Saudi prince named richest Arab businessman

Kingdom Holding chairman Prince Alwaleed was ranked the richest Arab businessman by Arabian Business magazine for the seventh year after adding more than USD 2 billion to his wealth this year.

Saudi Arabia's Mohamed Bin Issa Al Jaber retained second place on the list after increasing his wealth from USD 9.7 billion to USD 12 billion over the course of the last year.The Olayan family has jumped five places to claim the third spot, with USD 11.9 billion.
Last year's third-richest person, Nasser Al Kharafi, drops to sixth placeThe world's 50 richest Arabs are worth a total of just over USD 245 billion, registering an 18 per cent increase on the same figure over a year ago, the magazine said.

Altogether, the wealth of the top 10 people on our list amounts to just shy of USD 100 billion.This is a 16 per cent rise on last year.

This year's highest new entry was the Bugshan family, which claimed eighth place, while the biggest riser was the Bukhamseen family which jumped from 47th to 25th.

Saudi Arabia has the biggest number of entries on the list, with the kingdom’s entities taking up the top five places alone.

Altogether, there are 32 Saudi entries on the 2010 list, and of the 24 new entries, 20 of them came from the Gulf’s biggest economy.The next highest countries to feature are the UAE and Kuwait with four entries, while Egypt has three.Lebanon has two entries, while Iraq, Palestine, Qatar, Syria and Kuwait all have one each.