What is Prince Alwaleed Bin Talal Alsaud's Net Worth?
Prince Alwaleed Bin Talal Alsaud is a Saudi business magnate, investor, and philanthropist with a net worth of $17 billion. A member of the Saudi royal family, he was listed among Time magazine's Time 100 most influential people in 2008. He is the nephew of the late King Abdullah, the grandson of Ibn Saud (the first Saudi king), and the grandson of Riad Al Solh, Lebanon's first Prime Minister.
Al-Waleed is the founder, CEO, and 95% owner of the Kingdom Holding Company, a Forbes Global 2000 company with investments in sectors such as banking, financial services, hotels, media, entertainment, retail, agriculture, petrochemicals, aviation, technology, and real estate. He has significant stakes in companies like Citigroup, News Corporation, and Twitter. Among his notable assets are Paris' Four Seasons Hotel George V and part of the Plaza Hotel.
Wealth Peak
In 2014, Prince Alwaleed reached his peak wealth, being one of the 10 richest people in the world with a net worth of $36 billion. He is currently the richest person in Saudi Arabia.
(Photo by Chesnot/Getty Images)
Early Life
Born on March 7, 1955, Al-Waleed's father was Prince Talal bin Abdul-Aziz, also known as 'The Red Prince', who served as Saudi Arabia's finance minister before being exiled for advocating political reform. His mother was Mona Al Solh, Lebanon's first prime minister's daughter. After seven years of marriage, his parents separated, and Al-Waleed lived with his mother in Lebanon.
He attended various schools in Lebanon and Saudi Arabia, including Pinewood College in Beirut and the King Abdul Aziz Military Academy in Riyadh. He later returned to Lebanon to attend the Manor School. Al-Waleed moved to the United States in 1979, enrolling in Menlo College and earning a bachelor's degree in business administration. He obtained a master's degree in social science from Syracuse University in 1985.
Career
Al-Waleed's business ventures began in 1980, soon after completing his bachelor's degree. With initial support from his father, he established Kingdom Establishment, securing a $300,000 loan from the Saudi American Bank to sustain the business. His first major success occurred in 1982 through a partnership with a South Korean construction firm, allowing him to dive into real estate and stock market investments.
His subsequent acquisition of United Saudi Commercial Bank marked another milestone, and through mergers with the Saudi Cairo Bank and the Saudi American Bank, he created United Saudi Bank. By 1989, he was a billionaire, investing heavily in Citicorp Bank in 1990, aiding it through a challenging financial period.
Focusing on luxury and high-profile brands, he invested $100 million to purchase a 10% stake in Saks Fifth Avenue in 1993, leading to the opening of its first Riyadh store. Over the years, he acquired significant stakes in the Fairmont hotel group, Four Seasons, Plaza Hotel, George V hotel, and Euro Disney.
His investments also extended to media and technology, including a 5% stake in Apple Inc. in 1997, making him the largest shareholder. Additional investments included Motorola, Netscape, Fox Broadcasting, Priceline.com, News Corporation, and a $300 million investment in Twitter in 2015.
To concentrate on his hotel assets, Al-Waleed formed Kingdom Hotel Investments in 2002. He continued expanding his portfolio with notable acquisitions like the Savoy Hotel in London, and the Monte Carlo Grand Hotel in Monaco. In 2006, he and a U.S. real estate firm acquired Fairmont Hotels and Resorts.
In 2011, he announced plans to build the world’s tallest building, Kingdom Tower, standing at least 1,000 meters high with a $20 billion budget. Construction began in 2013.
Arrest and Detention
On November 4, 2017, Prince Alwaleed and over 300 prominent Saudis were arrested on charges of bribery, money laundering, and extortion. They were held at the Ritz Carlton in Riyadh. Prince Alwaleed was released after 84 days following a financial settlement worth well over $1 billion, with some reports suggesting he paid up to $6 billion for his release. Notably, Crown Prince Mohammed bin Salman—Prince Alwaleed's cousin—demanded the settlement.
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Philanthropy
Prince Alwaleed is known for his philanthropy, donating and investing large sums in various causes. A long-time supporter of Palestine, he invested $10 million in the Palestinian Investment and Development Company in 1997 and donated $18.5 million to Palestinian families during a Saudi telethon.
He attempted to donate $10 million to New York City after the September 11 attacks, suggesting the U.S. reevaluate its Palestine position, which led then-Mayor Rudy Giuliani to return the check.
Significant donations to educational institutions include $20 million to Georgetown University for the Prince Alwaleed bin Talal Center for Muslim-Christian Understanding, and 16 million British pounds to Edinburgh University for contemporary Islamic studies. Harvard University and the University of Cambridge have similar centers named after him.
In 2015, he pledged to donate $32 billion to various philanthropic causes, including disaster relief, women's movements, and disease eradication.
Net Worth Details
Prince Alwaleed owns a 95% stake in Kingdom Holding Company, investing in real estate, media, stocks, aircraft, and private equity. His 420-room palace and other properties, including the top three floors of Kingdom Tower, are valued over $4.5 billion. He holds an 80.5% stake in Rotana, worth more than a billion dollars, and owns more than 30 million Twitter shares.
