Source: Gulf Business
Forbes Middle East has unveiled its annual list of the world’s richest Arabs for 2017.
Saudi billionaire Prince Alwaleed bin Talal once again topped the list with an estimated net worth of $18.7bn, up by $1.4 billion from last year.
The UAE’s Majid Al Futtaim – the owner of a massive retail conglomerate – was ranked in the second spot with $10.6bn.
Overall, the report found that the aggregate net worth of the richest Arabs climbed by 29.2 per cent over the last year to $123.4bn, spread among 42 billionaires.
“Arab billionaires staged a comeback. Depressed oil prices have started a mild recovery, thanks in part to OPEC’s cap on output. Stock markets are also up,” the report said.
Nine of the entries were back on after dropping off the list in previous years, including Bassam and Kutayba Alghanim, Fawzi and Mohannad Al-Kharafi—all from Kuwait, Saudi brothers Salman, Fawaz and Abdul Majeed Alhokair, Onsi Sawiris, patriarch of Egypt’s richest family, and Moroccan real estate developer Anas Sefrioui.
With 10 entries on the list, Saudi Arabia claimed the highest number of billionaires with an aggregate net worth of $42bn, followed by Lebanon and Egypt with seven billionaires each. Emirati billionaires were found to be worth a combined $22bn, while Lebanon has the highest number of billionaires per capita.
The list was created based on stock prices as of February 17, 2017, for individual billionaires.
TOP 10 RICHEST ARABS IN THE WORLD
1. Prince Alwaleed Bin Talal
Net worth: $18.7bn
Country: Saudi Arabia
Age: 62
2. Majid Al Futtaim and family
Net worth: $10.6bn
Country: UAE
3. Mohammed Al Amoudi
Net worth: $8.1bn
Country: Saudi Arabia
Age: 70
4. Abdulla Bin Ahmed Al Ghurair and family
Net worth: $6.8bn
Country: UAE
5. Nassef Sawaris
Net worth: $5.6bn
Country: Egypt
Age: 56
6. Suhail Bahwan
Net worth: $4.1bn
Country: Oman
Age: 78
6. Abdulla Al Futtaim
Net worth: $4.1bn
Country: UAE
8. Naguib Sawaris
Net worth: $3.9bn
Country: Egypt
Age: 62
9. Prince Sultan Bin Mohammed Bin Saud Al Kabeer
Net worth: $3.8bn
Country: Saudi Arabia
Age: 63
10. Hussain Sajwani
Net worth: $3.7bn
Country: UAE
Age: 64
