Ethiopia is one of the fast-growing countries in Africa. Even though there has been political and economical instability in Ethiopia, these business-minded individuals manage to create sustainable and profitable businesses for themselves and their country. In addition, most of them are known for their noble philanthropic activity. Here are the top 10 richest people in Ethiopia. The information included in this article is collected from different websites and interviews.

MOHAMMED HUSSEIN ALI AL AMOUDI

When thinking about the richest people in Ethiopia, the name Ali Al Amoudi will always come up in the minds of almost all Ethiopians. Mohammed Hussein Ali Al Amoudi is an Ethiopian-Saudi billionaire businessman, who owns and controls many big industrial assets in Sweden, Saudi Arabia, and Ethiopia. He was born in Ethiopia, in 1946, to a Saudi father and an Ethiopian mother. After moving to Saudi Arabia at the age of 19, Al Amoudi built a fortune in the construction and real estate industries. Afterward, Al Amoudi broadened his business by buying oil refineries in Sweden including Svenska Petroleum Exploration and Preem, which is one of Sweden’s biggest oil refineries.

Moreover, Al Amoudi, through MIDROC Ethiopia, has invested in Ethiopia in many different business sectors. In 2016, Forbes estimated his net worth to be approximately $10.9 billion. However, his fortune had a relative fall in net value due to the global fall in oil and gold prices at the time of estimation.

SOURCE: Oil & Gas, Real Estate, Technology, Diversified

NET WORTH: $8 billion – $15 billion

BELAYNEH KINDIE

Belayneh Kindie, born in West Gojjam, Ethiopia, is one of the top richest people found in Ethiopia. Starting from small-scale trading of butter, honey, and cereals, Belayneh is now engaged in Import, export, transport, hotel, rental of construction materials, domestic business Investment, and sales of a variety of products and services in the local market, and abroad. In 2005, Belayneh founded a giant business company called ‘Belayneh Kindie Group (BKG)’.The business group has 22 companies in 10 different cities. Belayneh heading the business group has played an important role in Ethiopia’s transition to industrialization.

SOURCE: Agricultural commodities, Import-Export, Transport, Construction, Diversified

NET WORTH: Not available

SAMUEL TAFESSE

Samuel Tafesse is an Ethiopian billionaire, who is without a doubt one of the most popular businessmen in Ethiopia. He is famous for his construction and real estate business. While he was a teenager, Samuel worked as a parking boy and street vendor to support his family financially. But now, he is the owner and CEO of Sunshine Investment Group which he founded in 1983. The investment group is indeed one of the top real estate companies in Ethiopia. Samuel reportedly has an estimated net worth of 1.6 Billion Dollars making him one of Africa’s richest men.

SOURCE: Construction, Real estate

NET WORTH: $1.6 Billion (according to www.ethiobiography.com)

EYOB JOE MAMO

Eyob Joe Mamo, the founder, and CEO of privately held Capitol Petroleum Group is another Ethiopian business giant with an estimated net worth of $2.5 billion. He, through Capitol Petroleum Group, distributes petroleum services in the metropolitan Washington, D.C., and New York City regions. Even more, the Ethiopian oil tycoon owns 42 percent of gas stations found in Washington, D.C. The organization started in 1987 with the purchase of a single Amoco-branded gasoline service station franchise in Washington, D.C. Today, Eyob owns and runs about 164 gas stations around DC and 71 stations in New York City.

SOURCE: Oil, Real estate

NET WORTH: $2.5 billion (according to www.knowafrika.com)

TEKLEBERHAN AMBAYE

Tekleberhan Ambaye is one of the richest people in Ethiopia. In 1993, Tekleberhan founded a construction company named Tekleberhan Ambaye Construction PLC (TACON). The construction company, which had started as a class 6 Building Contractor (BC), is now one of the most known construction companies registered as a Class I Building Contractor. Tekleberhan started his company with an initial capital of 5,000 ETB but now the company’s capital exceeds 1 Billion Birr. Moreover, Tekleberhan owns a modern entertainment center and movie theater called Edna Mall.

SOURCE: Construction, Entertainment

NET WORTH: Not Available

WORKU AYTENEW

Worku Aytenew is an Ethiopian millionaire and business mogul who owns many huge companies in different parts of Ethiopia. Starting from making money by washing prisoner clothes, Worku is now a successful businessman who has a role in many different sectors. Worku is best known for supplying palm oil to the local market at a regulated price. He, in 2016, launched an oil factory named W.A. Industrial Audible Oil Complex. His factory is an oilseed crushing and crude oil refining factory that produces sunflower oil, soybean oil, sesame seed oil, and palm oil. Worku’s company managed to import and distribute ETB 5 billion (USD 200 million) worth of palm oil through its trading business. Other main business sectors of Worku Aytenew include the aviation industry, import-export, farm, and real estate.

