Makonnen was born in exile in Rome and grew up in Switzerland and France, attending both the Collège du Léman in Geneva and Sainte Croix des Neiges in Haute Savoie.

He is the co-founder and director of Alchemy World Projects USA, an educational and entrepreneurship organization that serves impoverished youth in Ethiopia, and is the co-founder of the media company Old World/New World Productions, which he launched with his wife, Ariana Austin Makonnen.

His paternal grandparents are Prince Makonnen Haile Selassie, Duke of Harar and Sara Gizaw.

In 1999 Makonnen moved to Addis Ababa with his mother, who was working with the United Nations, and lived there for two years.

[4][5] Makonnen was educated in Switzerland and France, having attended the boarding schools Collège du Léman in Geneva and Sainte Croix des Neiges in Abondance, Haute-Savoie.

He is also a co-founder and the country director of Alchemy World Projects USA, a non-governmental organization focused on creating schools and entrepreneurship curriculums for impoverished youth in Ethiopia.

On August 10, 2018, Makonnen wrote an op-ed for True Africa about political change, national unity, and social progress in Ethiopia.

[10] In November 2018, Makonnen and his wife launched Old World/New World Productions, a media company that produces documentaries, feature films, and television shows focused on Africa and the African diaspora.

[19][20] The wedding was officiated by thirteen priests and included a coronation ceremony where both the bride and groom were crowned.