I'm richer than that! Saudi Prince slams Forbes rich list

Mar 06, 2013, 01:19 IST | Agencies

Saudi Arabia's Prince Alwaleed Bin Talal has accused Forbes magazine of understating his wealth. In its 2013 list of the world's richest people, Forbes estimated Prince Alwaleed's net worth at $20 billion, putting him in 26th place.

However, the prince’s office said the magazine used flawed valuation methods. According to some reports, the prince estimates his net worth to be $29.6 billion, a figure that would put him in the top 10 of the magazine’s latest rich list.

Angry: Saudi Arabia’s Prince Alwaleed Bin Talal. File Pic

Prince Alwaleed’s office claimed that the valuation methods deployed by Forbes were “designed to disadvantage” Middle Eastern investors.

It alleged that the magazine had refused to accept the valuations of the stocks listed on Tadawul, the Saudi Arabian StockExchange.

The prince’s office said that it had requested Forbes to remove the prince from its rich list. It added that it had severed all ties with the magazine and would no longer co-operate with the valuation teams.

“We have worked very openly with the Forbes team over the years and have on multiple occasions pointed out problems with their methodology that need correction,” Shadi Sanbar, chief financial officer of Kingdom Holding Company, which the prince owns, said in a statement.

“However, after several years of our efforts to correct mistakes falling on deaf ears, we have decided that Forbes has no intention of improving the accuracy of their valuation of our holdings and we have made the decision to move on.”
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