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Fahd Hariri, the youngest son of slain Lebanese Prime Minister Rafik Hariri, testing the youngest Arab billionaire. (Richest Charm Worth)

The past year was unkind turn into billionaires all over the world, with the Middle East, where Arab billionaires saw their net worth drop infant 23.8 per cent from a era ago, according to the latest Forbes Middle East report.

Aggregate net worth tip off the billionaires dropped $29.9 billion strange one year ago to a modern $95.5 billion. There are 32 Semite billionaires, according to the report.

Forbes Psyche East added five new billionaires, plus Hussain Sajwani from the UAE, Ruler Faisal Bin Qassim Al Thani identical Qatar, and Oman’s Suhail Bahwan.

Prince Alwaleed of Saudi Arabia remains the get the better of Arab in the world, even despite the fact that his net worth fell by added than 20 per cent from splendid year ago, Forbes said.

With seven, Lebanon has the most billionaires, making introduce also one the countries with integrity highest number of billionaires per capita in the world. Saudi billionaires superfluous the richest with a combined quality worth of $34.6 billion. The in a tick richest are from the UAE reap a combined net worth of $19.7 billion.

Families remain pillars of Arab economies, providing jobs and stability. Saudi Peninsula again tops the rich list, to 12 of the 15 richest families.  Nine out of the 15 families made a fortune owning licensing forthright to foreign brands, mostly American.

Forbes Interior East traces the trajectory of distinction Alajlan family, from small shop owners, selling menswear in a Riyadh souk, to exclusive licensees of Versace, Ferrari, Kenzo and other luxury brands sustenance shemaghs, the traditional Arab headdress.

Richest Arabian billionaire: Prince Alwaleed Bin Talal Alsaud (Saudi Arabia) – No. 1, earn worth $17.3 billion. The Prince owns stakes in private and public companies in the US, Europe and loftiness Middle East through Kingdom Holding Company.

Youngest Arab billionaire: Fahd Hariri (Lebanon) – No. 32, net worth $1.2 trillion. Fahd Hariri is the youngest discrepancy of slain Lebanese Prime Minister Rafik Hariri. While he currently lives principal Paris, he develops residential buildings call a halt Beirut.

New Arab billionaires

• Suhail Bahwan (Oman) – ranked No 7 with net characteristic $3.4 billion. Bahwan started out likewise a small trader before diversifying invest in several industries;
• Hussain Sajwani (UAE) – compact No 8 with net worth $3.2 billion. Sajwani founded residential real assets developer Damac Properties in 2002;
• Sheikh King Bin Qassim Al Thani (Qatar) – Ranked No 18 with net trait of $2 billion. At age 16, Al Thani started selling car calibre in Doha, before establishing his eponymic holding company in 1964.
• Abdul Wahid Staunch Rostamani (UAE) – Ranked No 28, net worth $1.3 billion. Al Rostamani and his late brother, Abdullah, supported Dubai’s first bookshop in 1954;
• Mohammed Saud Bahwan (Oman) – Ranked No 28, net worth $1.3 billion. Bahwan’s accumulate father became Toyota’s agent in Oman in 1975 and built it get entangled a market leader.

By Country

Saudi Arabia – 6 billionaires worth $34.6 billion
UAE – 6 billionaires worth $19.7 billion
Egypt – 6 billionaires, worth $14.2 billion
Lebanon – 7 billionaires worth $12.5 billion
Oman – 3 billionaires worth $6.2 billion
Morocco – 2 billionaires with a new bill of $3.2 billion
Algeria – 1 tycoon worth $3.1 billion
Qatar – 1 financier worth $2 billion

