Hotel owner Prince Alwaleed tops Arab rich list
Saudi prince takes number one slot for eleventh year running, with $28.1bn fortune
Saudi Arabia's Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud has topped the 2014 Arabian Business Rich List with a personal fortune of US $28.1 billion, in a new survey published today by Hotelier's sister publication Arabian Business.
The prince, who chairs Kingdom Holding, saw his wealth slip from US $31.2 billion last year, following a 20% 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.
In addition to having significant stakes in Four Seasons, FRHI and Mövenpick, Alwaleed owns or part-owns a number of well-known hotels around the world, including Four Seasons Hotel George V in Paris, Plaza Hotel in New York and Savoy Hotel in London.
The annual listing of the word’s 50 richest Arabs saw the Saudi-based Olayan family placed second on US $12 billion, with Brazil based Joseph Safra third on US $11.9 billion.
Egypt’s Sawiris family was ranked fourth with US $11.3 billion, one place ahead of Saudi Arabia’s Issam Al Zahid on US $11.2 billion.
Damac chairman Hussain Sajwani made his first ever appearance on the list, ranked 22nd with US $4 billion. The top 50 was propped up by Morocco’s Anas Sefrioui with US $1.5 billion.
The combined wealth of the 50 richest Arabs came in at US $255.86 billion, a 3.9% fall on the previous year – the first fall in total wealth since 2008. The average wealth of the top 50 now stands at US $5.11 billion. Although the figure is down on last year’s average of US $5.32 billion, it still represents a 28% rise since 2008.