 billion USD in 2009 to 10.0 billion USD this year.

Last Updated ( Friday, 12 March 2010 )