For two years, one of the world’s wealthiest men, Prince Alwaleed bin Talal of Saudi Arabia, was locked in a battle with Forbes over his net worth, with the prince claiming the publication had underestimated his fortune by nearly $US9.6 billion.
On Monday, the disgruntled billionaire and Forbes Media announced that the defamation suit has been settled on “mutually agreeable terms,” Reuters reported.
The magazine currently has Alwaleed pegged as the 34th richest person in the world, with $US22.6 billion in wealth. (Bloomberg lists Alaweed as the 20th wealthiest in the world, with $US30.6 billion in wealth._
Regardless, Alwaleed is still rich beyond belief from his stake in his Kingdom Holding Company, his Saudi real estate investments, shares in Arab media companies, and investments in public and private companies globally, including Twitter and Chinese e-commerce giant JD.com.
Lucinda Chen contributed to this post.
He is the son of Prince Talal and Mona Al Solh.
His maternal grandfather was the first prime minister of Lebanon and his paternal grandfather, King Abdulaziz, created Saudi Arabia.
He received a $US30,000 gift, a $US300,000 loan, and a house from his father after graduating, and slowly began investing.
In 1991, when Alwaleed was 36, he made a high-stakes decision to invest in Citicorp, which made him $US800 million. By 2005, that had turned into $US10 billion.
They were married for eight years, but Alwaleed revealed in a 2015 interview with the Saudi Gazette that they had recently separated.
'I have officially separated from Princess Ameera Al-Taweel, but she remains a person that I have all respect for. She represented the Saudi woman in the best way through her various participations locally, regionally and internationally,' he told the paper.
Alwaleed makes a point of meeting and being seen with the world's royals, politicians, and celebrities.
He and his then-wife were guests at Kate Middleton and Prince William's royal wedding, and he's met the Queen of England, Prince Charles, Nicholas Sarkozy, Queen Rania of Jordan, Michael Jackson, and the former U.K. Prime Minister Tony Blair, among others.
When Forbes' Kerry Dolan visited with the Saudi Prince in 2009, he reportedly showed her part of his impressive jewellery collection that he claimed neither he nor his wife even used:
'The most spectacular set on display was a diamond and emerald necklace with three emeralds the size of sparrow eggs dangling from the center, with earrings and a ring to match. With a combined total of 200 carats, the set is worth $US40 million,' Dolan wrote.
The prince follows a bizarre schedule of going to bed at 4 or 5 am, and waking up at 9 am. He then eats one big meal a day at 8 pm which he calls 'lunch,' according to Forbes.
The TV is constantly turned to CNBC while Alwaleed is eating or working, and the Saudi royal has even appeared as a guest on his favourite TV channel.
The prince takes pride in the fact that half of the employees of his Kingdom Holding Company are women. 'Frankly I always side with qualifications regardless of gender,' he told the Saudi Gazette. 'I am trying to be fair to women because their rights are still not fully recognised in our country.'
But he's been accused of doing it for publicity: For instance, Business Insider's Nicholas Carlson reports his female pilot Hanadi Zakariya Hindi has hardly flown any of Alwaleed's aircraft, and when she was hired, Alwaleed told his aviation staff that she never would.
The billionaire owns a 25% stake in the famous hotel; he reportedly sought to buy the rest of it from its current owner, although that deal has not been done.
The prince also owns the Savoy Hotel in London, and has a stake in Four Seasons.
The prince has spearheaded the construction of Kingdom Tower, the tallest planned building in the world (via Dezeen).
The skyscraper will rise above Jeddah, Saudi Arabia, near the Red Sea, and reach a height of over 3,280 feet.
That's at least 568 feet taller than the world's current tallest building, the Burj Khalifa in Dubai, which was designed by the same architect. It's slated for competion in 2018.
Alwaleed's old yacht, the New Kingdom 5KR Yacht, was 282 feet long, and appeared in the Bond movie 'Never Say Never Again.' The boat has a disco, cinema, helipad, pool, guest rooms, and more.
But Alwaleed reportedly commissioned a new yacht double the size at 557 feet, making it the third biggest yacht in the world. It will cost a reported $US500 million, but there's still no word on when it will be completed.
Alwaleed owns a $US220 million Boeing 747 with a throne, two bedrooms, and a 14-seat dining table with 11 flight attendants from around the world.
He was once sued over the commission of the sale of yet another plane to former Libyan leader Muammar Qaddafi, and ordered to pay $US120 million, according to Bloomberg.
Business Insider Emails & Alerts
Site highlights each day to your inbox.