Industry: Banking and finance
Country: Saudi Arabia
Wealth: 25.1 Billion
Now aged 60, the career of Saudi Arabia’s most famous businessman, Prince Alwaleed Bin Talal Al Saud, has been built on making money — plenty of it. But last year, he made global headlines for very different reasons. In July, at a press conference in Kingdom Tower in Riyadh, the prince told reporters that he would be giving his entire fortune to charity. “It is a commitment without boundaries. A commitment to all mankind,” he said. The sum will go to the Alwaleed Foundation over an indefinite period of time. Meanwhile, the prince has said that he now has an added incentive to get back to doing what he does best — racking up the profits.
That being said, it hasn’t been the easiest year for the world’s richest people, with six out of the top ten losing money during the course of 2015. Prince Alwaleed has seen the value of his wealth decline over the last 12 months, to $25.1bn. As ever, our assessment of Prince Alwaleed’s net worth has been verified by his private office.
But he is certainly been busy. Earlier this month, Prince Alwaleed invested $100m in US ride-sharing app Lyft, just the latest in a series of investments in the technology sphere that include stakes in Apple. And in December, the prince exchanged a stake in Fairmont Hotels for a 5.8 percent slice of French hotel giant Accor.
The majority of the prince’s wealth comes from his 95 percent stake in Kingdom Holding Company (KHC), which is valued at $12.79bn as per January 11.
KHC’s investments include stakes in American lender Citigroup, Canary Wharf London developer Songbird Estates, Jeddah Economic Company (which is developing the 1km tower in Jeddah that will be the tallest in the world), Mövenpick Hotels and Resorts, New York’s The Plaza Hotel, London’s Savoy Hotel, Paris’ Four Seasons George V Hotel, Saudi carrier flynas, Rupert Murdoch’s News Corp and Disneyland Paris.
However, he also has other sources of wealth, including his media arm (which includes Rotana), as well as his many private investments and privately held assets. His real estate portfolio has also increased in value over the course of the last year.