Saudi Olayan family biggest gainers on Arabian Business Rich List 2010

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.

To read the full Arabian Business Rich List 2010, click here