Despite plunging oil prices, the world’s top 100 Arab tycoons have continued to build their fortunes, amassing a combined wealth of $174.37bn, a $8.3bn increase on 2014, according to Forbes Middle East.
The number of billionaires has risen too; some 49 feature this time around — four more than last year — with shared wealth of $155.1bn, up $7.4bn on the previous year.
In fact, some 56 of the 100 billionaires and millionaires in this year’s list recorded an increase in their overall wealth and the 15 newcomers to the 2015-list indicate that there is more to come.
But while prosperity is rising, in many respects, this year’s list of affluent Arabs also represents certain continuity, serving as a reminder of the dominance of an elite group now synonymous with success. Saudi Arabia’s Prince Alwaleed bin Talal al-Saud tops the ranking yet again, with an estimated fortune of $22.6bn, while Joseph Safra occupies second spot with $17.3bn.
The top 10 this year also hint at the continued strength of family ties, with members of the UAE’s Al Ghurair family and Egypt’s Mansour and Sawiris clans all retaining top spots.
Entries from the UAE and Egypt rank alongside business moguls from a total of 12 Arab countries.
Saudi Arabia tops the list where both volume of entries and total wealth are concerned, accounting for 41 out of the top 100 fortune-fuelled names.
But Forbes Middle East’s ranking does more than showcase wealth; it provides insight into the lay of the business land as well as the sectors, industries and geographies that make it tick.
For instance, its research reveals that Saudi wealth this year stems overwhelmingly from the retail sector, with some 14 names that include the kingdom’s biggest gainers for 2015: Fawaz, Abdul Majeed and Salman Alhokair, who have accrued an estimated $1.4bn each from their string of shopping centres and apparel brands.
Retail of a more delicate nature is the focus of Forbes Middle East’s English edition cover this time around, with newcomer to the list, Robert Mouawad, shedding light on a legacy of jewelry and watchmaking prowess. The Lebanese diamond connoisseur has also diversified into real estate and holds estimated wealth of $1.5bn.
Meanwhile, another Lebanese family steals the limelight, with Mohamed Hariri, CEO and chairman of BankMed featuring on the cover of the Arabic edition. Hariri is not ranked this year, but four of his family members make the list, with combined wealth of $6bn.
Forbes Middle East’s top 100 richest Arabs builds on Forbes US’ recent billionaires list, which features a total of 1,826 names with an aggregate net worth of $7.05tn.
In the Middle East, amidst all the talk of gainers and indeed losers — 23 Arab names have witnessed a drop this year too — dollars by the billion are falling through the cracks in a region where privacy reigns. While cognizant that the ranking represents only the tip of the Arab iceberg, in the name of transparency and fairness, Forbes Middle East has considered only publicly held shares recorded as of February 13. 2015. Where appropriate, audited documents and other official, verifiable information available in the public domain, or received directly from the source, have also been considered.