World's 50 richest Arabs lose $25bn

RICH LIST: The global financial crisis has led to the richest 50 Arabs losing $25 billion between them in 2008. (ITP Images)

The world’s 50 richest Arabs have lost a staggering $25 billion between them in the last year, as the global financial crisis sweeps through the region.

The figures are revealed in the Arabian Business 2008 Rich List, which will be published on Sunday.

The list shows that the average fortune of the top 50 has slipped to $3.99 billion. In total, the top 50 now hold between them $199.48 billion – a fall of 12 percent on last year.

This year’s list also contains nine new entries, with 21 risers and 18 fallers on the list. As a sign of the downturn in global stock, nine of the top ten on this year’s list have seen their wealth decline.

The collapse in the value of property and banking shares – the bedrock of Arab wealth in previous years – is cited as the biggest reason for the shock decline.

The 2008 list also contains the first ever detailed assessment of the HRH Prince Alwaleed’s wealth. The special report includes a comprehensive look at all his assets and investments over the past twenty years.

It was compiled in conjunction with HRH Prince Alwaleed himself and his advisors, and is set to become the definitive guide to his personal wealth.

Read the 2008 Rich List HERE .

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READERS' COMMENTS

response to the gentleman from dallas
Posted by naiem aiyed, dubai, UAE on Wednesday 17 December 2008 at 05:54 UAE time

I wonder if you visited any Arab country, if you do so you might discover the immense charitable efforts and money pumped into this field from people who do not even mention their names!!!! the trouble is it is not published the same way it is treated back in the west. I think you need to know more and not to generalize things the way you put it because charity in this part of the world may be the only thing that keeps these societies running.

Posted by joispa, Jordan on Tuesday 16 December 2008 at 13:50 UAE time

I don't trust your assessment because nothing can be verified independently.... for you it's just a marketing scheme and most likely one or two persons accumulate the list from a weak knowledge base.... in Fortune magazine or Forbes, substantial efforts are put in by a proper research department to come up with a list... save us the misinformation.

Zakar and Charity
Posted by Nisar, Dallas, U.S.A on Sunday 14 December 2008 at 19:49 UAE time

Mr. Jaljouli,
I have noticed in Americans that all rich and famous persons like all players, movie stars, big company & corporation and many local U.S.A citizens run many charity and foundations for helping people, but unfortunately this this Arab rich people never done this kind of work. They misuse their own employees.
Shame Shame on you all Arab rick peoples

too low estimates..
Posted by Ahmad Khader Almsaeed, UAE on Saturday 13 December 2008 at 20:23 UAE time

I believe USD25bn is too low , knowing that most of the global equity markets as well as the local market was down on average by 50% (YTD), the sharp downtrend extended to include real estate markets, derivatives markets, commodities, investments .... My expectation as an analyst is the losses could reach 90bn by assuming the wealth loss down by 40%.

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