(MENAFN- Khaleej Times) Unfazed by the plunge in oil prices, the world's top 100 Arab tycoons continued to build their fortunes, amassing a combined wealth of $174.37 billion, an $8.3 billion increase on 2014.
Saudi Arabia's Prince Alwaleed bin Talal Al Saud, with an estimated fortune of $22.6 billion, once again ranks top in the line-up of the 100 super rich Arabs on the planet, Forbes Middle East revealed.
While Joseph Safra, descendent of a banking family that hails from Syria, who is also the world's richest banker, occupies second spot with $17.3 billion, the top 10 this year included members of the UAE's Al Ghurair family and Egypt's Mansour and Sawiris.
The full line-up of Forbes global billionaires, comprising a total of 1,826 names, account for an aggregate net worth of $7.05 trillion. "Bill Gates presides over the ranking this year, with $79.2 billion, up $3.2 billion from last year, a position he has held for 16 out of the past 21 years."
The veteran billionaire is joined by a total of 46 billionaires under the age of 40 this year, with the 24-year old founder-CEO of Snapchat, Evan Spiegel, counting as the youngest. Gates' fellow veteran of the billionaire scene, Warren Buffet, increased his wealth by $14.5 billion this year to $72.7 billion, making him the world's biggest gainer of 2015.
The number of Arab billionaires has risen to 49 this time around - four more than last year - with shared wealth of $155.1 billion, up $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 is more to come," a Forbes statement said.
But while prosperity is rising, in many respects, this year's list of affluent Arabs also represents certain continuity, serving as a reminder of the dominance of an elite group now synonymous with success.
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-fuelled names.
Forbes Middle East's ranking does more than showcase wealth by providing valuable insight into the lay of the business land as well as the sectors, industries and geographies that make it tick.
"For instance, our research reveals that Saudi wealth this year stems overwhelmingly from the retail sector, with 14 names that include the Kingdom's biggest gainers for 2015: Fawaz, Abdul Majeed and Salman Alhokair, who have accrued an estimated $1.4 billion each from their string of shopping centres and apparel brands."
Retail of a more delicate nature is the focus of Forbes Middle East's English edition cover this time around, with newcomer to the list, Robert Mouawad, shedding light on a legacy of jewellery and watchmaking prowess. The Lebanese diamond connoisseur has also diversified into real estate and holds estimated wealth of $1.5 billion.
Meanwhile, another Lebanese family steals the limelight, with Mohammed Hariri, CEO and chairman of BankMed, featuring on the cover of the Arabic edition. Mohammed Hariri is not ranked this year, but four of his family members make the list, with combined wealth of $6 billion.
In the Middle East, 23 Arab names have witnessed a drop this year too - dollars by the billion are falling through the cracks in a region where privacy reigns.
While cognizant that the ranking represents only the tip of the Arab iceberg, in the name of transparency and fairness, Forbes Middle East has considered only publicly held shares recorded as of February 13, 2015.
Where appropriate, audited documents and other official, verifiable information available in the public domain, or received directly from the source, have also been considered.
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