Country: Saudi Arabia
Wealth: 4.3 Thousand
Sulaiman Al Rajhi, chairman of Al Rajhi Bank — Saudi Arabia’s largest Islamic bank, established by royal decree in 1988 — began transferring his assets to family members in July 2010. His bank’s origins date back to the 1940s, when it began operating as a money changer in the kingdom. Today, its operations include retail, corporate and investment banking. Sulaiman owns the largest cut of the institution’s shares. With an established base in Riyadh, Al Rajhi Bank has a network of over 550 branches, over 100 dedicated ladies branches and more than 2,600 ATMs.
A philanthropist, Al Rajhi founded the SAAR Foundation, a flagship corporation representing charities, think tanks and business entities. Al Rajhi also oversees stakes in a number of Saudi firms — 24.9 percent of Al Rajhi Bank, 23.7 percent of Yanbu Cement and a 19.7 percent stake in Nadec.