Family empire worth some $11.9bn, a huge leap of $5bn on last year’s ranking
The Olayan family added some $5bn to its store in 2010, giving it the fastest growing fortune on this year’s Arabian Business Rich List.
The family, which controls Saudi conglomerate Olayan, is believed to have a fortune of $11.9bn, compared to $6.9bn at the end of 2009.
Established in 1947, the Olayan Group began as a trucking concern, but has grown into a sprawling conglomerate which owns over 50 companies and has stakes in various international bluechip companies.
The fortune is split between the four children of late founder Suleiman Olayan - Khaled, Hayat, Hutam and Lubna.
The collective wealth of the world’s richest Arabs – excluding politicians and royalty – rose by some $38bn in 2010, making light of the worst economic conditions in living memory.
The list shows the average fortune in 2010 has risen to $4.9bn, from $4.14bn the previous year.
HRH Prince Alwaleed tops the list with $20.4bn, compared to $18bn in 2009, while Mohammed bin Issa Al Jaber is second with $12bn, up from $9.7bn in 2009.
It is not all good news for the Arab elite. Some twenty-four of last year’s names have not made the list this year, including Kuwait’s Alghanim family and the UAE’s Galadari family.