Dec 15, 2008

Lifestyle - Saudi Prince becomes poorer by $4 billion

DUBAI: The global meltdown has not spared even the league of super-rich in Saudi Arabia, including Prince Alwaleed bin Talal, who became poorer by $4 billion losing his assets in U.S.-based firm Citigroup.

“Most of our top ten have suffered considerable losses, beginning at the very top and Prince Alwaleed is down to $17.08 billion,” said the Arabian Business magazine.

However, the Prince is still the richest Arab with his holdings worth $17.08 billion as of December 2, according to the magazine’s annual list of world’s 50 richest Arabians released on Sunday. The magazine claimed to have come up with the most accurate figure ever published regarding Alwaleed’s wealth as it had “exclusive access” to the records of his private assets.

The Prince’s worth, the magazine said, was “nearly twice as much as second placed Nasser Al Kharafi, who comes in at $9.6 billion.”

The joint Arab families of Al Rajhi and Hariri, who were placed at over $20 billion last year, have been split during the current assessment and Sulaiman was the only member of the Al Rajhi family who found entry into the list at the 11th position having wealth worth $5.4 billion. — PTI

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