Despite ranking only 29th in Africa in terms of living standards and economic wealth by Wikipedia’s rankings of Gross Domestic Product (GDP) per capita based on purchasing power parity (PPP), Ethiopia is a land of riches for a select few. According to research conducted by NewsOTG, the country ranks 9th in Africa for private wealth held by ultra-high-net-worth individuals.
In 2020, private wealth in Ethiopia was estimated at $57 billion, which is $1 billion higher than Ghana’s and $33 billion lower than Kenya’s $90 billion. Despite having a population of 105 million people, Ethiopia has only one billionaire, 150 multimillionaires, and 3,200 ultra-high-net-worth individuals.
One of the wealthiest individuals in Ethiopia is Mohammed Al-Amoudi, an Ethiopian-born billionaire with a net worth of $8.1 billion according to Forbes. The majority of Al-Amoudi’s fortune comes from closely held businesses in Sweden, Saudi Arabia, and Ethiopia. Additionally, he owns a 17% stake in Crunchfish AB, a Swedish IT firm that creates gesture detection software.
Another wealthy individual in Ethiopia is Samuel Tafesse, a 63-year-old real estate mogul and the founder of Sunshine Investment Group. Since its founding in 1983, the company has built 3,254 apartments and 427 villas in Ethiopia, including the landmark Marriott Executive Apartments in Addis Ababa.
A closer look at these two men’s histories would reveal how they were able to become so wealthy in light of Ethiopia’s weak economy and high poverty rates. These two individuals and others have amassed enormous fortune through their enterprises and investments. Ethiopia may have a tiny number of ultra-high net worth individuals, but they control a considerable portion of the nation’s wealth.
You must be logged in to post a comment.