Prince Alwaleed Bin Talal Al-Saud ranked as the richest man in Saudi Arabia, and the Middle East, in the latest list of the world's richest people published by Forbes magazine. With $20.3 billion (SR76.3 billion), the prince ranked No. 13 out of nearly 1,000 billionaires profiled by the magazine. Twelve other billionaires make their home in the Kingdom, it was reported.
A nephew of Custodian of the Two Holy Mosques King Abdullah, Prince Alwaleed built his fortune through successful investments with his own Kingdom Holding Company, and Forbes reports that his public and private holdings are growing more valuable. The prince has significant holdings in both Saudi and foreign companies.
Other Saudi billionaires on the list include construction and oil magnate Mohammed Al-Amoudi, with $8 billion (SR30 billion); contractor Maan Al-Sanea, with $7.5 billion (SR28.2 billion); aviation and media tycoon Saleh Kamel, with $3.5 billion (SR13.1 billion); and several members of the Al-Rajhi family, owners of the Kingdom's most profitable bank.
Globally, the number of billionaires reached a record 946, Forbes said.
India became home to the most billionaries in Asia, pushing Japan back to the No. 2 spot. Lakshmi N. Mittal, the London-based steel magnate who spearheaded the takeover of European steel maker Arcelor SA, was the richest Asian - and the world's fifth-wealthiest - with a net worth estimated at $32 billion (SR120.3 billion), the magazine said.
India added 14 new billionaires since last year to bring its total on the list to 36, with a combined wealth of $191 billion (SR718 billion), Forbes said, contrasting sharply with the 400 million Indians who still live on less than a dollar a day.
Japan's 24 billionaires had an estimated combined net worth $64 billion (SR240.6 billion), according to the list, while Hong Kong came in the third spot with 21 billionaires, and China was fourth with 20.
The United States may still have 44 percent of the world's total billionaires, but many of them are dropping through the ranks and are being overtaken by business tycoons from Asia and other emerging economies, including Russia and Mexico, the Forbes list showed.
Only five Americans were in the top 20 that included three Indians. However, Bill Gates and Warren Buffett remained the richest and second-richest private citizens in the world, as they have been for several years.
Hong Kong-based business tycoon Li Ka-shing was Asia's second-wealthiest with a net worth of $23 billion, the list showed.
Ranking second and third among Indians were the brothers Mukesh Ambani and Anil Ambani, who split their father's business after months of feuding in 2005.
Mukesh Ambani, whose Reliance Industries is largely focused on petroleum and petrochemicals, was No. 14 with wealth totaling $20.1 billion. His brother Anil, whose diversified business interests include telecommunications, power generation and finance, ranked 18th with an estimated net worth of $18.2 billion.
The methodology of the rankings remains similar to the practice Forbes followed in previous years.
The worth of an individual's holdings in public companies was based on the closing stock price on February 9, and the value of private companies was estimated by evaluating comparable public firms in the industry and by consulting with experts in the field.
A nephew of Custodian of the Two Holy Mosques King Abdullah, Prince Alwaleed built his fortune through successful investments with his own Kingdom Holding Company, and Forbes reports that his public and private holdings are growing more valuable. The prince has significant holdings in both Saudi and foreign companies.
Other Saudi billionaires on the list include construction and oil magnate Mohammed Al-Amoudi, with $8 billion (SR30 billion); contractor Maan Al-Sanea, with $7.5 billion (SR28.2 billion); aviation and media tycoon Saleh Kamel, with $3.5 billion (SR13.1 billion); and several members of the Al-Rajhi family, owners of the Kingdom's most profitable bank.
Globally, the number of billionaires reached a record 946, Forbes said.
India became home to the most billionaries in Asia, pushing Japan back to the No. 2 spot. Lakshmi N. Mittal, the London-based steel magnate who spearheaded the takeover of European steel maker Arcelor SA, was the richest Asian - and the world's fifth-wealthiest - with a net worth estimated at $32 billion (SR120.3 billion), the magazine said.
India added 14 new billionaires since last year to bring its total on the list to 36, with a combined wealth of $191 billion (SR718 billion), Forbes said, contrasting sharply with the 400 million Indians who still live on less than a dollar a day.
Japan's 24 billionaires had an estimated combined net worth $64 billion (SR240.6 billion), according to the list, while Hong Kong came in the third spot with 21 billionaires, and China was fourth with 20.
The United States may still have 44 percent of the world's total billionaires, but many of them are dropping through the ranks and are being overtaken by business tycoons from Asia and other emerging economies, including Russia and Mexico, the Forbes list showed.
Only five Americans were in the top 20 that included three Indians. However, Bill Gates and Warren Buffett remained the richest and second-richest private citizens in the world, as they have been for several years.
Hong Kong-based business tycoon Li Ka-shing was Asia's second-wealthiest with a net worth of $23 billion, the list showed.
Ranking second and third among Indians were the brothers Mukesh Ambani and Anil Ambani, who split their father's business after months of feuding in 2005.
Mukesh Ambani, whose Reliance Industries is largely focused on petroleum and petrochemicals, was No. 14 with wealth totaling $20.1 billion. His brother Anil, whose diversified business interests include telecommunications, power generation and finance, ranked 18th with an estimated net worth of $18.2 billion.
The methodology of the rankings remains similar to the practice Forbes followed in previous years.
The worth of an individual's holdings in public companies was based on the closing stock price on February 9, and the value of private companies was estimated by evaluating comparable public firms in the industry and by consulting with experts in the field.
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