..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

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Appreciate the full horror of Nigel Farage's pro-Trump speech

The former Ukip leader has appeared at a Donald Trump rally. It went exactly as you would expect.

It is with a heavy heart that I must announce Nigel Farage is at it again.

The on-again, off-again Ukip leader and current Member of the European Parliament has appeared at a Donald Trump rally to lend his support to the presidential candidate.

It was, predictably, distressing.

Farage started by telling his American audience why they, like he, should be positive.

"I come to you from the United Kingdom"

Okay, good start. Undeniably true.

"– with a message of hope –

Again, probably quite true.

Image: Clearly hopeful (Wikipedia Screenshot)

– and optimism.”

Ah.

Image: Nigel Farage in front of a poster showing immigrants who are definitely not European (Getty)

He continues: “If the little people, if the real people–”

Wait, what?

Why is Trump nodding sagely at this?

The little people?

Image: It's a plane with the name Trump on it (Wikimedia Commons)

THE LITTLE PEOPLE?

Image: It's the word Trump on the side of a skyscraper I can't cope with this (Pixel)

THE ONLY LITTLE PERSON CLOSE TO TRUMP IS RIDING A MASSIVE STUFFED LION

Image: I don't even know what to tell you. It's Trump and his wife and a child riding a stuffed lion. 

IN A PENTHOUSE

A PENTHOUSE WHICH LOOKS LIKE LIBERACE WAS LET LOOSE WITH THE GILT ON DAY FIVE OF A PARTICULARLY BAD BENDER

Image: So much gold. Just gold, everywhere.

HIS WIFE HAS SO MANY BAGS SHE HAS TO EMPLOY A BAG MAN TO CARRY THEM

Image: I did not even know there were so many styles of Louis Vuitton, and my dentists has a lot of old copies of Vogue.

Anyway. Back to Farage, who is telling the little people that they can win "against the forces of global corporatism".

 

Image: Aaaaarggghhhh (Wikipedia Screenshot)

Ugh. Okay. What next? Oh god, he's telling them they can have a Brexit moment.

“... you can beat Washington...”

“... if enough decent people...”

“...are prepared to stand up against the establishment”

Image: A screenshot from Donald Trump's Wikipedia page.

I think I need a lie down.

Watch the full clip here:

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland