In this article, we will look at the 20 richest Arab billionaires in the world. If you want to skip our detailed analysis, you can go directly to the 5 Richest Arab Billionaires in the World.
The wealthiest people in the Arab world are mainly linked with the oil economy. Arab is an oil-rich region with most of its economy revolving around black gold. 2022 has been a challenging year for the world’s richest people. The world’s wealthiest people dropped from 2,668 in 2022 to 2,640 on the Forbes World’s Billionaires 2023 list. As per Forbes, nine out of 21 Arab billionaires have dropped their wealth in 2023 compared to 2022. However, their collective wealth has increased from $52.9 billion in 2022 to $53.9 billion in 2023.
Richest Arab Countries
The richest Arab billionaires are mostly from the richest Arab countries, mainly Egypt and the United Arab Emirates. Some of them are from the poorest Arab countries including Morocco and Lebanon. The richest Arab countries are primarily based in the Middle East. The backbone of the regional economy is its natural resources including oil and gas. As we mentioned earlier, Saudi Arabia is home to the biggest oil reserves and the largest crude oil producer among OPEC countries. At the same time, Iraq is the second largest crude oil producer. According to the October 2023 World Oil Report, Saudi Arabia led the oil supply with 9.03 million barrels per day, Iraq had an oil supply of 4.34 million barrels per day, and UAE had the third-highest oil supply of 3.25 million barrels per day in September 2023.
Billionaires’ wealth is a massive contributor to the regional economy. According to the Global Wealth Report of 2023, Saudi Arabia had a total wealth of $2.26 trillion as of 2022, and UAE and Egypt had a total wealth of $1.24 trillion, respectively. In 2022, Qatar’s wealth per adult was $164,992, UAE’s wealth per adult was $152,556, Saudi Arabia’s wealth per adult was $90,975, and Egypt’s wealth per adult was $20,195. These are some of the most stable and powerful economies in the Arab world.
Family Businesses in the Arab World
Most of the billionaires in the Arab region back their wealth through their family businesses. According to Forbes, Saudi Arabia leads the race with most family businesses with 33 entries and is home to four of the top 10 companies. The United Arab Emirates ranks second with 29 entries, Egypt ranks third with nine, and Qatar with eight. On July 18, PwC shared a family business survey for the Middle East, which highlighted that 74% of Middle East family businesses expect to grow in the next two years. 40% of consumers are willing to pay above-average prices for luxury goods and products from local companies that use ethical practices.
Arab billionaires including Nassef Sawiris, Hussain Sajwani, and Abdulla bin Ahmad Al Ghurair have family businesses that have operations across different countries. Nassef Sawiris is a successful investor and businessman. Sawiris has a nearly 6% stake in Adidas AG (ETR:ADS), as per Forbes. He also owns 5% in Madison Square Garden Sports Corp. (NYSE:MSGS). Nassef Sawiris is heir to his family business of Orascom Construction PLC (EGX:EGS95001C011), an engineering, procurement and construction firm. On September 25, Orascom Construction PLC (EGX:EGS95001C011) announced that the company secured an investment project worth $2.2 billion. A consortium of Metito and Orascom Construction PLC (EGX:EGS95001C011), together with Abu Dhabi National Oil Company PJSC (ADX:ADNOC) and Abu Dhabi National Energy Company PJSC (ADX:TAQA) won a large-scale seawater treatment and water transportation project in Abu Dhabi. The commercial operations for the project are scheduled for June 2026.
Hussain Sajwani is the Chairman and CEO of the Dubai-based luxury real estate developer Damac Properties Dubai Co PJSC (DFM:DAMAC). Sajwani’s Damac Properties Dubai Co PJSC (DFM:DAMAC) continues to add significant value to real estate in the UAE. On October 12, Zawya reported that Damac Properties Dubai Co PJSC (DFM:DAMAC) awarded a project in DAMAC Lagoons worth AED 1.2 billion, or $326.7 million, to Darwish Engineering Emirates. Damac Properties Dubai Co PJSC (DFM:DAMAC) has awarded the contract to construct 275 villas in the Venice cluster which is part of its master development plan in Dubai. In total, the company has granted contracts worth AED 7 billion, or $1.9 billion, for the master development.
The Emirati billionaire, Abdulla bin Ahmad Al Ghurair, is the third richest billionaire in UAE. Abdulla bin Ahmad Al Ghurair is a member of Al Ghurair Group and founder of the Mashreqbank PSC (DFM:MASQ). Mashreqbank PSC (DFM:MASQ) is making notable progress in the digital payment network in the UAE. On October 24, Mashreqbank PSC (DFM:MASQ) announced that its smart payment solution platform, Neo Pay, has signed a strategic partnership with Nymbl. Through this partnership, Neo Pay will enable payments for both in-store and online stores on a single platform. The CEO of Neo Pay, Vibhor Mundhada, said:
“At NEO PAY, we are committed to offer merchants a seamless and reliable payment experience. This partnership with Nymbl shall help bring significant value to SME merchants across the UAE in implementing digital stores and building a robust digital economy.”
Let’s now take a look at the richest Arab billionaires in the world.
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Our Methodology
To compile a list of the richest Arab billionaires in the world, we gathered data from the Forbes Real Time Billionaires database. We narrowed down on billionaires that belonged to the Arab region. Finally, we sourced their net worth, as of November 4. The list of richest Arab billionaires is in ascending order of their net worth.
20 Richest Arab Billionaires In The World
20. Yasseen Mansour
Net Worth (As of November 4): $1.3 Billion
Egyptian billionaire, Yasseen Mansour, inherits a stake in his family conglomerate Mansour Group. Yasseen’s brothers Mohamed and Youssef are also billionaires and have a stake in their family business. Yasseen Mansour ranks among the richest Arab billionaires in the world.
