Meet The Middle East’s Billionaires 2024
Discover the wealthiest individuals in the region based on the Forbes World’s Billionaires List 2024. All net worth figures are accurate as of March 8, 2024.
Out of the 29 billionaires in the Middle East, 20 are Arab, comprising nearly 69% of the Middle East’s Billionaires 2024 list. Collectively, these 29 individuals hold a fortune of $100.9 billion, with over 53% ($53.7 billion) belonging to Arab billionaires.
While 6 billionaires maintained their net worth from 2023, 15 experienced a year-on-year increase in their wealth.
Egypt’s Nassef Sawiris remains the wealthiest Arab globally, with a net worth of $8.8 billion—showing a surge of $1.4 billion since March 2023.
The non-Arab, Middle East-based billionaires on the list include one Russian and eight Indian-origin individuals.
The youngest and richest Middle East-based billionaire is 39-year-old Pavel Durov, founder of Telegram. He is also the sole tech billionaire on the list.
Only four billionaires on the list are under 50 years old.
The combined net worth of the eight individuals of Indian origin is $31.7 billion, with retail tycoon M.A. Yusuff Ali leading at $7.6 billion.
The six Lebanese billionaires have a collective net worth of $11.8 billion, while the five Egyptian billionaires have a combined net worth of $18.4 billion.
Three Emirati billionaires feature on the 2024 list, with a combined net worth of $12.3 billion.
The list includes four families with multiple entries, with the Hariri clan from Lebanon and the Mansour brothers from Egypt having three entries each.
Five Arab billionaires share joint family wealth, with Abdulla bin Ahmad Al Ghurair & family being the richest at $3.9 billion.
Forbes excluded billionaires from Saudi Arabia in its 2024 ranking for the seventh consecutive year.
Two newcomers from India join the elite cohort in 2024. Renuka Jagtiani, the only female billionaire in the Middle East, leads retailing giant Landmark Group with a net worth of $4.8 billion. Real estate mogul Kabir Mulchandani, owner of FIVE Holdings, controls a fortune of $2 billion.
Mohamed Al Fayed passed away in August 2023 at 94, dropping off the list. As of April 2023, his fortune was $2 billion.
Seven billionaires attribute their wealth to various, diversified sectors.
Algeria’s Issad Rebrab & family, with a fortune of $2.5 billion, is the only Arab food tycoon, founded Cevital, Algeria’s largest privately-held company.
The richest Arab jeweler is Robert Mouawad, with a net worth of $1.5 billion, inheriting the family’s high-end jewelry business founded in Beirut in 1890.
Othman Benjelloun & family, valued at $1.4 billion, is the only active banker on the list, serving as Chairman and CEO of Bank Of Africa.
Shamsheer Vayalil, founder of Burjeel Holdings, is the wealthiest Middle East-based healthcare tycoon, with an estimated fortune of $3.5 billion, boosted by the October 2022 listing of Burjeel Holdings.
Lebanese and Egyptian billionaires dominate the region, with six and five billionaires, respectively.
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Who is the richest Arab in the world according to the Forbes World’s Billionaires List 2024? Nassef Sawiris from Egypt holds the title of the richest Arab globally with a net worth of $8.8 billion, marking a $1.4 billion surge since March 2023.
What percentage of Middle East-based billionaires are Arab? Arabs make up nearly 69% of the Middle East’s Billionaires 2024 list, with 20 out of 29 billionaires being Arab.
How much is the combined net worth of Middle East-based billionaires according to Forbes? The combined net worth of Middle East-based billionaires is $100.9 billion.
How many billionaires had the same net worth in 2023 as they do in 2024? Six billionaires maintained their net worth from 2023.
How many billionaires experienced an increase in their net worth from 2023 to 2024? Fifteen listees witnessed a year-on-year spike in their fortune.
Who is the youngest Middle East-based billionaire on the list? Pavel Durov, aged 39 and of Russian origin, is the youngest Middle East-based billionaire. He is the founder of Telegram.
How many billionaires on the Forbes list are under 50 years of age? Only four billionaires on the list are under 50 years old.
What is the combined net worth of the Indian-origin individuals on the Forbes list? The eight individuals of Indian origin on the list have a combined net worth of $31.7 billion.
Who are the two newcomers on the Forbes list in 2024? The two newcomers are Indians—Renuka Jagtiani and Kabir Mulchandani.
Who is the wealthiest among the Indian-origin individuals on the list? Retail tycoon M.A. Yusuff Ali is the wealthiest among the Indian-origin individuals, with a net worth of $7.6 billion.
How many Emirati billionaires are featured on the Forbes list in 2024? Three Emirati billionaires are featured on the 2024 list, with a combined net worth of $12.3 billion.
Which family is the richest among the listees with joint family wealth? Abdulla bin Ahmad Al Ghurair & family are the richest among the listees with joint family wealth, with a net worth of $3.9 billion.
Why were billionaires from Saudi Arabia excluded from the Forbes list in 2024? Forbes excluded billionaires from Saudi Arabia in its 2024 ranking for the seventh consecutive year.
Who is the only female billionaire in the Middle East on the Forbes list? Renuka Jagtiani is the only female billionaire in the Middle East on the Forbes list, leading Landmark Group with a net worth of $4.8 billion.
Who is the wealthiest healthcare tycoon in the Middle East according to the Forbes list? Shamsheer Vayalil, founder of Burjeel Holdings, is the wealthiest Middle East-based healthcare tycoon, with an estimated fortune of $3.5 billion.
What is the net worth of Algeria’s Issad Rebrab & family? Algeria’s Issad Rebrab & family have a fortune of $2.5 billion.
Who is the richest Arab jeweler on the Forbes list? Robert Mouawad is the richest Arab jeweler on the Forbes list, with a net worth of $1.5 billion.
Who is the only active banker among the Middle East-based billionaires on the Forbes list? Othman Benjelloun & family, valued at $1.4 billion, is the only active banker among the Middle East-based billionaires on the Forbes list.
How many Lebanese billionaires are featured on the Forbes list? Six Lebanese billionaires are featured on the Forbes list, with a collective net worth of $11.8 billion.
How many Egyptian billionaires are featured on the Forbes list? Five Egyptian billionaires are featured on the Forbes list, with a combined net worth of $18.4 billion.
Content Courtesy : FORBES
