Saudi Arabia, recognized as the globe’s second-largest oil producer, trailing only the United States, boasts a substantial GDP, reflecting its economic prowess. The affluence rooted in this nation is intricately tied to its business magnates, who have amassed considerable wealth through various enterprises.
‘Who are the wealthiest individuals in Saudi Arabia as of May 2024?’ This question is answered by exploring the financial stature of some of the country’s most affluent business leaders.
Prince Al Waleed Bin Talal Alsaud tops the list with an estimated fortune of US$17 billion. This prince is not only a business tycoon but also a noted investor and philanthropist. As the founder and major shareholder of Kingdom Holding Company, his investments span across banking, hospitality, media, entertainment, and several other industries. Notable assets include prestigious hotels like the Four Seasons Hotel George V in Paris and a stake in the Plaza Hotel.
Coming in second is Mohamed Bin Issa Al Jaber, with a net worth of US$9 billion. His wealth originates from the hospitality industry through JJW Hotels & Resorts Limited, which owns a collection of opulent hotels across Europe and Egypt. Al Jaber’s philanthropic efforts are also noteworthy, particularly his contributions to the restoration of Mali’s cultural heritage.
Muhammad Al Amoudi claims the third spot with US$8.3 billion. His fortune was built through endeavors in construction, real estate, and oil refineries. Al Amoudi’s business empire extends to Ethiopia, Sweden, and Morocco, with significant interests in oil and gold production.
The fourth richest is Prince Sultan bin Muhammad bin Saud Al Kabeer, amassing a wealth of US$6 billion. A member of the royal family, he is renowned for founding the Almarai dairy company and owns a significant share of its stock. The prince is also known for his passion for horse breeding.
Rounding out the top five is Muhammad Al Issa, with a net worth of US$3.3 billion. A prominent figure in the Saudi stock market, he holds major shares in both the Savola Group and Riyad Bank. He also played a role in the hospitality industry, having appointed his son as chairman of Saudi Hotels & Co.