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UAE royals see fortunes shrink amid global crisis - Forbes
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The world’s wealthiest monarchs have seen their collective fortunes shrink by nine percent to $99bn in the past year, weighed in part by the impact of debt problems in the UAE, Forbes said on Thursday.
The US magazine published its annual list in which it showed the royals wealth had dropped by $10 billion.
Only two rulers saw an increase in their fortunes this year, the list of the 15 wealthiest royals showed.
Saudi Arabia's King Abdullah's fortune rose $1 billion to $18 billion, moving him up to third on the list.
Qatar's Sheikh Hamad bin Khalifa Al Thani saw his fortune increase by $400 million to $2.4 billion, moving him up to eighth place.
According to the Forbes list, Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum fared the worst with the magazine estimating his fortune had dropped $7.5 billion in the aftermath of the Dubai World debt announcement but that was still good enough for sixth place in the list.
UAE president Sheikh Khalifa bin Zayed Al Nahayan also saw his fortune shrink for the second year in a row, down $3 billion.
He fell to fourth place in the Forbes list as result of last year's 40 percent decline in oil export earnings as well as double-digit declines in real estate and stock markets, the US magazine said.
Forbes also said Kuwait's Sheikh Sabah Al-Ahmad Al-Jaber Al Sabah saw his fortune fall to $350 million, down 12 percent from last year.
Thailand's King Bhumibol remained the world's richest royal for the third year in a row. His fortune remained stable at $30 billion.
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