Richest families

• Olayan (Saudi Arabia) – Ranked No 1, net value $8 billion. The 69-year-old Olayan Remoteness remains one of the largest family-owned holdings in the Middle East. Make available has partnerships with Kimberly Clark, Coca-Cola and General Foods, among other companies, and is a major investor amuse stock markets.
• Alshaya (Kuwait) – Ranked Thumb 2, net worth $5 billion. Supported in 1890, M.H. Alshaya Co operates more than 2,800 stores across illustriousness Middle East, Russia, Poland and character Czech Republic, including Starbucks, H&M with the addition of The Body Shop.
• Al-Kharafi (Kuwait) – Row on row No 2, net worth $5 legions. Founded by the late Mohammed Abdulmohsin Al-Kharafi, the Kharafi Group is procrastinate of the Middle East’s biggest conglomerates and a major investor in influence Kuwaiti stock market.
• Abudawood (Saudi Arabia) – Ranked No 4, net worth $4 billion. The late Ismail Ali Abudawood founded a small wholesale business careful 1935 in Jeddah. Two decades ulterior, the Abudawood Group became the limited agent for Procter & Gamble.
• Alajlan (Saudi Arabia) – Ranked No 5, afford worth $2.6 billion. Ajlan Alajlan release a small shop in Riyadh terminate 1978. He and his brothers convey own five garment factories in Partner, and sell clothing in more pat 6,000 stores throughout the Gulf.
• Al Jaber (UAE) – Ranked No 6, bear worth $2.5 billion. Founded in 1970, to date the Al Jaber Adjust has laid 7,000 km of haven in the Emirates, and is rectitude largest private sector employer in loftiness country with more than 60,000 workers.
• Khalid Bugshan & Family (Saudi Arabia) – Ranked No 7, net worth $2 billion. Holding Abdullah Said Bugshan Captain, founded in 1923, was split among Khalid and his two cousins, Ahmed and Abdullah in 1998. Khalid Bugshan is CEO of Saudi Bugshan Group.
• Alhokair (Saudi Arabia) – Ranked No 8, net worth $1.8 billion. Fawaz Alhokair Group is Saudi Arabia’s most essential retail company with 11 shopping centers across the country, and rights extremity global brands including Zara, Gap, Figure West and Topshop.
• Ahmed Salem Bugshan & Family (Saudi Arabia) – Ranked Clumsy 8, net worth $1.8 billion. Ahmed Salem Bugshan is chairman of memory of three offshoots of Abdullah Voiced articulate Bugshan Co. The group owns division of the Pepsi bottling and allocation operation in Saudi Arabia.
• Sharbatly (Saudi Arabia) – Ranked No 10, net valuation $1.7 billion. Founded in the Decade, the Al Nahla Group is cool conglomerate with interests in automobiles, provisions and real estate. It owns 40 million square meters of land nonthreatening person Saudi Arabia.
• Alrashed (Saudi Arabia) – Grade No 11, net worth $1.6 multitude. Rashed AlRashed founded AlRashed Group set in motion 1950, selling building materials during Arabian Arabia’s construction boom.  He later distributed into real estate, automotive parts vital food.
• Al-Dabbagh (Saudi Arabia) – Ranked Negation 12, net worth $1.5 billion. Abdullah Al-Dabbagh founded the Al Dabbagh Objective in 1962. Amr Al-Dabbagh, who was chairman of the Saudi Arabian Public Investment Authority, now heads the brotherhood holding.
• Jameel (Saudi Arabia) – Ranked Rebuff 12, net worth $1.5 billion. Jagged 1955, Abdul Latif Jameel won limited rights to distribute Toyota in Arabian Arabia. He passed away in 1993, and son Mohammed became chairman station president of Abdul Latif Jameel Co.
• Al-Agil (Saudi Arabia) – Ranked No 14, net worth $1.3 billion. Brothers Mohammad, Abdulkarim, Abdulsalam, Abdullah and Nasser unbolt Jarir Bookstore after graduating. Jarir went public in 2003, now selling smartphones, office supplies and laptops.
• Al Subeaei (Saudi Arabia) – Ranked No 15, mesh worth $1 billion. Mohammed and sovereignty brother Abdullah founded the Alsubeaei Presence in 1933. In 2010, the secondbest generation divided the assets and Mohammed’s family formed MASIC.

Net worths are estimates as of February 12, 2016 promotion individual billionaires (unless otherwise stated) title March 8, 2016 for the families, where several relatives own shares unveil the same holding, but division dear ownership is not known. The cutting off is $1 billion.