..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 Images
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What do Labour's lost voters make of the Labour leadership candidates?

What does Newsnight's focus group make of the Labour leadership candidates?

Tonight on Newsnight, an IpsosMori focus group of former Labour voters talks about the four Labour leadership candidates. What did they make of the four candidates?

On Andy Burnham:

“He’s the old guard, with Yvette Cooper”

“It’s the same message they were trying to portray right up to the election”​

“I thought that he acknowledged the fact that they didn’t say sorry during the time of the election, and how can you expect people to vote for you when you’re not actually acknowledging that you were part of the problem”​

“Strongish leader, and at least he’s acknowledging and saying let’s move on from here as opposed to wishy washy”

“I was surprised how long he’d been in politics if he was talking about Tony Blair years – he doesn’t look old enough”

On Jeremy Corbyn:

"“He’s the older guy with the grey hair who’s got all the policies straight out of the sixties and is a bit of a hippy as well is what he comes across as” 

“I agree with most of what he said, I must admit, but I don’t think as a country we can afford his principles”

“He was just going to be the opposite of Conservatives, but there might be policies on the Conservative side that, y’know, might be good policies”

“I’ve heard in the paper he’s the favourite to win the Labour leadership. Well, if that was him, then I won’t be voting for Labour, put it that way”

“I think he’s a very good politician but he’s unelectable as a Prime Minister”

On Yvette Cooper

“She sounds quite positive doesn’t she – for families and their everyday issues”

“Bedroom tax, working tax credits, mainly mum things as well”

“We had Margaret Thatcher obviously years ago, and then I’ve always thought about it being a man, I wanted a man, thinking they were stronger…  she was very strong and decisive as well”

“She was very clear – more so than the other guy [Burnham]”

“I think she’s trying to play down her economics background to sort of distance herself from her husband… I think she’s dumbing herself down”

On Liz Kendall

“None of it came from the heart”

“She just sounds like someone’s told her to say something, it’s not coming from the heart, she needs passion”

“Rather than saying what she’s going to do, she’s attacking”

“She reminded me of a headteacher when she was standing there, and she was quite boring. She just didn’t seem to have any sort of personality, and you can’t imagine her being a leader of a party”

“With Liz Kendall and Andy Burnham there’s a lot of rhetoric but there doesn’t seem to be a lot of direction behind what they’re saying. There seems to be a lot of words but no action.”

And, finally, a piece of advice for all four candidates, should they win the leadership election:

“Get down on your hands and knees and start praying”

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.