UAE has just 3 names in Rich List

Country accounts for just 6% of entries in top 50
UAE has just 3 names in Rich List
By Staff writer
Sun 15 Dec 2013 09:14 AM

The UAE has accounted for only three names in this year’s Arabian Business Rich List. The Al Ghurair family were highest placed with a fortune of $6.3bn, putting them in 12 place – two slots above Majid Al Futtaim with $6.1bn. The Gargash family, with $3.7bn, were the only other UAE ranked entry.

Click here to view the world’s richest Arabs

Nearly half the entries in the 2013 Arabian Business Rich List are based in Saudi Arabia, with the country accounting for a staggering 23 names this year.

Kuwait and the UK followed with 4 names each. Just two came from Egypt. Europe, in total, accounted for 7 entries.

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.

The 2013 list showed the top 50 richest Arabs in the world now have a combined wealth of $266.21bn, up from $257.21bn last year.

But only 11 of the names on last year’s list saw their figures rise.

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.

Click here to view the world’s richest Arabs

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