FOR THE SECOND YEAR IN A STRAIGHT, WEALTHY ARABS ARE WITHOUT KUWAITIS

  • 10/04/2022

Kuwait City: The events of the past year have had an impact on the world's wealthy, resulting in a decrease in their number on the annual Forbes list for 2022, which fell to 2,668 billionaires from 2,755 billionaires the previous year, and a decrease in their combined wealth from $13.1 trillion in 2021 to $12.7 trillion this year. The list lost roughly 329 persons, while the annual Forbes list of Arab billionaires remained barren of Kuwaitis for the second year in a row, with businessman Qutaiba Al-Ghanim being the last Kuwaiti to feature on the list in 2020. 


The Forbes list of the richest Arabs witnessed a decline in their number from 22 to 21 billionaires, after the death of the Emirati Majid Al Futtaim last December, while Saudi billionaires were not included in the Forbes list of the world’s rich for the fifth year in a row. 

Despite a 600 million drop in his fortune from 2021, Nassef Sawiris remained the wealthiest Arab, with a net worth of $7.7 billion, making him the biggest loss among the affluent Arabs this year, following the decline in the shares of Adidas, in which he holds a 6% stake. The only billionaire from Algeria, Issad Rebrab and his family, came in second place with a fortune estimated at $5.1 billion; while Lebanese Prime Minister Najib Mikati and his brother Taha were among the biggest winners this year, with fortunes increasing by 700 million dollars to reach 3.2 billion dollars, noting that Najib Mikati ranked fourth in the list of the richest Arabs and the ninety-fifth in the list of the richest Arabs globally. 

Egypt and Lebanon have the largest number of rich Arabs, with 6 billionaires each, while the combined net worth of Egyptian billionaires is $18.3 billion. They are brothers Mohamed, Youssef and Yassin Mansour, the brothers Nassef and Naguib Sawiris, as well as the 93-year-old Mohamed Al- Fayed and the former owner of a store (Harrods). The net worth of Lebanese billionaires is $12.6 billion.

Najib and Taha Mikati, two brothers, as well as the sons of Lebanon's late Prime Minister Rafik Hariri, are among them. Hussein Sajwani, Abdullah bin Ahmed Al Ghurair and his family, and Abdullah Al Futtaim and his family are the three UAE billionaires on the list for 2022. Morocco's Prime Minister Aziz Akhannouch, businessman and banker Othman Benjelloun, and his family are among the country's leaders. Qatar is represented by two members of the Qatari royal family, Faisal bin Qassim Al Thani and Hamad bin Jassim Al Thani. 

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