Here’s a big surprise – Saudi Arabia tops the list of millionaires in the Middle East, according to the Capgemini – Merrill Lynch World Wealth Report.Here’s an even bigger surprise, with an estimated population of 25 million and a pre capita income of 15,226 usd, the Kingdom boasts 80,100 high net worth individuals (HNWI’s), those with net assets over 1 million usd.
Worldwide, there are 8.7 million millionaires worth an estimated 33.3 trillion usd in assets. By 2010, that dollar value is estimated to exceed 44.6 trillion, or roughly seven times the gross domestic product (60,710,000usd/year) of the entire world.
The number of so-called Ultra-HNWI – those with individual assets of 30 million usd – has increased to a whopping 85,400. 1.1 percent of those big spenders call the Middle East Home while 1.2 percent are located in North America.
So, how did these rich folks get that way?
According to the report, 32 percent of the wealth of the Middle East’s HNWI’s was inherited – the highest percentage anywhere. 24 percent came from business ownership and another 25 percent from income. 11 percent came from restricted stock/stock options, 5 percent fro investment performance and three percent from other sources.
By contrast, in North America, more than half of the income comes from income (32 percent) and business ownership (26 percent), and just 16 percent from inheritance. In Europe, a full 50 percent of the assets were from business and just 19 percent from old family money.
According to Forbes 49-year old HRH Prince Al-Waleed bin Talal bin Abdul Aziz Al-Saud, often called the Arabian Warren Buffett, is reportedly the richest of the rich in Saudi Arabia, with an estimated personal net worth of 20 billion usd. Prince Al-Waleed earned his money – or at least much of it – the hard way, through smart and timely investing, primarily in banking and real estate.
Sulaiman Bin Abdul Al Rajhi, a Saudi businessman, is worth a cool 11 billion usd.
Other rich Saudi’s – rich defined as making the Forbes Top 500 list - include Mohammed Al Amoudi (6.9 m), Saleh Bin Abdul Aziz Al Rajhi (6.5 m), Saleh Kamel (5.0 m), Saad Hariri (4.1 m), Abdullah Al Rajhi (3.8 m), Khalid Bin Mahfiouz and family (3.2 m), Ayman Hariri (2.7 m), Mohammed Al Issa (2.3 m) and Mohammed Al Rajhi (2.1 m)
It’s interesting to note that of the richest Saudis, just three (Prince Al-Waleed, Saleh Kamel and Mohammed Al Amoudi) are self-made millionaires according to Forbes. The others all inherited their wealth, tho have no doubt bettered what they started with.
It’s also interesting to note that several of the rich guys are related. Saad Hariri and his brother Ayman Hariri are sons of the slain Lebanese Prime Minister, Rafik Hariri. Their combined net worth is 6.8 million.
And Sulaiman Bin Abdul Al Rajhi, Saleh Bin Abdul Aziz Rajhi, Abdullah Al-Rahji and Mohammed Al Rajhi are all one big, happy – and rich - family and combine for a wealth of 23.4 million.
Courtesy of "Sand gets into my eyes"
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