Top 7 richest people in Saudi Arabia
Saudi Arabia is a major oil producer and exporter. The nation’s command economy is petroleum-based. Around 75 percent of its budget revenues and 90 percent of export earnings come from the oil industry. The House of Saudi is the richest family in the world.
Here is a brief overview of the top richest people in Saudi Arabia as of 2014, ranked according to their Forbes net worth.
7) Sulaiman Al Rajhi and family – Net Worth: $2 Billion
Sulaiman Al Rajhi is a self-made billionaire. His shares in the Al Rajhi Bank are worth around $6 billion. He has transferred around 20 percent stake in the bank to an endowment that bears his name. He has retained other assets, including one of the largest poultry farms in the region.
6) Abdullah Al Rajhi and family – Net worth: $2.6 Billion
Along with brothers Sulaiman, Mohammed and the late Saleh, Abdullah Al Rajhi founded Al Rajhi Bank more than half a century ago. With $74 billion in assets, it is one of the largest Islamic banks in the world. The family dominates the board of this publicly traded bank. He also owns a stake in Islamic banking powerhouse Al Baraka Banking Group
5) Saleh Kamel – Net Worth: $3 Billion
This 73-year-old self-made billionaire is the founder and chairman of the conglomerate Dallah Albaraka, which has interests in real estate development, Islamic banking and food production. He is also the chairman of Al Baraka, which operates Islamic banks throughout the Middle East, Indonesia and Pakistan.
4) Mohammed Al Issa – Net Worth: $3.7 Billion
This 89-year-old self-made billionaire is one of the largest individual investors in the Saudi stock market. He has major stakes in Savola Group, one of the largest food processors in Saudi Arabia. He also holds major stakes in Riyad Bank and Saudi Hotels & Resorts Co.
3) Prince Sultan bin Mohammed bin Saud Al Kabeer – Net Worth: $4.2 Billion
This 60-year-old self-made billionaire is a member of the Saudi royal family. He is the founder of the Almarai, one of the largest dairy operations in the Middle East. He founded the company in 1977 and took it public in 2005, retaining 28.6 percent stake in the same.
2) Mohammed Al Amoudi – Net Worth: $13.9 Billion
This 68-year-old self-made billionaire has accumulated a portfolio of agriculture, construction and energy companies across Saudi Arabia and Ethiopia. He made his initial fortune in construction in Saudi Arabia. He is the biggest individual investor in Ethiopia
1) Prince Alwaleed Bin Talal Alsaud – Net Worth: $21.7 Billion
This 50-year-old self-made billionaire is one of the world’s most high-profile investors. He owns a broad swath of stakes in private and public companies in the US, Europe and the Middle East, mostly through Kingdom Holding Co., 5 percent of which is listed on the Saudi Stock Exchange. Holdings include stakes in News Corp, Citigroup and other companies. He owns extensive Saudi real estate and other assets outside the Kingdom Holding.