Saudi billionaire Prince Alwaleed bin Talal al-Saud
(pictured) for the eighth consecutive year topped the Arabian Business Rich List, as overall wealth of the world’s 50 wealthiest Arabs rose nearly 5% to $257bn despite global economic gloom and a year of unprecedented popular unrest in parts of the Middle East. The Arab Rich List 2011, which was published yesterday by Arabian Business, surveys Arabs who made their money through business achievements and does not include members of royal families or politicians. Prince Alwaleed, who is chairman of Kingdom Holding, saw his wealth rise to $21.3bn in 2011, an increase of $900mn on the previous year, ranking him top of this year’s list. Saudi’s Sheikh Mohamed bin Issa al-Jaber, founder and chairman of MBI International, who mostly deals in travel and hospitality, retained second spot with a net worth of $12.75bn, up 6.25% versus 2010. Saudi Arabia, the Middle East’s biggest economy, is home to 30 of the world’s 50 wealthiest Arabs, with seven Saudis ranking among the top 10, according to Arabian Business. Four of the richest Arabs are based in the UAE, with three each in Qatar and Kuwait, according to this year’s list. Saudi Arabia’s Olayan family, which deals mainly in banking and finance, retained third position with an estimated net worth of $12.4bn, up from $11.9bn a year ago. Issam Alzahid, also from Saudi Arabia, jumped to fourth position this year, ranking 22nd in 2010, after he saw his wealth more than double to $10.7bn from $4.3bn. Alzahid is the chairman of Alzahid Group of Companies, which deals in construction and industries. Saudi energy tycoon Mohamed al-Amoudi fell one place to fifth position but still added 4% to his net worth, which now stands at $10.4bn. The first non-Saudi on the list, Kuwait’s Al Kharafi family, which trades mainly in real estate and retail, maintained sixth spot at $8.7bn, up from $8.2bn a year ago. The list’s total net worth rose to about $257bn in 2011, compared with $245bn in 2010 and $207bn in 2009, despite the global economy struggling with the fallout from the eurozone’s debt crisis, a poor economic outlook in the US and in Asia.