30 Arab billionaires worth $125.3 bln on Forbes rich list

Forbes recently announced the 2007 list of the world’s richest people, which includes 30 billionaires from the Arab world with a collective net worth approaching USD 125.3 bln. The world’s total number of billionaires reached 946 with a collective net worth of USD 3.5 trln, a significant increase from the 2006 figures of 793 billionaires with a collective net worth of USD 2.6 trln.

The 34th issue of Forbes Arabia also reports that the number of Arab billionaires increased 25% in a single year, compared to a 19.3% increase of billionaires worldwide, however the collective net worth of Arab billionaires only increased by 15.4%, compared to a worldwide increase of 35%.

Although the Arab world’s richest list preserved its usual flavor, with Saudi Arabia offering 13 out of the 30 total billionaires, and Prince Al Waleed Bin Talal topping the Saudi rankings with a net worth exceeding USD 20.3 bln, there were also some big surprises this year which witnessed a few newcomers, a few returns, some departures and a general trading of places.

Seven Arab newcomers debuted in the 2007 world’s richest list, with only Hind Rafik Al Hariri, last year considered the youngest billionaire in the world, departing from the list. Of the seven newcomers, three are from Saudi Arabia, two are from Egypt, two are from Lebanon and one Kuwaiti, Mohamed Al-Bahar, restored his position on this year’s list with a net worth of USD 1.4 bln.

Saudi’s new faces include Maan Al Sanea, securing sixth place with a net worth of USD 7.5 bln; Sulaiman Al Qusaibi, featuring 26th with USD 1.4 bln; and Mohamed Al Jaber, featuring 28th with USD 1 bln.

Egypt’s nominees include two brothers, Nasef and Samih Sawiris, with Nasef securing tenth place with USD 3.9 bln and Samih ranking 24th with USD 1.5 bln.

The surprise in Lebanon was the emergence of two brothers, Nagib and Taha Mikati, who, with a net worth of USD 2.3 bln each, secured a joint 17th position with Saad Al-Din Al-Hariri, who dropped from his eight place last year after his wealth suffered a decrease from USD 4.1 bln to 2.3 bln.

 

 

Arab Billionaires Top 10

 

 

Forbes Arabia’s latest issue also features a variety of articles on the Arab world’s other wealthy people, including Carlos Helo, a Mexican of Lebanese origin whose net worth increased from USD 20 bln in 2006 to almost USD 50 bln in 2007; Samih Sawiris whose investments have reached the Swiss Alps; and Khalif Al Habtoor, featured on the cover, who ranks 15th amongst the Arab’s richest and fourth in the UAE with a net worth exceeding USD 2.5 bln, up 200 mln from last year.

The magazine also includes a special report on the recent Forbes’ CEO Middle East Forum, with the theme “Driving growth: risk and reward in the Middle East, held in Doha, Qatar, in February.