Prince Alwaleed’s Fortune Plunges $22.3 Billion From 2014 Peak - Bloomberg:
The net worth of Saudi Arabia’s once high-flying billionaire, Prince Alwaleed bin Talal, has plunged $22.3 billion from its peak six years ago.
The eruption of an oil-price war with Russia and fears over the spread of the novel coronavirus have contributed to the wealth destruction. Adding to the chaos, Crown Prince Mohammed bin Salman detained more royals.
Alwaleed’s $13.8 billion fortune is at its lowest since 2012, when he debuted at No. 24 on the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. The man who had often been described as the Warren Buffett of the Middle East, with a net worth that climbed as high as $36.1 billion in 2014, is now No. 93 on the list.
Alwaleed, 65, rose to prominence in 1991 with an audacious bet on Citigroup Inc.’s predecessor and, more recently, with investments in Twitter Inc. and Snap Inc. He was among the most recognizable figures ensnared in the Crown Prince’s 2017 crackdown on purported corruption, with hundreds of senior princes and businessmen detained at the Ritz-Carlton in Riyadh. The arrest erased $1.2 billion from Alwaleed’s net worth.
The net worth of Saudi Arabia’s once high-flying billionaire, Prince Alwaleed bin Talal, has plunged $22.3 billion from its peak six years ago.
The eruption of an oil-price war with Russia and fears over the spread of the novel coronavirus have contributed to the wealth destruction. Adding to the chaos, Crown Prince Mohammed bin Salman detained more royals.
Alwaleed’s $13.8 billion fortune is at its lowest since 2012, when he debuted at No. 24 on the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. The man who had often been described as the Warren Buffett of the Middle East, with a net worth that climbed as high as $36.1 billion in 2014, is now No. 93 on the list.
Alwaleed, 65, rose to prominence in 1991 with an audacious bet on Citigroup Inc.’s predecessor and, more recently, with investments in Twitter Inc. and Snap Inc. He was among the most recognizable figures ensnared in the Crown Prince’s 2017 crackdown on purported corruption, with hundreds of senior princes and businessmen detained at the Ritz-Carlton in Riyadh. The arrest erased $1.2 billion from Alwaleed’s net worth.
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