Wealth: 5.5 Billion
From Pepsi to Frito-Lay, and from Pennsylvania to Mauritania, this Saudi family seems to have a hand in most industries. Based in Jeddah, they are associated with a plethora of business sectors, including automobiles, luxury cosmetics and watches, real estate and electronics. As regional entrepreneurs, they also maintain a strong presence in Morocco, Yemen, Algeria and the UAE. Founded in 1923, the Ahmed Salem Bugshan Group (referred to as ASB) started as a steel manufacturer.
Since then it has developed into a huge conglomerate by establishing alliances, dealerships and licence agreements with leading global brands. In Saudi Arabia, ASB companies hold sole distribution rights for Bridgestone tyres, Nivea, and Christian Dior perfumes. With the opening of a Canadian curriculum school in 2009 in Saudi Arabia, education can be added to the group’s ever-growing portfolio.