50 richest Arabs lost $25bn in 2008
Dubai, December 13, 2008
The top fifty among the world's wealthy Arabs have lost a staggering $25 billion between them compared to last year, due to the global financial crisis, according to a report.
The average fortune of the top 50 has slipped to $3.99 billion, down from $4.99 billion last year. They now hold between them $199.48 billion - a fall of 12 per cent on last year, Arabian Business magazine has announced.
As a sign of the downturn in global stocks, nine of the top ten on the '2008 Rich List', to be published on Sunday, have seen their wealth decline, it said.
The collapse in value of property and banking shares is cited as the biggest reason for the shock decline. The 2008 list also contains the first ever detailed assessment of Saudi's Prince Alwaleed's wealth, including a comprehensive look at all his assets and investments over the past 20 years, the magazine said.
Besides, the list contains nine new entries along with 21 'risers' and 18 'fallers'.