Mideast fortunes rising 216 percent since 1986

Published May 23rd, 2001 - 02:00 GMT

A recently published report by the Merrill Lynch International Group shows that the personal fortunes of prominent millionaires in the Middle East region has grown by an impressive 216 percent between the years 1986-2000.  


According to the Al-Hayat daily, the group estimated that personal fortunes of the top wealthiest people in the region would reach two trillion dollars by the year 2005. 


Merrill Lynch forecasted that the personal fortunes of tycoons around the world grew by six percent in 2000, reaching $27 trillion by the end of the year 2001.  


The American Forbes magazine named Prince Al-Waleed Bin Talal of Saudi Arabia to be the richest Arab national for the year 2000, with a staggering fortune of $20 billion. The Turkish Mehmet Karamehmet and the Saudi Suliman Olayan follow, each with eight billion dollars.  


Other Arab nationals named among the world’s 400 richest people for the year 2000 are the Kuwaiti Nasser Al-Kharafi, who’s fortune’s net worth is estimated at six billion dollars, Turkey’s Sakip Sabanci with $5.7 billion and Rahmi Koc with $4.4 billion. 


Lebanese Prime Minister Rafiq Al-Hariri’s controls four billion dollar worth of assets, and so does the Saudi Kamel Saleh. Close behind are Saleh Bin Abdul Aziz Al-Rajhi of Saudi Arabia and the Turkish Ayhan Sahenk, each valued at $3.6, and the Saudia’s Mohammed Jameel with $3.5 billion. 


Closing the moguls’ list are Abdul Aziz Al-Ghurair of the United Arab Emirates, who’s net worth is estimated at $2.4 billion, followed by Egypt’s Onsi Sawiris and Saudia’s Abdul Al-Rahman Al-Jeraisy, each with a modest capital of two billion dollars. ― (MENA Report)

© 2001 Mena Report (www.menareport.com)

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