Saudi Wealth Remains Hidden as Government Pursues $100 Billion - Bloomberg

Saudi Wealth Remains Hidden as Government Pursues $100 Billion - Bloomberg:

"When the Riyadh Ritz-Carlton starts accepting guest bookings next month, it will be the end of the luxury hotel’s stint as a prison for Saudi Arabian princes, billionaires and dignitaries accused of corruption. It also closes the door on a rare glimpse into the enduring mystery of private wealth in the oil-rich kingdom.

The Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people, has documented 15 individuals with a combined net worth of $63 billion from Saudi Arabia, a nation of 32 million. In Canada, which has a population of 36 million, the index has counted 31 with a combined $171 billion. In Singapore, a city-state of only 5.6 million people, the index tallies 14 with $85 billion.

The government’s goal of recouping up to $100 billion from the princes and businessmen detained in the purge suggests there may be a lot more wealth hidden in Saudi Arabia. The amount is about equal to the funds it says has been drained from state coffers through corruption."



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