Regional growth drives Arab Rich List

The listing, available online at www.arabianbusiness.com and published in full in the 2nd December issue of the magazine, includes a record number of new entries this year.

"The Arabian Business Rich List is now an established benchmark of the wealthiest individuals in the Arab World," said Arabian Business editor Andrew White. "This year's list clearly demonstrates a major movement in the region's wealth, includes 47 billionaires in total and clearly reflects the energy and dynamism across the region's markets today."

Prince Alwaleed tops the Arabian Business Rich List with personal assets of some $29.5bn at the end of a year that saw the highly successful flotation of his Kingdom Hotel Investments and the news that he is to purchase a $315m Airbus A380 as his personal airliner helping to cement the legend behind the man,

"The strong upward trend in wealth creation across the region is reflected in the fact that there are a record number of new entries to the list," said White. "We are seeing more young entrepreneurs making their mark in the region as well as a strengthening of the region's wealth as a whole and the list clearly reflects that movement."

The strong growth in regional wealth is cited by the magazine as the reason driving the entry level to the list up to $700m from 2006's $520m entry point. The list includes a number of surprises, including Kuwaiti former fighter pilot Maan Al-Sanea who is the list's highest riser, jumping 33 places. Al Sanea's holdings include 3.1% of global financial heavyweight HSBC.

Arabian Business magazine is published by ITP Executive Publishing and serves the Middle East's business, financial and government communities.