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50 Richest Arabs Lost $25b in 2008
DUBAI — The 50 richest Arabs in the world lost a total of $25 billion this year as the global economic contraction reduced the value of banking and property assets, according to the “2008 Rich List” by Arabian Business magazine.
The list shows that the average fortune of the top 50 has slipped to $3.99 billion — down from $4.99 billion last year. In total, the top 50 now hold between them $199.48 billion — a fall of 12 per cent last year.
This year’s list also contains nine new entries, with 21 risers and 18 fallers on the list. As a sign of the downturn in global stock, nine of the top ten on this year’s list have seen their wealth decline.
The collapse in the value of property and banking shares — the bedrock of Arab wealth in previous years — is cited as the biggest reason for the shock decline.
The 2008 list also contains the first ever detailed assessment of Prince Alwaleed’s wealth.
The special report includes a comprehensive look at all his assets and investments over the past 20 years.
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