..in which Forbes angers a Saudi Prince

Prince Alwaleed bin Talal Al Saud is annoyed.

Forbes has long been the ultimate list. Featuring on the magazine’s list of the world’s wealthiest is an aspiration of many an entrepreneur, while, for the rest of us, it’s ranking of billionaires shows us just who actually is in charge.

But today the magazine has just infuriated Prince Alwaleed bin Talal Al Saud, the man who it believes the wealthiest in the Middle East. In a brutal statement of misgiving, the CFO of Alwaleed’s company, Kingdom Holding, said, “Forbes has no intention of improving the accuracy of their valuation of our holdings”. While in another statement he said, “I never knew that Forbes was a magazine of sensational dirt-digging and rumor-filled stories.” 

So how has Forbes provoked such a stir? How is one of the most powerful men in the Middle East moved by some shallow rich list? Here’s why: The article headlining Forbes’ March 2013 magazine not only paints the picture of a man obsessed by money, but gives an interesting insight into the region.

Alwaleed, Forbes argues, annually exaggerates his wealth by billions just so he can appear on their rich list; such is his obsession with the competition. He uses his public company – Kingdom Holding, which uses the tagline, “The World’s Foremost Value Investor” – to inflate his value. Only this year, Forbes gave him a net worth far less than Alwaleed would have liked. Here’s what they say:

“Of the 1,426 billionaires on our list, not one–not even the vainglorious Donald Trump–goes to greater measure to try to affect his or her ranking.”

This distaining Forbes article may show up Alwaleed as a man whose pride is his wealth. But it also raises questions over his fellow Saudi’s obsession with money.

The article goes on to list Alwaleed’s 420 room palace (apparently filled with portraits of himself), 747 private aircraft with a throne, private “farm and resort” with artificial lakes and a zoo. Yet all of these (bar perhaps the zoo) are not uncommon displays of wealth in the Kingdom, which, also according to Forbes, has the second most billionaires in the Middle East after Israel.

Ironically, this accumulation and ostentation goes against the wishes of Saudi Arabia’s founder, and Alwaleed’s grandfather, Ibn Saud. According to his English adviser, St John Philby, Ibn Saud was frequently frustrated by many of the Princes’ displays of wealth.

As for Alawaleed’s true wealth: Forbes puts his worth (apparently wrongly) at $20 million; Bloomberg, who he endorses, says he is worth $28; Arabian Business takes the middle ground at $25.9 and WealthInsight, a global wealth consultancy says that Alwaleed owns $22.6.

Look at all my money. Photograph: Getty Images

Oliver Williams is an analyst at WealthInsight and writes for VRL Financial News

Photo: Getty
Show Hide image

Who will win in Stoke-on-Trent?

Labour are the favourites, but they could fall victim to a shock in the Midlands constituency.  

The resignation of Tristram Hunt as MP for Stoke-on-Central has triggered a by-election in the safe Labour seat of Stoke on Trent Central. That had Westminster speculating about the possibility of a victory for Ukip, which only intensified once Paul Nuttall, the party’s leader, was installed as the candidate.

If Nuttall’s message that the Labour Party has lost touch with its small-town and post-industrial heartlands is going to pay dividends at the ballot box, there can hardly be a better set of circumstances than this: the sitting MP has quit to take up a well-paid job in London, and although  the overwhelming majority of Labour MPs voted to block Brexit, the well-advertised divisions in that party over the vote should help Ukip.

But Labour started with a solid lead – it is always more useful to talk about percentages, not raw vote totals – of 16 points in 2015, with the two parties of the right effectively tied in second and third place. Just 33 votes separated Ukip in second from the third-placed Conservatives.

There was a possible – but narrow – path to victory for Ukip that involved swallowing up the Conservative vote, while Labour shed votes in three directions: to the Liberal Democrats, to Ukip, and to abstention.

But as I wrote at the start of the contest, Ukip were, in my view, overwritten in their chances of winning the seat. We talk a lot about Labour’s problem appealing to “aspirational” voters in Westminster, but less covered, and equally important, is Ukip’s aspiration problem.

For some people, a vote for Ukip is effectively a declaration that you live in a dump. You can have an interesting debate about whether it was particularly sympathetic of Ken Clarke to brand that party’s voters as “elderly male people who have had disappointing lives”, but that view is not just confined to pro-European Conservatives. A great number of people, in Stoke and elsewhere, who are sympathetic to Ukip’s positions on immigration, international development and the European Union also think that voting Ukip is for losers.

That always made making inroads into the Conservative vote harder than it looks. At the risk of looking very, very foolish in six days time, I found it difficult to imagine why Tory voters in Hanley would take the risk of voting Ukip. As I wrote when Nuttall announced his candidacy, the Conservatives were, in my view, a bigger threat to Labour than Ukip.

Under Theresa May, almost every move the party has made has been designed around making inroads into the Ukip vote and that part of the Labour vote that is sympathetic to Ukip. If the polls are to be believed, she’s succeeding nationally, though even on current polling, the Conservatives wouldn’t have enough to take Stoke on Trent Central.

Now Theresa May has made a visit to the constituency. Well, seeing as the government has a comfortable majority in the House of Commons, it’s not as if the Prime Minister needs to find time to visit the seat, particularly when there is another, easier battle down the road in the shape of the West Midlands mayoral election.

But one thing is certain: the Conservatives wouldn’t be sending May down if they thought that they were going to do worse than they did in 2015.

Parties can be wrong of course. The Conservatives knew that they had found a vulnerable spot in the last election as far as a Labour deal with the SNP was concerned. They thought that vulnerable spot was worth 15 to 20 seats. They gained 27 from the Liberal Democrats and a further eight from Labour.  Labour knew they would underperform public expectations and thought they’d end up with around 260 to 280 seats. They ended up with 232.

Nevertheless, Theresa May wouldn’t be coming down to Stoke if CCHQ thought that four days later, her party was going to finish fourth. And if the Conservatives don’t collapse, anyone betting on Ukip is liable to lose their shirt. 

Stephen Bush is special correspondent at the New Statesman. His daily briefing, Morning Call, provides a quick and essential guide to British politics.