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Alwaleed stays at top of Arab billionaire list
The Saudi Gazette Published in The Saudi Gazette on 09 - 04 - 2012

The Kingdom of Saudi Arabia and Lebanon record the highest number of billionaires, while 2012 welcomes newcomer Morocco to the billionaires club, Forbes Middle East said Sunday in its report on the Arab billionaires ranking.
Prince Alwaleed Bin Talal tops the Arab billionaires list with a fortune of $18 billion, followed by Lebanese-Brazilian billionaire Joseph Safra with $13.8 billion.
The 36 Arab billionaires have a combined total net worth of $121.3 billion, improving on last year's figure of $117.6 billion.
Both Saudi Arabia and Lebanon led the way on this ranking with eight billionaires each. Despite recent political turmoil, Egypt was runner up with seven billionaires, followed by the stable United Arab Emirates with a total of four. However, this year's major headline was newcomer to the billionaires club, Morocco, which entered the ranking with three billionaires: Miloud Chaabi, Othman Benjelloun and Anas Sefrioui.
Kuwait ranked sixth with two billionaires, Bassam and Kutayba Alghanim, and it should be noted that Kuwait's wealthy Al-Kharafi family were removed from the ranking following a formal request from the Kharafi Group. Jordan, Syria, Iraq and Sudan also featured in the ranking with one billionaire each.
Standing out among the success stories featured in the Forbes Middle East billionaires issue is Sulaiman Al-Rajhi & family, ranked in 5th place with a family net worth of $5.9 billion.
The Saudi banking tycoon-turned-philanthropist made headlines last year with an unprecedented decision to relinquish much of his fortune, distributing his wealth among family and donating a significant proportion to charity. Also standing out from the crowd is Moroccan frontrunner Miloud Chaabi, ranked 10th with a fortune of $2.9 billion. Started working at the age of 15 as a shepherd, then as a farmer, before moving into the construction industry, Chaabi today leads the Moroccan billionaires as head of Ynna Holding - a company specialized in real estate development, hotels, retail and industry.
The listing aims to highlight the inspirational stories of the region's Arab billionaires, as well as the challenges and obstacles overcome on the road to success.

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