Update – December 29, 2013: Since we first published this article back in August 2012, Sheikh Mohammed Al-Amoudi is no longer the richest black man in the world. At the time, Sheikh Mohammed had recently taken that crown from Nigerian concrete and oil tycoon Aliko Dangote. Sheikh Mohammed's net worth surpassed Aliko's by $1.3 billion ($12.5 billion compared to $11.2 billion). Aliko's wealth had taken a hit due to a weakened Nigerian stock market and declining oil and concrete prices around the globe. However, over the last year, Dangote's wealth has skyrocketed. As of January 1st 2014, Aliko Dangote is once again the richest black man in the world with a net worth of $23 billion. That's enough to make him the richest person in Nigeria and the richest person in Africa. Meanwhile, Sheikh Mohammed's net worth has declined from an all time peak of $12.5 billion to most recent estimated $8.5 billion. Here is our original article:
Who is the richest black man in the world? As we discovered earlier this week in our list of the richest black people on the planet, Mohammed Al-Amoudi is currently the richest black man alive with a net worth of $12.5 billion. Sheikh Mohammed Al-Amoudi took the top spot from long-time #1 Aliko Dangote whose net worth has slipped recently due to a weak Nigerian stock market.
So how did Mohammed become the richest black man in the world? Through a lot of hard work and very smart investments. Mohammed Al-Amoudi mother was born to an Ethiopian mother and a Yemeni father. Al-Amoudi eventually moved to Saudi Arabia where he made his first fortune in construction and real estate. In the 1980s Mohammed made very wise investments in the oil and mining industries back home in Ethiopia and across the world in countries like Sweden and Morocco. He would go on to expand his portfolio of companies into finance, hotels, hospitals and more. Mohammed employs over 40,000 people through his two primary corporations, Corral Petroleum Holdings and Mohammed International Development Research and Organization Companies (MIDROC). MIDROC is the largest gold mining operation in Ethiopia, producing 4 tons of gold each year, more than any other company. Corral Petroleum Holdings controls over 70% of Ethiopia's oil output as well as refineries in Morocco and Sweden. Al-Amoudi is the largest foreign investor in both Morocco and Sweden. More recently he has launched a new endeavor to build the first car factory in Saudi Arabia.
Mohammed Al-Amoudi owns homes around the world but spends most of his time in London and Saudi Arabia. He is know as a generous supporter of many charitable causes that fight breast cancer and AIDs in Africa. Al-Amoudi is married to Sofia Saleh Al-Amoudi. The couple has seven daughters and one son. In 2011, Mohammed overtook Aliko Dangote to become the richest black man in the world. Dangote had held the title for more than a decade but his company's slumping stock price allowed Al-Amoudi to take the top spot.