Revealed: World’s top 10 richest Arabs in 2016

Arab billionaires’ net worth has fallen by 31.3 per cent, finds new Forbes list



Saudi Arabia's billionaire Prince Alwaleed bin Talal speaks to reporters during a press conference in the Saudi capital, Riyadh, on July 1, 2015. Alwaleed pledged his entire $32-billion (28.8-billion-euro) fortune to charitable projects over the coming years. The prince said in a statement that the "philanthropic pledge will help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world." AFP PHOTO / FAYEZ NURELDINE (Photo credit should read FAYEZ NURELDINE/AFP/Getty Images)

Arab billionaires across the world saw their net worth drop by 31.3 per cent from a year ago, according to the latest rich list released by Forbes Middle East.

The annual ranking found that aggregate net worth was down $29.9bn from a year ago to $95.5bn. Out of a total of 32 billionaires, 12 dropped off the list, although five new ones were added.

Saudi billionaire Prince Alwaleed remains the wealthiest Arab in the world, even though his net worth fell by more than 20 per cent from a year ago.

The list also found that Lebanon has the maximum number of billionaires at seven while Saudi billionaires are the richest with a combined net worth of $34.6bn.

The United Arab Emirates’ six billionaires are worth $19.7bn while Egypt also has six billionaires whose net worth amounts to $14.2bn.

Along with the individual billionaires, Forbes Middle East also published a list of 15 billionaire families from the region.

Saudi Arabia topped the list, with 12 of the richest families.

Nine out of the 15 families made a fortune owning licensing rights to foreign brands, mostly American, the report said.

 

World’s top 10 richest Arabs in 2016

1. Prince Alwaleed Bin Talal Alsaud

Net worth in 2016: $17.3bn

Net worth in 2015: $22.6bn

Age: 61

Source of wealth: Investments

Country: Saudi Arabia

 

2. Mohammed Al Amoudi

Net worth in 2016: $8.3bn

Net worth in 2015: $10.8bn

Age: 69

Source of wealth: Oil, diversified

Country: Saudi Arabia

 

3. Majid Al Futtaim

Net worth in 2016: $5bn

Net worth in 2015: $6.2bn

Source of wealth: Real estate, retail

Country: United Arab Emirates

 

4. Abdulla bin Ahmad Al Ghurair & family

Net worth in 2016: $4.9bn

Net worth in 2015: $6.4bn

Source of wealth: Diversified

Country: United Arab Emirates

 

5. Nassef Sawiris

Net worth in 2016: $3.7bn

Net worth in 2015: $6.3bn

Age: 55

Source of wealth: Construction, chemicals

Country: Egypt

 

6. Prince Sultan bin Mohammed bin Saud Al Kabeer

Net worth in 2016: $3.4bn

Net worth in 2015: $4.1bn

Age: 62

Source of wealth: Dairy farms

Country: Saudi Arabia

 

6. Suhail Salim Bahwan (shared rank)

Net worth in 2016: $3.4bn

Net worth in 2015: Not ranked

Source of wealth: Diversified

Country: Oman

 

8. Hussain Sajwani

Net worth in 2016: $3.2bn

Net worth in 2015: Not ranked

Age: 63

Source of wealth: Real estate

Country: United Arab Emirates

 

9. Abdulla Al Futtaim

Net worth in 2016: $3.1bn

Net worth in 2015: $3.2bn

Source of wealth: Auto dealers, investments

Country: United Arab Emirates

 

9. Issad Rebrab (shared rank)

Net worth: $3.1bn

Net worth in 2015: $3.1bn

Age: 72

Source of wealth: Food

Country: Algeria

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