Dubai: A number of Arab nationals are getting richer every year and so far, at least 30 of them have made it to the club of world’s wealthiest people on earth.
Following its annual ranking of billionaires around the world, Forbes announced on Thursday that 31 mega-wealthy individuals in the Arab world now own an estimated net worth of $76.7 billion, which is equivalent to a staggering Dh281 billion.
Their aggregate fortunes, however, have dropped from last year’s $123.4 billion, as 11 Saudi billionaires have been excluded from the 2018 rankings.
The list is dominated by UAE and Lebanon, with seven billionaires each, followed by Egypt, with six billionaires, and Kuwait, with four. Two billionaires from Morocco, and another two each from Oman and Qatar, also made it to the global rankings. One billionaire from Algeria also qualified for the wealthiest Arab club.
Taking the crown as the richest Arab is Nassef Sawiris from Egypt, who has accumulated $6.6 billion worth of fortunes as of March 2018. The 57-year-old businessman is a scion of Egypt’s wealthiest family. He has interests in construction and chemicals, and his holdings include stakes in cement giant Lafarge Holcim and Adidas.
Emirati business tycoons, Abdullah Al Ghurair, Majid Al Futtaim and Hussain Sajwani are trailing behind, with an estimated net worth of $5.9 billion, $4.6 billion and $4.1 billion, respectively.
The Saudi billionaires who were included in last year’s rankings did not make it to this year’s edition.
The magazine explained that it opted to exclude Saudi nationals from the list due to reports revolving around their asset seizures. Billionaires from Saudi Arabia were worth $42.1 billion last year and their fortunes are probably worth bigger than that this year, considering the rise in oil prices and capital markets around the world.
“As a result, the total wealth of Arab billionaires has fallen, and 11 have dropped off the charts,” Forbes said.
The 31 richest Arabs in the world
1.Nassef Sawiris: $6.6 billion
2.Abdulla Bin Ahmad Al Ghurair: $5.9 billion
3.Majid Al Futtaim: $4.6 billion
4.Hussain Sajwani: $4.1 billion
5.Issad Rebrab: $4 billion
6.Naguib Sawiris: $4 billion
7.Suhail Bahwan: $3.9 billion
8.Abdulla Al Futtaim: $3.3 billion
9.Taha Mikati: $2.8 billion
10.Mohamed Mansour: $2.7 billion
11.Najib Mikati: $2.7 billion
12.Saeed Bin Butti Al Qebaisi: $2.7 billion
13. Aziz Akhannouch: $2.2 billion
14.Bahaa Hariri: $2.1 billion
15.Yasseen Mansour: $1.9 billion
16.Saif Al Ghurair: $1.9 billion
17.Mohamed Al Fayed: $1.6 billion
18.Robert Mouawad: $1.6 billion
19.Othman Benjelloun: $1.6 billion
20.Saad Hariri: $1.5 billion
21.Faisal Bin Qassim Al Thani: $1.6 billion
22. PNC Menon* : $1.5 billion
23. Khalifa Bin Butti Al Muhairi: $1.5 billion
24.Youssef Mansour: $1.4 billion
25.Bassam Alghanim: $1.4 billion
26.Kutayba Alghanim: $1.4 billion
27.Ayman Hariri: $1.3 billion
28.Fahd Hariri: $1.3 billion
29. Fawzi Al Kharafi: $1.2 billion
30.Mohannad Al-Kharafi: $1.2 billion
31.Hamad Bin Jassim Bin Jaber Al Thani: $1.2 billion
* Although he's of Indian origin, PNC Menon is now an Omani citizen, so his name is included in the Arab list, says Forbes.