Latest Arab billionaires list is out; Wealth of UAE's rich soars

Wealth of 36 Arab billionaires increased by $3.7 billion (Dh13.58 billion) to $121.3 billion (Dh445 billion) last year as compared to $117.6 billion in the previous year with Saudi prince Alwaleed Bin Talal Alsaud retaining the top position with a fortune of $18 billion despite drop in wealth.

After prince Alwaleed, Lebanese-Brazilian billionaire Joseph Safra is second richest in the list of billionaires with a fortune of $13.8 billion to his name.

According to Forbes Middle East's Arab billionaires ranking, the wealth of UAE's four billionaires increased from $6.9 billion to $7.6 billion. Out of four UAE billionaires, three - Abdul Aziz Al Ghurair, Saif Al Ghurair and Abdulla Al Futtaim, saw their fortunes growing but one - Majid Al Futtaim - recorded fall. Abdul Aziz Al Ghurair, chief of Mashreq bank, wealth increased from $2.7bn to $2.9bn; Saif Al Ghurair's wealth grew from $1.7bn to $2bn; and Abdulla Al Futtaim's net wealth rose to $1.6bn from $1.3bn. While Majid Al Futtaim's net worth dropped from $1.2bn to $1.1bn, Forbes statistics showed.