Some notable Arab world stocks include Orascom Construction PLC (EGX:EGS95001C011), Damac Properties Dubai Co PJSC (DFM:DAMAC), and Mashreqbank PSC (DFM:MASQ).
19. Othman Benjelloun
Net Worth (As of November 4): $1.3 Billion
The Moroccon billionaire, Othman Benjelloun is the CEO of BMCE Bank of Africa (CAS:BOA). In 2014, Benjelloun initiated a $500 million fund to build the 55-story Mohammed VI Tower in Rabat. Ranked 19th on our list, Othman Benjelloun is among the richest Arab billionaires in the world.
18. Ayman Hariri
Net Worth (As of November 4): $1.4 Billion
Ayman Hariri is the son of late Lebanon’s prime minister, Rafik Hariri, who was assassinated while in office in 2005. In 2014, Ayman sold his inherited stake in his father’s Saudi-based construction company, Saudi Oger, to his brother Saad. Co-founder and CEO of Vero, Ayman Hariri is one of the richest Arab billionaires in the world.
17. Aziz Akhannouch
Net Worth (As of November 4): $1.5 Billion
The prime minister of Morocco, Aziz Akhannouch is one of the richest Arab billionaires in the world. Akhannouch became prime minister in September 2021. Aziz Akhannouch owns a stake in Akwa Group, which serves in petroleum, gas, and chemicals.
16. Youssef Mansour
Net Worth (As of November 4): $1.5 Billion
Brother of Yasseen, Youssef Mansour is among the richest Arab billionaires in the world. Youssef also has stakes in their family business, Mansour Group. Youssef Mansour has sole distribution rights for L’Oreal SA (EPA:OR) in Egypt.
15. Robert Mouawad
Net Worth (As of November 4): $1.5 Billion
Robert Mouawad inherited the eponymous high-end jewelry business. Mouawad has a collection of one of the world’s most marvelous gems. With stakes in luxury real estate, Robert Mouawad ranks among the richest Arab billionaires in the world.
14. Faisal Bin Qassim Al Thani
Net Worth (As of November 4): $1.7 Billion
Faisal Bin Qassim Al Thani is the richest Qatari billionaire on our list. Faisal is the chairman of Al Faisal Holding, which owns more than 20 hotels worldwide. Faisal Bin Qassim Al Thani ranks 14th on our list of the richest Arab billionaires in the world.
13. P.N.C. Menon
Net Worth (As of November 4): $1.7 Billion
P.N.C. Menon left India and migrated to Oman in 1976. In 1995 Menon started a business in real estate, Sobha Developers. Menon’s Sobha Realty operates in the Middle East. P.N.C. Menon is one of the richest Arab billionaires in the world.
12. Suhail Bahwan
Net Worth (As of November 4): $1.9 Billion
The richest billionaire of Oman, Suhail Bahwan is the chairman of Suhail Bahwan Group. The Bahwan Group produces fertilizers and generates around 1.3 million tons of urea annually. Suhail Bahwan ranks 12th on our list of the richest Arab billionaires in the world.
11. Bahaa Hariri
Net Worth (As of November 4): $2.1 Billion
Bahaa Hariri is the brother of billionaire Ayman Hariri. Just like his brother Ayman, Bahaa sold his stake in Saudi Oger to his other brother Saad. Bahaa Hariri is the founder and chairman of the real estate holding firm, Horizon Group. Bahaa Hariri is one of the richest Arab billionaires in the world.
10. Abdulla Al Futtaim
Net Worth (As of November 4): $2.4 Billion
Abdulla Al Futtaim is the owner of Al Futtaim Group, run by his son Omar. Al Futtaim Group became a distributor of Toyota Motor Corporation (NYSE:TM) in 1955 and still has the distributorship today. Abdulla Al Futtaim ranks 10th among the richest Arab billionaires in the world.
9. Najib Mikati
Net Worth (As of November 4): $2.6 Billion
The prime minister of Lebanon, Najib Mikati, cofounded Beirut-based investment company M1 Group. Along with his billionaire brother Taha, Najib founded a telecom firm in 1982, Investcom. In 2009, South Africa’s MTN acquired the Mikatis’ stake in Investcom for $3.6 billion. Najib Mikati ranks among the richest Arab billionaires in the world.
8. Taha Mikati
Net Worth (As of November 4): $2.6 Billion
Brother of the Lebanese Prime Minister Najib, Taha Mikati co-founded M1 Group along with his brother. Taha Mikati is ranked eighth among the richest Arab billionaires in the world.
7. Naguib Sawiris
Net Worth (As of November 4): $3.3 Billion
Naguib Sawiris is a member of Egypt’s wealthiest family and his brother Nassef is also a billionaire. In 2011, Naguib sold his stake in Orascom Telecom to Russian telecom firm VimpelCom, now Veon. With stakes in pan-European pay TV and video news network Euronews, Naguib Sawiris is one of the richest Arab billionaires in the world.
6. Abdulla bin Ahmad Al Ghurair
Net Worth (As of November 4): $3.4 Billion
Abdulla bin Ahmad Al Ghurair is the third richest billionaire in UAE. Abdulla bin Ahmad Al Ghurair is a member of Al Ghurair Group and founder of the Mashreqbank PSC (DFM:MASQ).
Top Arab companies owned by Arab billionaires include Orascom Construction PLC (EGX:EGS95001C011), Damac Properties Dubai Co PJSC (DFM:DAMAC), and Mashreqbank PSC (DFM:MASQ).
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Disclosure: None. 20 Richest Arab Billionaires in the World is originally published on Insider Monkey.