The Forbes World’s Billionaires 2023 ranking features 2,640 people, down from 2,668 in 2022. Collectively, billionaires are now worth $12.2 trillion—$500 billion less than in March last year—and nearly half are poorer than they were in 2022.
This is also reflected in the Middle East, with nine of the 21 Arab billionaires worth less now than they were a year ago. However, their collective wealth has gone up from $52.9 billion in 2022 to $53.9 billion in 2023. Billionaires from Saudi Arabia were excluded from Forbes’ global list for the sixth consecutive year.
Egypt’s Nassef Sawiris is still the richest Arab in the world, with a net worth of $7.4 billion— his wealth dropped $300 million less compared to 2022. His most valuable asset is a nearly 6% stake in sportswear maker adidas. He also runs OCI, one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa.
Algeria’s only billionaire, Issad Rebrab & family, is also still the second richest Arab in the world, worth $4.6 billion—$500 million less compared to 2022. Rebrab is the founder and CEO of Cevital, Algeria’s largest privately-held company. Cevital owns one of the largest sugar refineries in the world, with the capacity to produce two million tons of refined sugar a year.
Emirati billionaire, Hussain Sajwani, is the highest earner this year. His personal wealth has risen 66.7% compared to 2022. Mohamed Mansour also saw his fortune increase by 44% this year.
Egypt and Lebanon have the highest number of billionaires in the region, with six entries each. The six Egyptian billionaires have a combined net worth of $19.1 billion. They are the three Mansour brothers, Mohammed, Youssef, and Yasseen, the two Sawiris brothers, Nassef and Naguib, and Mohamed Al Fayed, the 94-year-old former owner of Harrods.
This story is from the May 2023 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2023 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Reasons To Seek Adventure
Whether it’s the exhilaration of free-falling out of the sky or the thrill of being immersed among the shark-filled reefs of the Indian Ocean, adventure enthusiasts are drawn by the allure of life-changing experiences. Here are some reasons why.
THE MIDDLE EAST'S 30 MOST VALUABLE BANKS 2024
MENA’s banking sector has shown resilience over the last year, supported by higher interest rates and oil prices.
INVESTING AT YOUR FINGERTIPS
Ahmad Hammouda and Seif Amr, Cofounders of Egypt-based digital investment platform Thndr, are facing competition from brokerages and investment banks to democratize investing. Having seen exponential growth in four years, they’re now looking at expanding to the U.A.E. and Saudi Arabia.
THE MIDDLE EAST'S FINTECH 50
Despite a sharp decline in funding in 2023, the Middle East’s fintechs have embraced new technologies and expansion and remained resilient in the face of challenges such as high interest rates and geopolitical uncertainties.
A Destination Beyond Expectations
Madrid, Spain’s vibrant capital, pulsates with energy and visitors are invited to unwind a rich tapestry woven with history, art, gastronomy, and natural beauty.
LEANING IN
Hisham Al-Falih, Ashu Gupta, Aditya Sarkar, and Mehdi Tazi, Cofounders of Saudi-based Lean Technologies, have created one of the region's leading third-party regulated open banking platforms with $37 million in funding. Now, they're planning another funding round and expansion across key markets.
A Blueprint For Sustained Growth In The World Of EPC
NMDC Group demonstrates how strategic foresight, robust financial growth, and a commitment to sustainability and innovation are fueling its ongoing expansion and diversification in the EPC industry.
A Red Sea Escape That Has It All
From family fun to fine dining and comfortable workspaces, there is something for everyone at the stunning Zouni Beach in El Gouna, Egypt.
TRADITION TO INNOVATION
Ahmed Wadi, Founder and CEO of Money Fellows, Egypt’s biggest ROSCA platform, has been addressing the cash-centric country’s financial challenges by digitizing traditional money circles. Now, he has even bigger plans.
Seventy-Five Years Of Fashion Influence
Gedeon Group has long been at the forefront of fashion retail in the Middle East and Africa, and with the third generation now at the helm, the business is continuing its legacy into the future.