30 of world's 50 wealthiest Arabs are Saudis

JEDDAH - Saudi Arabia has once again topped the Middle East for its super-rich residents, cornering 60 percent on the Arabian Business Rich List 2011 published Sunday. Thirty of the world's 50 wealthiest Arabs are Saudis. Prince Alwaleed Bin Talal Al Saud for the eighth consecutive year topped the List with a fortune of $21.3 billion, as overall wealth of the world's 50 wealthiest Arabs rose nearly 5 percent to $257 billion, despite global economic gloom and a year of unprecedented popular unrest in parts of the Middle East. At No.2 is the founder of MBI Group, Mohammed Al Jaber, with $12.6 billion in the bank. The UAE got only four on the list and Qatar just three. Kuwait managed to get three on the list while Egypt just one. Saudi Arabia's Olayan family, who deals mainly in banking and finance, retained third position with an estimated net worth of $12.4 billion, up from $11.9 billion a year ago. Issam Alzahid, also from Saudi Arabia, jumped to fourth position this year, ranking 22nd in 2010, after he saw his wealth more than double to $10.7 billion from $4.3 billion. Alzahid is the chairman of Alzahid Group of Companies, which deals in construction and industries. Saudi energy tycoon Mohammad Al Amoudi fell one place to fifth position but still added 4 percent to his net worth, which now stands at $10.4 billion. Kuwait's Al Kharafi family, which trades mainly in real estate and retail, maintained sixth spot at $8.7 billion, up from $8.2 billion a year ago. The Bukhamseen family, also from Kuwait, shot up to seventh place from rank 25, adding $3.25 billion to its net worth to a total $7.25 billion. Saudi's Binladin family, active mainly in construction and industries, fell to eighth position after its wealth dropped about 26 percent to $7.25 in 2011, the biggest decline of any list entry. Ranked ninth, Saudi Arabia's Jeddah-based Bugshan family, who deals in businesses including automobiles, real estate and electronics, saw its wealth unchanged at about $7 billion. At tenth place is Said Khoury from Palistine at $6.52 billion, who is in the construction and industry business. Just one Bahraini family, the Kanoo family, made it the Arabian Business Rich List 2011 at the 14th place with $6 billion in wealth.

Across the region, which sits on some of the world's largest oil reserves, there are 4,490 so-called ultrahigh-net-worth individuals, compared with 62,960 in North America and 54,325 in Europe, Wealth-X said last November. Private banks and wealth management firms have been quick to tap into the market, with a number of finance houses shifting their focus to wealth management following the credit crisis.