Saudi media prince tops Forbes richest Arab register
Rebecca Hawkes | 18-04-2013
Saudi media mogul, Prince Al Waleed Bin Talal, has topped the 100-strong Forbes list of the world's richest Arabs, shortly after being crowned 'The World's Most Influential Arab' by Arabian Business magazine for the 9th consecutive year.
The billionaire prince, whose net wealth is put by Forbes at US$20 billion, is the second largest voting shareholder of News Corporation and has significant stakes in Twitter and Apple. He also owns the Rotana Group, the Arab World's largest entertainment group, and 90% of the first private TV station in Lebanon, the Lebanese Broadcasting Corporation International.
Kingdom Holding Company, which Al Waleed formed in 1980, is now one of the largest and most diversified private investment companies in the world. In addition to media assets, Kingdom's investments include iconic landmarks and luxury hotels – such as London's Savoy – as well interests in banking, retail, healthcare and tourism.
Forbes calculates the net worth of those appearing on its rich list based on shares held, rather than personal wealth. In globally inclusive terms, Forbes this year ranked Al Waleed as the 26th richest person – a position the prince reportedly feels is beneath his real worth.