Prince Alwaleed tops 2014 Arab Rich List with $28.1bn

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Abdulaziz Al Saud has topped the 2014 Arabian Business Rich List with a personal fortune of $28.1bn, in a new survey published by the magazine on Sunday.

The prince, who chairs Kingdom Holding, saw his wealth slip from $31.2bn last year, following a 20 percent fall in the company’s share price over the past year. However the magazine noted that his privately held assets, notably his real estate and media interests, had performed strongly, reducing the impact of the fall in Kingdom Holding shares. It was the 11th year in succession that the prince has taken the number one slot on the list.

The annual listing of the word’s 50 richest Arabs saw the Saudi-based Olayan family placed second on $12bn, with Brazil based Joseph Safra third on $11.9bn.

Egypt’s Sawiris family was ranked fourth with $11.3bn, one place ahead of Saudi Arabia’s Issam Al Zahid on $11.2bn.

Damac chairman Hussain Sajwani made his first ever appearance on the list, ranked 22nd with $4bn. The top 50 was propped up by Morocco’s Anas Sefrioui with $1.5bn.

The combined wealth of the 50 richest Arabs came in at $255.86bn, a 3.9 percent fall on the previous year – the first fall in total wealth since 2008. The average wealth of the top 50 now stands at $5.11bn. Although the figure is down on last year’s average of $5.32bn, it still represents a 28 percent rise since 2008.

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