After a decade of witnessing staggering declines in the market value of his industrial assets across Europe, the Middle East, and Africa, Mohammed Al-Amoudi, Ethiopia’s richest man, has seen his net worth plummet from more than $12 billion to below $5.2 billion, resulting in his exit from Bloomberg’s prestigious 500 richest list.

According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s wealthiest billionaires, Al-Amoudi’s net worth stood at $5.46 billion at the start of the year.

However, due to a sustained decline in the market value of his industrial assets in Ethiopia, Saudi Arabia, and Sweden, his net worth has now slumped below $5.2 billion.

At the time of this report, the cutoff for making Bloomberg’s richest list was a net worth of $5.26 billion, and with Al-Amoudi’s fortune now below $5.2 billion, he has been excluded from the exclusive group of the world’s richest billionaires.

Despite the recent slump in his fortune, Al-Amoudi retains his position as the wealthiest individual in Ethiopia and remains one of the richest Black billionaires globally.

The decline in his net worth can be attributed to the performance of his industrial holdings, particularly his stake in Preem, Sweden’s largest oil refiner, which has experienced a significant drop in value, decreasing by over $500 million since the start of the year.

Starting the year at $1.08 billion, the market value of Al-Amoudi’s stake in Preem has dwindled below $500 million. He possesses other valuable industrial assets, including Midroc Gold, valued at $1 billion, and Okote Gold, valued at $993 million.

Despite the decrease in his net worth, Al-Amoudi remains a prominent figure in the Middle East and Africa, boasting a diversified portfolio spanning various sectors, including mining, energy, and construction.

The recent decline in his fortune and subsequent exit from Bloomberg’s richest list makes him the second African billionaire to leave the coveted list this year. Just a few weeks ago, Nigerian billionaire businessman Abdul Samad Rabiu also fell off the Bloomberg Billionaires Index, three weeks after making his debut.