Prince Alwaleed Lost $4 Billion This Year


reportedly lost $4 billion this year, according to a report of the richest Arabs, who collectively lost $25 billion during the financial meltdown. Those Citigroup and News Corp investments probably didn’t help much.

AP via Yahoo: The pain is relative, of course. Prince Alwaleed bin Talal remains the world’s richest Arab with a net worth of about $17 billion as of Dec. 2, Dubai-based magazine Arabian Business reported in its annual ranking. That is nearly twice as much as the second-richest on the list, but a considerable drop from the $21 billion the magazine said the prince was worth a year ago…

The Saudi royal’s controlling stake in Kingdom Holding, which invests in well-known companies such as computer maker Apple Inc. and Rupert Murdoch’s News Corp., accounts for nearly $8 billion of his wealth, the magazine said.

Alwaleed also owns Middle East media company Rotana Holding, and controls more than $3 billion worth of real estate, including a 124 acre personal resort complete with a private zoo.

And then there’s the Airbus A380 “superjumbo” jet Alwaleed bought and had outfitted for his personal use. It’s valued at $330 million — a little less than the price tag for his other two jetliners combined.

Let’s hope he doesn’t have to sell the jet he refers to as a “flying palace.”