As one of the fastest growing economies in the world, Ethiopia is on its way to becoming an important hub for global commerce.
The Ethiopian men and women who have spearheaded the country’s phenomenal growth stem from various backgrounds, ethnicities, and religions.
For most, the journey to becoming one of the richest Ethiopians was not an easy one, but through an undying obsession to become successful, these people have reached their goals.
For various reasons, such as political, economic, etc., Ethiopians have spread out as Diaspora all over the globe. Many of these men and women have also achieved exceptional success and are deserving of being included in the list of the richest Ethiopians.
Ethiopians are known to be hard workers and passionate about their chosen endeavors. Add to this innovativeness and the ability to make something from nothing, and you have the recipe that makes the following list of the richest Ethiopians.
1. Belayneh Kindie
Belayneh Kindie began his journey to wealth by starting his company Belayneh Kindie Import and Export (BKIE), in 2005 with the startup capital of only 111,000 USD or 3,000,000 ETB.
Primarily engaged in the export of oil seeds and other similar products, BKIE rose to become the Ethiopia’s largest exporters of sesame seeds by 2010.
Focusing his efforts on employee improvement, good management, and tight credit controls, BKIE soon began to expand to various other sectors.
By 2006, Belayneh entered the transport business by establishing the BKPT or Belayneh Kindie Private Transport, with six 40 ton carrying trucks. Today, this company owns over a hundred.
Gerelta Business Plc. was soon created in 2008, to strengthen and expand Belayneh’s import and export businesses.
In 2009, Belayneh’s assets rose astronomically with his 134,000,000 ETB or 5,000,000 USD acquisitions of the famous Ethiopia Hotel (Addis Ababa) and the popular Ras Hotel (Adama/Nazreth).
Always looking to grow, Belayneh would spend a further 600,000,000 ETB or 23,000,000 USD to acquire a 40,000 sqm plot of land in Bahir Dar to build a 5 star resort and hotel.
Focusing on the Amhara region, Belayneh would invest a further 1,200,000,000 ETB or 45,000,000 USD for a 30 hectare plot of land to build an edible oil refinery plant.
As a major shareholder of Tsehay Industry and Tsehay Insurance Share Company, Belayneh would have vast control in Ethiopia’s manufacture of LTZ, sheet metal, etc.
Expanding further by looking to the booming construction industry in Ethiopia, Belayneh acquired 10 dump trucks, 4 bulldozers, 3 excavators, 2 graders, 3 mixers and a crusher which he rents out.
By 2015, Belayneh would go on to invest in Ethiopia’s agricultural sector with the initial payment of 25,000,000 ETB or 1,000,000 USD for 250 hectares of land for the cultivation of sesame, coffee, etc.
This land would be supplemented with an additional 1,500 hectares of land by the government of the Southern Nations, Nationalities and Peoples.
All in all, Belayneh Kindie, an Ethiopian billionaire and one of Ethiopia’s richest, is a titan of business, with his successful enterprises ranging from hotels, import/export, transport, rental, manufacturing, agriculture, etc.