Kingdom Holding chairman sees net worth grow by 13%, despite recession
For the seventh successive year, Prince Alwaleed tops the annual Arabian Business Rich List, with a total net worth of $20.4bn.
Although global markets are only just beginning to recover from the recession, the Kingdom Holding Company (KHC) chairman’s canny investments have seen his wealth grow by an impressive 13.3 percent from the $18.0bn recorded just a year ago.
As usual, this figure has been confirmed with Prince Alwaleed’s private office in Riyadh.
Apart from the publicly traded stocks of KHC, Arabian Business has assessed his wealth in four separate areas; the major companies outside KHC, the Prince’s real estate, his other major assets (including planes and cars), and his cash deposits at various banks.
It should also be noted that HRH has donated close to $3bn during his career to good causes, and through his Foundation he is now one of the world’s most prolific philanthropists.
Now 55 years old, the prince shows no signs of slowing down. His latest move late in 2010 was the decision to take a 1% stake for $500m in General Motors during the US auto giant’s IPO.
So what keeps him going?
During an exclusive interview with Arabian Business two months ago, he explained: “There’s no limit for success. Success is achievement, grow your business and plough back some of your benefits to improve the lives of people, it’s a cycle…..There is no top.
“The moment you reach the top you go downhill. If you reach the top of the hill what happens next? You have to go down. I’m not planning to go down. As far as I am concerned, you can never reach the top of the hill.”