If you thought that the world’s richest were only getting richer, here’s something to change your mind. The year 2015 wasn't kind to billionaires worldwide, with plunging oil prices, shaky stock markets, and a stronger dollar wreaking havoc on personal fortunes.
The result: The aggregate net worth of 32 Arab billionaires was down $29.9 billion from one year ago to $95.5 billion, according to Forbes Middle East.
PRINCE ALWALEED OF SAUDI ARABIA REMAINS THE WEALTHIEST ARAB, THOUGH HIS NET WORTH ALSO FELL BY 23.8 PER CENT FROM A YEAR AGO.
Alwaleed is the founder and CEO of Kingdom Holding Company and has investments in sectors such as financial services, tourism, hospitality, media, technology, and real estate.
He has several high-profile investments to his name; for instance, he is the largest individual shareholder of Citigroup, and in October 2015 he doubled his stake in Twitter to own more than 5 percent of the microblogging company.
Here’s the list of the top 10 richest Arabs:
Prince Al-Waleed Bin Talal Alsaud, Saudi Arabia. Net worth: $17.3 billion
Mohammed Al Amoudi, Saudi Arabia. Net worth: $8.3 billion
Majid Al Futtaim, United Arab Emirates. Net Worth: $5 billion
Abdulla bin Ahmad Al Ghurair and family, United Arab Emirates. Net worth: $4.9 billion
Nassef Sawiris, Egypt. Net worth: $3.7 billion
Prince Sultan bin Mohammed bin Saud Al Kabeer, Saudi Arabia. Net worth: $3.4 billion
Suhail Salim Bahwan, Oman. Net worth: $3.4 billion
Hussain Sajwani, United Arab Emirates. Net worth: $3.2 billion
Abdulla Al Futtaim, United Arab Emirates. Net worth: $3.1 billion
Issad Rebrab and family, Algeria. Net worth: $3.1 billion
(View the full list of 2016 Arab billionaires rankings here.)
According to the Forbes list, Lebanon stood first among the Arab nations for having the highest number of billionaires with seven, closely followed by Saudi Arabia, Egypt, and the UAE, which have six billionaires each.
(View the full list of the Arab world’s richest families rankings here.)
In terms of combined fortunes, the six Saudi billionaires have greatest the biggest amount ($34.6 billion), followed by the six in the UAE ($19.7 billion).
China, however, rules the top spot worldwide: according to the latest reports, there are more than 2100 billionaires in the world, and the majority of the new entrants into this league come from Greater China.