Saudi prince at No 22 in world rich list

RICH LIST: Prince Alwaleed bin Talal has been ranked 22nd in the Forbes list of the world's top 25 billionaires. (Getty Images)

Prince Alwaleed bin Talal has been named one of the world’s top 25 billionaires in Forbes magazine’s annual list.

The chairman of Saudi-based Kingdom Holding Company came 22nd in the list which was topped by Microsoft founder Bill Gates.

On average, the billionaires' worth was $3bn, down 23 percent on the previous amid the impact of the global economic crisis. The rich list, which ranks billionaires based on their net worth, also revealed that the number of billionaires had dropped from 1,125 in 2008 to just 793 this year.

It’s the 10th consecutive year that Prince Alwaleed, who is valued at $13.3bn, has appeared in the Forbes Billionaires list.

A company statement said Prince Alwaleed had ensured relative stability across Kingdom Holding’s portfolio during the economic downturn.

“Economic experts predict that the reason for this is that the Prince’s investments are not focused in one field and instead cover all aspects of life,” the company added.

“His successful strategy in long term investment has also paid off handsomely, which has earned him a global name in the world of business.”

Kingdom Holding is planning to develop two real estate projects, Kingdom City and Kingdom Tower, in Jeddah and Riyadh respectively.

In 2007, Prince Alwaleed was recognised by Time magazine as one of the world’s top 12 Power Givers for raising the profile of Islamic history and culture. He was also named the world’s wealthiest businessman for 2009 in Arabian Business’ top 50 richest Arabs list.   

Forbes magazine has compiled rich lists that monitor the wealthiest businesspeople for the past 23 years.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM