The last year has been tough for the world’s wealthiest people, with the number of global billionaires falling to 2,668, down from 2,755 in 2021. A total of 329 people dropped off the list this year, with 242 newcomers. The total net worth of the world’s billionaires in 2022 is $12.7 trillion, down from $13.1 trillion in 2021.
When it comes to the Middle East, the 2022 list of the richest Arabs remains largely the same as 2021, with the only drop off being Majid Al Futtaim, who passed away in December 2021. In 2022, Saudi billionaires were not included in Forbes’ World’s Billionaires list for the fifth consecutive year.
Nassef Sawiris is the world’s richest Arab, with a net worth of $7.7 billion. His wealth dropped by $600 million compared to 2021, which also makes him the biggest loser among the Arab billionaires this year. This is mainly due to a slump in the share price of Adidas, in which Sawiris owns 6%.
Algerian billionaire Issad Rebrab & family are the world’s second richest Arabs and the only Algerians on the list. Lebanese prime minister Najib Mikati and his brother Taha are the biggest gainers this year, having both seen their wealth increase by $700 million each. They each have a net worth of $3.2 billion.
Egypt and Lebanon, with six billionaires each, have the highest number of billionaires in the region.
The six Egyptian billionaires have a combined net worth of $18.3 billion. They are the three Mansour brothers Mohammed, Youssef and Yasseen, the two Sawiris brothers Nassef and Naguib, and Mohammed Al Fayed, the 93-year-old former owner of Harrods.
The six Lebanese billionaires have a net worth of $12.6 billion. They include the two Mikati brothers, and the three brothers of former billionaire and prime minister of Lebanon Saad Hariri, Bahaa, Ayman and Fahed Hariri.
The U.A.E. has three billionaires on the 2022 list—Hussain Sajwani, Abdulla bin Ahmad Al Ghurair & family, and Abdulla Al Futtaim & family. And Morocco and Qatar have two billionaires each, with Moroccan prime minister Aziz Akhannouch & family and banking tycoon Othman Benjelloun & family, representing Morocco, and Faisal Bin Qassim Al Thani and Hamad bin Jassim Al Thani, both members of the Qatari Royal Family, representing Qatar.