Ethiopian-American mogul Joe Mamo built a billion-dollar U.S. fuel empire, expanded into real estate, sports, and energy, while investing back in Ethiopia.
Joe Mamo: The Billion-Dollar Rise of an Ethiopian-American Tycoon
In 1981, a young Ethiopian named Eyob “Joe” Mamo arrived in the United States with little more than ambition and a dream. Over four decades later, he stands as one of the most influential figures in the U.S. petroleum industry, having built Capitol Petroleum Group into a billion-dollar empire controlling hundreds of gas stations across America.
From Addis Ababa to Washington: The Early Years
Born in Ethiopia, Mamo fled his homeland during the political upheaval that followed the 1974 overthrow of Emperor Haile Selassie. Seeking stability and opportunity, he settled in the U.S.
“I knew that if I worked hard and took risks, the U.S. would reward my efforts,” Mamo later told Forbes.
In 1991, he took a leap of faith and purchased his first gas station in Washington, D.C. for $150,000—despite having no prior experience in fuel retail.
Capitol Petroleum Group: A Fuel Empire Rises
Through strategic acquisitions during the 1990s and early 2000s, Mamo rapidly expanded his holdings. By 2011, Capitol Petroleum Group controlled over 240 gas stations in Washington, D.C., Virginia, and Maryland, claiming a 41% market share in the D.C. fuel retail sector.
“One deal led to another, and before I knew it, we had built something massive,” he reflected in a 2012 interview.
From Fuel to Real Estate: Billion-Dollar Diversification
In 2018, Mamo sold a portion of his empire to Global Partners LP for $156 million, reinvesting the proceeds into new ventures. By 2019, he proposed The View at Tysons, a $500 million development project in Virginia, which aimed to become the tallest building in the Greater Washington area.
“This is more than a real estate project; it’s a legacy,” Mamo declared.
Beyond Business: Soccer, Ethiopia, and Giving Back
In 2024, Mamo entered the sports world by becoming a co-owner of Major League Soccer’s D.C. United. He has since helped bridge ties with Ethiopian football organizations, aiming to foster talent and partnership across continents.
Despite his American success, Mamo has remained deeply connected to Ethiopia. He has invested in the renewable energy sector, focusing on solutions to address electricity shortages in his country of birth.
“Ethiopia gave me my foundation, and I want to give back in a meaningful way,” he said at a 2023 Addis Ababa business forum.
Legacy of a Self-Made Billionaire
With an estimated net worth of over $1 billion, Eyob “Joe” Mamo is considered one of the most successful Ethiopian-American entrepreneurs in U.S. history.
“Success is not overnight. It takes patience, vision, and most importantly, the courage to take risks,” he told young entrepreneurs at a 2024 Washington business summit.
From a single gas station in 1991 to a multi-sector business empire, Mamo’s journey reflects the resilience of the African diaspora and the endless opportunities of the American dream.
“The journey is far from over,” he says. “The best is yet to come.”
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