The year 2023 proved to be a formidable challenge for the world’s wealthiest individuals, as Forbes’ annual list of billionaires witnessed a decrease from 2,668 in 2022 to 2,640. Despite this slight decline, the total wealth of billionaires globally reached $12.2 trillion, a decrease of approximately $500 billion from March 2022. In the Arab world, nine out of 21 billionaires saw a decrease in their fortunes, yet collectively, their wealth increased from $52.9 billion in 2022 to $53.9 billion in 2023.
Trends in the Middle East: The Middle East mirrored global trends, with nine out of 21 Arab billionaires experiencing a decrease in their fortunes compared to the previous year. However, their combined wealth increased from $52.9 billion in 2022 to $53.9 billion in 2023. Notably, Saudi billionaires faced exclusion from Forbes’ global list for the sixth consecutive year.
Top Arab Billionaires:
- Nassef Sawiris:
- Retaining the top spot among Arab billionaires, Nassef Sawiris boasts a net worth of $7.4 billion. Despite a slight decrease of $300 million from 2022, his 6% stake in Adidas remains a significant investment.
- Issad Rebrab:
- The Algerian billionaire, founder, and CEO of Cevital, Issad Rebrab, secures the second position with a net worth of $4.6 billion. Despite a $500 million decrease from 2022, Rebrab’s Cevital owns one of the world’s largest sugar refineries.
- Hussain Sajwani:
- The net worth of Emirati billionaire Hussain Sajwani witnessed an impressive 66.7% increase compared to 2022, marking one of the highest growth rates. Similarly, Mohammed Mansour saw a 44% increase in his wealth this year.
Wealth Distribution in Egypt and Lebanon: Egypt and Lebanon dominate the list, each having six billionaires. The combined net worth of Egyptian billionaires is $19.1 billion, including the Mansour brothers and the Sawiris siblings. Lebanese billionaires, with a combined net worth of $11.8 billion, include the Makhzoumi brothers, Robert Mouawad, and the Hariri siblings.
UAE Presence: The UAE contributes three billionaires to the 2023 list: Hussain Sajwani, Abdullah bin Ahmed Al Ghurair and family, and Abdullah Al Futtaim and family. Collectively, their net worth amounts to $9.9 billion.
Representation from Other Arab Countries: Morocco is represented by Prime Minister Aziz Akhannouch and banker Othman Benjelloun and his family. Qatar is represented by Faisal bin Qassim Al Thani and Hamad bin Jassim Al Thani, both members of the Qatari royal family.
Conclusion: The Forbes 2023 list showcases the resilience and adaptability of Arab billionaires in a dynamic economic landscape. While challenges persist, the collective wealth of these individuals continues to make a significant impact, reflecting the diverse industries and sectors contributing to the region’s economic growth. As the global economic landscape evolves, Arab billionaires navigate challenges with strategic investments, reinforcing their positions on the global stage.
