In a population of some 11 million people, Ethiopia has a huge billionaire population too. In real sense, less than 3,400 are ultra-high-net-worth individuals. Despite ranking only 29th in Africa by living standards and economic wealth, Ethiopia is a land of riches for thousands. It ranks fourth for private wealth held by individuals.
In 2020, private wealth in Ethiopia was estimated at $57 billion, $1-billion higher than the figure for Ghana and $33-billion lower than Kenya’s $90 billion. Here is a lowdown on the top 10 billionaires in Ethiopia:
Top 10 Billionaires Of Ethiopia 2023
1) Mohammed Al Amoudi
Considered the richest person in Ethiopia, his business comprises Oil & Gas, Real Estate and Technology. Worth $8.3 billion, Al-Amoudi’s fortune is derived mainly from closely held companies in Sweden, Saudi Arabia, and Ethiopia. The billionaire owns Svenska Petroleum, Midroc Europe (a construction and property group), and Preem (his most valuable asset) through the wholly-owned Petroswede AB.
2) Azeb Mesfin
The widow of a dictator, her net worth comes from the companies he owned and her own business as well. She is worth $4 billion and considered as the mother of corruption in Ethiopia.
3) Meles Zenawi
Now deceased, he was an influential Ethiopian politician and businessman with a net worth of $3 billion. He held the leadership position of Prime Minister of Ethiopia.
4) Eyob Joe Mamo
He is worth $ 2.5 billion as an Ethiopian oil tycoon known for running and controlling half of the gas stations in Washington, D.C., through Capitol Petroleum Group, a leading wholesale distributor of petroleum services in the Metro D.C. area and New York City.
5) Berhane Gebrekristos
Working under Meles and his wife, he supported many money laundering schemes of tax invasions and rose to ranks with the couple. He is currently worth $2 Billion.
6) Sebhat Nega
Focused primarily into politics, Sebhat Nega is considered a magnate within the Tigray People’s Liberation Front (TPLF). He is known for having built a multibillion-dollar business empire in Ethiopia over the 27 years that the group was in power.
Also Read: 10 Highest Paying Jobs In Ethiopia
7) Seyoum Mesfin
His power in the Ethiopian cabinet along with the airlines helped him smuggle a lot of drugs within Africa and Asia. He is the richest drug lord in Africa with a long criminal history of selling illegal drugs. He is worth $1.8 Billion.
8) Samuel Tafesse
Focused on real estate business, he is worth $1.6 billion. He is considered one of the most famous businessmen in Ethiopia. The 63-year-old real estate mogul is the founder of Sunshine Investment Group, a construction and real estate development company that develops residential, leisure, and commercial properties in Ethiopia and the Middle East.
9) Abay Tsehaye
He is a politician from the ruling party in Ethiopia. He is worth $1. 5 Billon.
10) Belayneh Kindie
Belayneh Kindie has amassed a fortune through his Belayneh Kindie (BK) Business Group, an Ethiopia-based group initially focused on exporting oil seeds, nuts, and other products.