Gold bars. Photo by Zlaťáky.cz. Unsplash

10 Wealthiest People from Saudi Arabia


 

Everyone wishes to be wealthy, to have a large sum of money that they can spend however they see fit. Everyone is curious about billionaires’ lifestyles and how they make money to become wealthy.  Well, Saudi Arabia has the most millionaires in the Middle East, with more than 224,000 millionaires residing in the Kingdom.

We introduce you to the wealthiest people in Saudi Arabia, along with their sources of income and net worth. 

1. Prince Alwaleed Bin Talal Alsaud

Prince Alwaleed Bin Talal Alsaud and the prime minister in New Delhi on March 14, 2005. Photo by Prime Minister’s Office. Wikimedia

Prince Alwaleed Bin Talal Alsaud is an $18.7 billion Saudi business magnate, investor, and philanthropist. He is a member of the Saudi royal family and was named one of Time magazine’s Time 100 in 2008, an annual list of the world’s 100 most influential people. Waleed is the late Saudi King Abdullah’s nephew, the grandson of the first Saudi king, Ibn Saud, and the grandson of Lebanon’s first Prime Minister, Riad Al Solh.

High-profile Prince Alwaleed bin Talal, owns stakes in private and public companies in the United States, Europe, and the Middle East through Kingdom Holding Co., 5% of which is listed on the Saudi Stock Exchange (he is listed as owning the remaining 95%).

Shares in ride-sharing company Lyft, social media company Twitter, Citigroup, hotel management company Four Seasons Hotels & Resorts, the swanky Hotel George V in Paris, and the Savoy Hotel in London are among the holdings. Aside from Kingdom Holding, the Prince owns Saudi real estate, the majority stake in the Arabic-language entertainment company Rotana, and other assets.

Prince Alwaleed, who purchased Donald Trump’s yacht in 1991, chastised Trump on Twitter in June 2016, advising him to withdraw from the presidential race. Alwaleed joined Bill Gates’ Breakthrough Energy Coalition in December 2016, promising a $50 million investment.

2. Mohamed Bin Issa Al Jaber

He’s a Saudi Arabian philanthropist and businessman with a net worth of $9 billion. Mohamed Bin Issa Al Jaber owns a number of luxury and budget hotels in Europe and Egypt through his international private company, JJW Hotels & Resorts Limited.

In a battle with Standard Bank in London in December 2011, the wealthy businessman who divides his time between Paris, London, Vienna, and Jeddah emerged victorious. Following the bank’s accusation that he had failed to repay a $150 million loan, Al Jaber claimed that the bank made an unauthorized loan deal with his assistant to cover trading losses, proving his innocence. 

3. Mohammed Al Amoudi

Mohammed Al Amoudi is a businessman who is one of the world’s wealthiest black people. In recent years, Mohammed Al Amoudi’s net worth has been reported as low as $6 billion and as high as $12 billion. Mohammed Al Amoudi amassed his fortune through construction, real estate, oil refineries, and other ventures.

He was born in Dessie, Ethiopia, and has been conducting business transactions since 1974. Mohammed Al-Amoudi made his first fortune in construction and real estate in Saudi Arabia. He used this money to build an empire that includes mining and oil holdings in Ethiopia, Sweden, and Morocco. His conglomerate generates billions of dollars in revenue each year. Mohammed Al-Amoudi Net Worth owns 70% of the company.

4. Prince Sultan bin Mohammed bin Saud Al Kabeer

Prince Sultan bin Mohammed bin Saud Al Kabeer is a Saudi Royal family member with a net worth of $6 billion. Apart from being the 12th son of King Abdulaziz and Crown Prince of Saudi Arabia from 2005 to 2011, Al Kabeer is also known for founding the dairy company Almarai in 1977.

He owns nearly 29% of the firm, which went public in 2005. Al Kabeer purchased an Argentine farm operator that produces barley, maize, and wheat in 2011 to feed his herd of Holstein cows, his main source of milk. According to the Breeder’s Cup horse racing, he also raises around 100 studs on a farm near Riydah.

5. Mohamed Al Issa

Mohamed Al Issa. Photo by Wilson Dias/ABr. Wikimedia

He’s a Saudi billionaire with a fortune of $3.3 billion. Mohamed Al Issa is a major stock market investor in Saudi Arabia. He is a major shareholder in Savola Group, one of Saudi Arabia’s largest food conglomerates, and Riyad Bank, the country’s commercial banking behemoth.

In December 2012, he appointed his son Abdullah as chairman of Saudi Hotels & Co., which owns and operates a number of hotels throughout Saudi Arabia, including a Marriott in Riyadh. He is one of Saudi Arabia’s wealthiest people, thanks to his ever-increasing fortune.

6. Abdullah Al Rajhi

Abdullah Al Rajhi. Photo by IHS Pro. Wikimedia

He is a Saudi billionaire with a net worth of $2.5 billion. Abdullah Al Rajhi founded Al Rajhi Bank with his brothers Sulaiman, Mohammed, and the late Saleh more than 50 years ago. From 2008 to 2012, Abdulah was the CEO and Managing Director of one of the largest Islamic banks in the world.

Currently, he only serves as Vice Chairman and Non-Executive Officer. But he is a billionaire because of his stake in the bank, which has its headquarters in Riyadh and six other regional offices, as well as 24 branches throughout Malaysia.

In addition to Al Rajhi Bank, he has a stake in Al Baraka Banking Group, an Islamic bank founded by fellow billionaire Saleh Kamel. But that’s not all; he also has stakes in a few other cement and agriculture firms. All of this makes him one of Saudi Arabia’s wealthiest individuals. 

7. Sulaiman Al Rajhi

A picture of Al Rajhi bank back in 2016. Photo by Arbwiki. Wikimedia

Sulaiman Al Rajhi is a businessman with a $2 billion net worth. He made his fortune as the chairman of Al Rajhi Bank, one of Saudi Arabia’s largest companies and one of the world’s largest banks. Al Rajhi founded the bank with his brothers Abdullah, Mohammed, and the late Saleh after obtaining permission to open Saudi Arabia’s first Islamic bank.

8. Muhammad Sulaiman Al Jasser

Muhammad Sulaiman Al Jasser is a Saudi economist who currently serves as an advisor at the General Secretariat of the Saudi Council of Ministers and as Chairman of the General Authority for Competition. His estimated net worth is 2.8 billion USD. 

9. Lubna Olayan

Lubna Olayan. Photo by World Economic Forum. Wikimedia

Lubna Olayan is a well-known Saudi businesswoman. Olayan Financing Company’s CEO (Chief Executive Officer) is her name.  She is the richest businesswoman in the world, with an estimated net worth of $8 billion USD.

 She is reportedly considering issuing stock shares in some of her company’s local assets, which include Middle Eastern Burger King franchises and tubular oil-field equipment, in an effort to wean the Saudi economy off its reliance on oil. Lubna also employs 540 women, demonstrating her commitment to women in Saudi Arabia.

10. Alanoud Badr

Alanoud Badr. Photo by Jaguar MENA. Wikimedia

Alanoud Badr was born on March 10, 1980, in Saudi Arabia and has an estimated net worth of $18 billion in 2020. She is a well-known businesswoman who founded and designed Lady Fozaza. She overcame stereotypes to become a successful designer.