Saudi prince sues Forbes for undervaluing his wealth

China's billionaires panic when their name listed in Forbes, but Saudi prince fights for higher rank. A cultural difference?

Saudi prince sues Forbes for undervaluing his wealth

LONDON - Saudi billionaire Prince Alwaleed bin Talal has sued Forbes magazine for libel in a British court, alleging its valuation of his wealth at US$20 billion (S$25 billion) was short of the mark by US$9.6 billion, Britain’s Guardian newspaper reported yesterday (June 7).

The prince, a grandson of Saudi Arabia’s founder and nephew of King Abdullah, had attacked the United States magazine’s ranking of world billionaires as flawed and biased against Middle Eastern businesses after he was ranked number 26 in this year’s list.

http://www.todayonline.com/world/quirky-...his-wealth

(08-06-2013, 08:10 PM)CityFarmer Wrote: China's billionaires panic when their name listed in Forbes, but Saudi prince fights for higher rank. A cultural difference?

Perhaps for Chinese billionaires, it may be a case of 树大招风 (big tree attracts the winds) - keeping a low profile from government or tax authorities. Even if wealth is accrued legitimately, there may be some social stigma for businessmen that profits immensely on the labour of others, squeezing suppliers or monopolising an industry.

As for the Saudi prince, his wealth is his royal birthright (at least in his view) so the above concerns are not relevant.

(09-06-2013, 12:24 AM)fat al Wrote:

(08-06-2013, 08:10 PM)CityFarmer Wrote: China's billionaires panic when their name listed in Forbes, but Saudi prince fights for higher rank. A cultural difference?

Perhaps for Chinese billionaires, it may be a case of 树大招风 (big tree attracts the winds) - keeping a low profile from government or tax authorities. Even if wealth is accrued legitimately, there may be some social stigma for businessmen that profits immensely on the labour of others, squeezing suppliers or monopolising an industry.

As for the Saudi prince, his wealth is his royal birthright (at least in his view) so the above concerns are not relevant.

The recent awareness originated from the Arab Spring, and from middle-east. IMO, the Saudi prince should be more wary than China billionaires, in showing-off their wealth.

Royal birthright is perceived as one of the social unfairness nowadays. I didn't visit Arabic countries for a while, not sure the ground sentiment on the royal families. Any hints from buddies?

The Saudi Prince has a huge ego......

(09-06-2013, 11:05 AM)CityFarmer Wrote: Royal birthright is perceived as one of the social unfairness nowadays. I didn't visit Arabic countries for a while, not sure the ground sentiment on the royal families. Any hints from buddies?

Good point you raised about Arab Spring. He should be more careful then.

A Forbes magazine staff wrote that shares of Kingdom Holdings (Alwaleed's version of Berkshire Hathaway) always 'mysteriously' jumps right before Forbes Billionaire's List publication

http://www.forbes.com/sites/kerryadolan/...ock/print/

(09-06-2013, 11:59 AM)rogerwilco Wrote: A Forbes magazine staff wrote that shares of Kingdom Holdings (Alwaleed's version of Berkshire Hathaway) always 'mysteriously' jumps right before Forbes Billionaire's List publication

http://www.forbes.com/sites/kerryadolan/...ock/print/

Well, a manager that like to show-off, is definitely not one to put your money with. In the same vein, those investment initiated by the prince might not worth a second look IMO...