Today we inspect the real movers and shakers in the Middle East as we take a look at 11 richest Arabs in the world. Even with oil prices dropping, the diversification of their investment has seen to the increase of their wealth. The companies richest Arabs in the world own no longer depend on oil profits. They have been sustainable on their own investments for a long time now and although the initial capital in most cases came from oil sales, today these are viable enterprises that have taken on the life of their own, sometimes completely independent from the energy sector in general. The total number of Arab billionaires is also on the rise, reaching 49 in 2015, with total net worth of $155 billion.
With four representatives, Saudi Arabia tops the list, followed closely by Lebanon with three. The United Arab Emirates and Egypt contributed two billionaires each. Interestingly enough, not all 10 richest Arab countries in the world are present, with only 4 countries represented on the list, despite the region having more than their fair share of accumulated wealth. Issad Rebrab from Algiers came close, but lacked mere $200 million to qualify for the 11th place, which is a pocket change considering that 11 names on the list control almost $90 billion in cash and assets. Saudi Arabia leads the way, with 41 out of 100 richest Arabs coming from the Kingdom. Let’s see who did make it onto the list of 11 richest Arabs in the world.
11. Taha Mikati
Net worth: $ 3.1 billion
The non-political Mikati brother, Taha, made his fortune from the company he founded together with Najib.
10. Najib Mikati
Net worth: $ 3.1 billion
Two times Prime Minister of Lebanon, Najib Mikati comes from a wealthy Tripoli family. He also served in various positions in Lebanese government prior to becoming country’s Prime Minister in 2005.
9. Mohammad Al Issa
Net worth: $ 3.5 billion
4th richest man in Saudi Arabia made his fortune from investments in food companies and hotels. Apart from Savola Group, one of the largest food companies in Saudi Arabia, he owns stakes in Saudi Hotels & Resorts Co., and Riyad Bank.
8. Mohamed Mansour
Net worth: $ 4 billion
Mansour Group controls 9 out of Egypt’s 500 biggest companies. Their flagship is General Motors dealerships, which controls sales of all GM cars in Egypt. In 2010 they sold 94,000 units.
7. Prince Sultan Bin Mohammad Bin Saud Al Kabeer
Net worth: $ 4.1 billion
A member of a royal Saudi family, Prince Sultan Bin Mohammad Bin Saud Al Kabeer owns 29% of Almarai, a food company he founded in 1977 and took public in 2005, making a hefty profit in process. Prince also owns a stud farm near Riyadh with more than 100 horses in training.
6. Majid Al Futtaim
Net worth: $ 6.2 billion
Operating in 13 countries across The Middle East, Central Asia and North Africa, Majid Al Futtaim Group operates malls and hypermarkets chains. Among Majid Al Futtaim’s possessions is Mall of the Emirates, world’s first shopping resort.
5. Nassef Sawiris
Net worth: $ 6.3 billion
Educated at the University of Chicago, Nassef Sawiris is the richest man in Egypt, despite being the youngest son of Onsi Sawiris, one of the most prominent Egyptian businessmen. He ran in a bit of legal troubles while Mohamed Morsi was in office, but it seems he managed to make a deal with a new government in Cairo and is planning to invest in Egypt again.
4. Abdullah Bin Ahmad Al Ghurair
Net worth: $ 6.4 billion
Together with his brother Saif, Abdullah Bin Ahmad Al Ghurair is a part of the richest family in the United Arab Emirates. He is the chairman of Mashreqbank, one of the country’s biggest banks he founded in 1967, with his son Abdul Aziz serving as CEO. Al Ghurair Group, a family company, operates in Asia, Africa, Europe and North America.
3. Mohammad Al Amoudi
Net worth: $ 10.8 billion
Sheikh Mohammed Hussein Ali Al Amoudi operates various businesses in both Saudi Arabia and Ethiopia, his mother’s home country. Besides oil, he also invested heavily in agriculture and mining. Together with Clinton Global Initiative, Sheikh battles against the spread of AIDS in Africa.
2. Joseph Safra
Net worth: $ 17.3 billion
Born in Syria, raised in Lebanon and living in Brazil, Joseph Safra had a very interesting life. His family was once involved in lucrative caravan trade during the Ottoman Empire. Joseph Safra is the richest banker in the world.
1. Prince Alwaleed Bin Talal Alsaud
Net worth: $ 22.6 billion
The richest Arab in the world and 34th richest person in the world is Prince Alwaleed Bin Talal Alsaud. The grandson of Ibn Saud, the first Saudi king, Prince Alwaleed is the founder and 95% owner of Kingdom Holding Company, a large investment company founded by the Prince’s oil profits.
