The total wealth of Arab billionaires has decreased by 19.4% from 2019 to 2020

The 10 richest Arab families accumulate $31 billion in wealth, according to Forbes magazine

photo_camera PHOTO/ATALAYAR - View of Dubai at night

The 10 richest Arab families in the world in 2020 are worth 31 billion dollars, according to the list drawn up each year by Forbes magazine. Arab billionaires, like those in the rest of the world, have been affected by the economic crisis triggered by the pandemic and have lost some of their wealth. Their total wealth declined by 19.4% from 2019 to 2020. 

The list is headed by the owners of the Egyptian group Mansour, which has three family members on the Forbes list for 2020. The group owns the GM company and has investments in technology companies such as Spotify and Uber. The following are the owners of Al-Futtaim Group, which owns 100% of Arab Orient Insurance Company and 50% of Emirates Investment Bank, in addition to several investments in automobile, real estate and construction material companies. 

Third on the list are the owners of the Olayan Group, the largest group of Saudi companies with stakes in Credit Suisse Bank and Saudi British Bank. He is followed by Majid al-Futtaim and his family, which controls the Al-Futtaim Group, and a Toyota subsidiary in the United Arab Emirates.

In fifth place are the owners of the Rashid Group, Abdul Rahman al-Rashid and Sons Saudi. The sixth are the owners of the Abdul Latif Jameel Saudi Group. In seventh place is the Emirati al-Ghurair family, whose business is run by Abdulaziz al-Ghurair. The Kuwait al-Ghanim industries holders are in eighth place. The ninth place is for the Al-Ghurais Emirati Group, managed by Abdul Rhaman Sauf al-Ghurair and his family. The owners of the Saudi Zamil Holding Group close the ranking. 

Loss of assets

Egyptian Nassef Sawiris has become the richest man in the Arab world for the second year in a row, with a wealth of $5 billion. Despite this spectacular figure, Sawiris has suffered a loss of wealth of 21.9% this year as a result of the coronavirus. In 2019 he owned a fortune of $6.4 billion. The net worth of Majid Al-Futtaim and his family was reduced by $1.8 billion, or 35 per cent. The company they control closed 2019 with significant losses. Hussain Sakhwani lost the most this year in percentage terms. His fortune fell by 41% due to the instability of the real estate market. Things have not gone so badly for Mohammed Mansour, who has gained the most in absolute terms. His net worth grew by 43.4% to 3.3 billion. He has positioned himself as the fourth richest Arab.

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