House of Saud, world’s richest family, surpasses Elon Musk and Bill Gates combined net worth

House of Saud, world’s richest family, surpasses Elon Musk and Bill Gates combined net worth

Though the House of Saud has around 15,00 family members, a majority of the royal family's wealth is managed by only 2,000 relatives
House of Saud, world’s richest family, surpasses Elon Musk and Bill Gates combined net worth

Web Desk

|

13 Jan 2024

The ruling Saudi Royal family now holds the title of the world's wealthiest family, and most influential family worth US$1.4 trillion, surpassing the combined net worth of tech giants Elon Musk and Bill Gates.

In contrast, Elon Musk, the founder of Tesla, boasts an estimated net worth of $236.1 billion, while Bill Gates, the founder of Microsoft, holds a net worth of $119.7 billion as of December 24, 2023, according to Forbes. 

The Saudi Royals' wealth is four times greater than that of the world's multiple billionaires, wielding substantial influence not only in the Arabian Peninsula but also in the global energy industry, contributing to the grandeur of the Saudi state, as reported by Business Day.

“The rulers of Saudi Arabia have a net worth estimated to be nearly 16 times that of King Charles’s family,” the publication reported.

Though the House of Saud has around 15,00 family members, a majority of the royal family's wealth is managed by only 2,000 relatives, constituting the dominant faction within the house.

This faction traces its roots back to the descendants of Abdulaziz bin Abdul Rahman, the founder of the Kingdom of Saudi Arabia in 1932. Currently, King Salman bin Abdulaziz Al Saud, who assumed the throne in 2015, leads the royal family, with Crown Prince Mohammed Bin Salman identified as his heir.

In the ranking of the wealthiest personalities in Asia, Indians Mukesh Ambani and Gautam Adani secure the top positions, succeeded by the prominent Chinese business scions.

On the other hand, within the global list of the ten richest personalities, Tesla owner Elon Musk stands out with a staggering net worth of $251 billion. Musk, the CEO of the electric carmaker Tesla, also holds stakes in the privately held rocket company SpaceX and the social media company X, formerly recognised as Twitter.

Occupying the second position as the world's second-richest individual is Bernard Arnault, who boasts an estimated net worth of $200.7 billion. 

Arnault serves as the CEO and chairman of LVMH, overseeing a conglomerate with over 70 brands, including renowned names such as Louis Vuitton, Christian Dior, Tiffany & Co., and Sephora.

Comments

https://www.dialoguepakistan.com/en/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!
*/