Rabat - Forbes's Middle East magazine list of the world's richest Arabs has been released.
Rabat – Forbes’s Middle East magazine list of the world’s richest Arabs has been released.
Despite plummeting oil prices, the world’s 100 Arab mega rich seem to be even wealthier than they used to be only a year ago. Their combined fortunes stand at a whopping $174.37 billion or an $8.3 billion increase in 2014.
According to the Magazine, 56 of the 100 Arab billionaires and millionaires featured in this year’s list recorded an increase in their fortunes, while 23 Arab names have seen a drop in their overall wealth.
Saudi Arabia tops this year’s list in both the number of entries and total wealth with 41 names out of the 100. Forbes reveals that Saudi wealth this year stems mainly from the retail sector.
Saudi Arabia’s Prince Al waleed bin Talal Al Saud tops this year’s list with an estimated fortune of $22.6 billion. Syrian-born Joseph Safra occupies the second spot with a staggering $17.3 billion. Members of the UAE’s Al Ghurair family and Egypt’s Mansour and Sawiris families have all retained top spots in the ranking.
This year’s list of the top 100 richest Arabs builds on Forbes US’ recent Billionaires list, which features a total of 1,826 names with an overall wealth of $7.05 trillion.
Bill Gates, the founder of tech giant Microsoft, is once again the richest person in the United States and on the planet. He has held the title of the richest person in the world for 16 of the past 21 years. His fortune grew $3.2 billion since last year to $79.2 billion.
American investor Warren Buffet took the third spot with an estimated fortune at $72.7 billion. His wealth increased by $14.5 billion, making him the world’s biggest gainer of 2015.