By Staff writer
Figure increases by only 3.46% in last 12 months
The world’s 50 richest Arabs saw their combined wealth rise by just 3.46 percent to $266.21bn, according to the 2013 Arabian Business Rich List. Much of that rise was down to the top two on the list, Prince Alwaleed and Mohammed Al Jaber.
But the total wealth has risen by 33 percent since the height of the crash in 2008, when it stood at $199.48bn.
Saudi Arabia’s Prince Alwaleed has topped the Arabian Business Rich List for the 10 successive year, with a personal fortune of $31.2bn.
The Kingdom Holding Company chairman saw his wealth rise by over 20 percent in the past twelve months, from $25.9bn. The figure – verified by his private office, reflects a series of strong performances and investments in the last year, most notably his $300m stake in Twitter, which rose in value by 200 percent when the company floated this year.
Alwaleed’s personal wealth for 2013 is more than twice that of second placed hotels magnate Mohamed Al Jaber. Financial statements seen by Arabian Business - and also verified by Al Jaber’s private office – put his total wealth at $12.662bn – nearly double last year’s figure of $7bn.
The Olayan family ($12.5bn), Mohammed Al Amoudi ($12bn) and Issam Al Zahid ($11.6bn – a figure also verified by his private office) – top the remaining slots in the top five.
Arabian Business Editor Ed Attwood said: “The last 12 months have seen some solid performances by Arab business leaders across the globe, but what is significant is only 11 of the top 50 saw their wealth increase. The overall wealth has increased largely because of phenomenal performances by the top two in our list, Prince Alwaleed and Mohamed Al Jaber."
The list does not include any members of royal families, unless their wealth is specifically derived from business interests.finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.