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article imageSaudi prince irked at alleged underestimation of his net worth

By Paul Iddon     Mar 5, 2013 in Business
Saudi Arabian Prince Alwaleed Bin Talal has wagged his finger at Forbes magazine accusing it of wrongly assessing the magnitude of his wealth.
In that magazines list of the world's richest people for 2013's Forbes put Mr. Alwaleed's net worth at $20 billion. This saw to him being put in 26th place. However the prince argues that his worth is in fact $29.6 billion, $9.6 billion more than Forbes calculated. (CNN, March 5 2013)
Forbes in turn insists it had investigated the princes wealth "deeply" given previous complaints the prince had regarding Forbes estimations of his net worth. Forbes outlined the extent of Alwaleed's vigorous accusations when it stated that, "Of the 1,426 billionaires on our list, not one - not even the vainglorious Donald Trump - goes to greater measure to try to affect his or her ranking."
Forbes also outlined what they see as the reason for the princes complaining, that being the fact that their list is "how he wants the world to judge his success or his stature." In turn Mr. Talal claims that the magazine purposely miscalculated his network as part of a conspiracy "designed to disadvantage" Middle Eastern investors. (BBC News, March 5 2013)
Furthermore his office added that he wanted to be removed from the list and he would no longer cooperate with the magazine. In an official statement made on his behalf his position was that him and his team "have worked very openly with the Forbes team over the years and have on multiple occasions pointed out problems with their methodology that need correction. However after several years of our efforts to correct mistakes falling on deaf ears, we have decided that Forbes has no intention of improving the accuracy of their valuation of our holdings and we have made the decision to move on."
More about Prince alWaleed bin Talal, Saudi arabia, Forbes