SOURCE: Agricultural commodities, Import & Export, Palm Oil factory, Real estate, Diversified

NET WORTH: Not Available

HAILE GEBRESELASSIE

Haile is one of the richest people in Ethiopia. He employs more than 2000 people in his different companies. Since 1995, Haile has been engaged in hospitality, entertainment, real estate, agriculture, and technology investments. Haile imports and distributes Hyundai cars in the entire country as a technology firm. Moreover, Haile also runs a property development business constructing tall buildings in Addis Ababa. He also owns the Alem Building, one of the tallest buildings in Addis Ababa. Furthermore, Haile is engaged in coffee plantations providing flavorsome coffee to the world. In addition, Haile owns a cinema named after his wife. As of 2022, the estimated net worth of Haile Gebrselassie is considered to be $20 million.

SOURCE: Athletics, Hospitality, Entertainment, Real Estate, Agriculture, Technology

NET WORTH: $20 million

DAWIT HAILU

Dawit Hailu is also another Ethiopian popular rich individual whose name has to be mentioned. He, with his family, founded Wudassie Diagnostic Center (WDC) in 2008. He names the center after the first name of Dawit’s wife Wudassie Enquberhan. It is one of the first diagnostic centers with MRI, CT scan Digital X-ray, Ultrasound, EKG, and Ambulance services in the country. In addition, in May 2019, Dawit along with his wife founded a popular coffee shop called AKKOO. The coffee shop then gained popularity in the town due to the fine coffee and delicious meals it provides. Moreover, Dawit Hailu is also the managing director of ElsMed Business PLC and JORGO Academy School.

SOURCE: Coffee Shop Industry, Healthcare Center

NET WORTH: Not Available

TEWODROS ASHENAFI

Tewodros Ashenafi is a prominent Ethiopian businessman who has established one of the few multi-million and billion dollar empires in Ethiopia. He owns a number of companies with annual revenues in the millions, potentially placing him among Ethiopia’s top ten wealthiest people. He was ranked among the wealthiest men in Ethiopia by Forbes in 2017.

Tewodros is the founder and chairman of SouthWest Holdings Ltd. Additionally, he founded and serves as CEO of SouthWest Energy (HK), an African-owned oil and gas exploration firm that ranks among the top 10 acreage owners in East Africa. Moreover, he also serves as Chairman of Ambo Mineral Water, a well-known mineral water bottler in Ethiopia. Ambo Mineral Water is a big brand in Ethiopia’s beverage sector and is a subsidiary of Coca-Cola Beverages Africa. The naturally carbonated bottled mineral water, which comes from the Ambo springs, is popular both in Ethiopia and abroad.

Along with his success in business, Tewodros has a degree in Economics from Columbia University and is an alumnus of the Harvard Business School. While he was at Columbia University, he studied under the guidance of a Nobel Prize winner in Economics, Professor Edmund Phelps.

SOURCE: Oil, Beverage, Diversified

NET WORTH: Not Available

AKIKO SEYOUM

Akiko Seyoum is a well-known and successful businesswoman from Ethiopia, who founded the construction firm Orchid Business Group PLC. She is the major shareholder of a construction company that generates millions as revenue. The late contractor Seyoum Ambaye’s daughter, Akiko, rose to become one of the wealthiest individuals in the nation thanks to her road construction company. The company offers hauling, construction machinery rental, and the supply of construction materials. In addition, Akiko formed a ground-breaking new joint venture with Enel Green Group to run and develop a solar power generation plant in Metehara, which is Ethiopia’s first solar power plant. 

SOURCE: Construction, Power Plant 

NET WORTH: Not Available

HONORABLE MENTIONS

MENSUR JEMAL

Mensur Jemal, born in Ilibabur, Ethiopia, is a successful businessman who has made a big fortune. He rose from humble beginnings by starting his own business after graduating from high school. Then, after working on some business in his hometown, Mensur came to Addis Ababa in search for looking for new outlooks. He produced films and founded a few businesses. Today, Mensur has become one of the richest Ethiopians with a net worth of around 112 Million ETB. Companies founded by Mensur include Yetim Delivery, Mazon Technologies, and Jakarta.

SOURCE: Technology, Consultancy & Promotion

NET WORTH: 112 Million ETB (according to www.topethiopia.com)

ABEL MULUGETA (LIFE OF ABEL)

Abel Mulugeta, best known by his TikTok account name ‘life of Abel, is another famous wealthy individual in Ethiopia. He is a well-known model, TikToker, and YouTuber making many travel videos for his audiences. He is a renowned travel vlogger with so many followers on Tiktok and Youtube. Abel showcases his love for exploration and adventure. He shares his travel experiences in a photo and video format on his social media platforms. Abel’s major source of income is from displaying paid advertisements, while he also earns from modeling.

SOURCE: Modeling, Youtube, Paid advertisement

NET WORTH: Not Available