DUBAI: The world’s 50 richest Arabs have lost a staggering $25 billion between them in the last year, as the global financial crisis sweeps through the region.The figures are revealed in the Arabian Business 2008 Rich List, which will be published on Sunday.
The list shows that the average fortune of the top 50 has slipped to $3.99 billion – down from $4.99 billion last year. In total, the top 50 now hold between them $199.48 billion – a fall of 12 percent on last year.
This year’s list also contains nine new entries, with 21 risers and 18 fallers on the list. As a sign of the downturn in global stock, nine of the top ten on this year’s list have seen their wealth decline.
The collapse in the value of property and banking shares – the bedrock of Arab wealth in previous years – is cited as the biggest reason for the shock decline.
The 2008 list also contains the first ever detailed assessment of the HRH Prince Alwaleed’s wealth. The special report includes a comprehensive look at all his assets and investments over the past twenty years.
It was compiled in conjunction with HRH Prince Alwaleed himself and his advisors, and is set to become the definite guide to his personal wealth.
The 2008 Rich List will be available online here from Sunday.
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