Arab tycoons fortune rise despite slump in oil prices

Tuesday, Apr 7, 2015,21:47 IST By metrovaartha A A A

Dubai | World’s top 100 Arab tycoons have continued to build their fortunes with combined wealth of USD 174.37 billion despite plunging oil prices, a Forbes report said. The number of billionaires has risen too 49 feature this time around  four more than last year with shared wealth of USD 155.1 billion, up USD 7.4 billion on the previous year.
In fact, 56 of the 100 billionaires and millionaires in this year’s list recorded an increase in their overall wealth and the 15 newcomers to the 2015 list indicate that there are more to come. Saudi Arabia’s Prince Alwaleed bin Talal Al Saud once again presides over the ranking, with an estimated fortune of USD 22.6 billion.
Entries from the UAE and Egypt rank alongside business moguls from a total of 12 Arab countries. Saudi Arabia tops the list where both volume of entries and total wealth are concerned, accounting for 41 out of the top 100 fortune-fueled names.
Forbes Middle East’s April issue highlights the full lineup of 1,826 global billionaires with an aggregate net worth of USD 7.05 trillion. Bill Gates presides over the ranking this year, with USD 79.2 billion, up USD 3.2 billion from last year. The veteran billionaire is joined by a total of 46 billionaires under the age of 40 this year.