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article imageSaudi Prince Alwaleed tops Forbes list of Arab billionaires

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By Katerina Nikolas     Apr 9, 2012 in Business
Saudi Arabia's Prince Alwaleed Bin Talal Al Saud, chairman of the Kingdom Holding Company, has topped the Forbes Middle East's Arab billionaires ranking for the second consecutive year, with a fortune of $18 billion.
According to Arabian Business, Forbes estimated Prince Alwaleed's fortune at $18bn, a lower figure than the estimate of $21.3bn provided by the Prince's private office. In December 2011 Digital Journal reported that Prince Alwaleed topped the Arabian Business Rich List for the eighth consecutive year with a fortune of $21.3bn.
Lebanese-Brazilian billionaire Joseph Safra ranked second in the Forbes list with a personal fortune of $13.8bn. Emirates 247 highlights Saudi banker Sulaiman Al-Rajhi, ranked fifth on the list, as a Saudi success story. The self-made billionaire announced last year that he plans to give most of his $6bn fortune to charity.
In addition to retaining the prestigious Forbes ranking, Prince Alwaleed has been awarded Burundi’s highest honor. Arab News reported President Pierre Nkurunziza of Burundi awarded the prince with the "Order of the Republic."
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