Al Rajhi richer than Al Saud family

Al Rajhi is the richest family in Saudi Arabia, controlling nearly SR46.3 billion ($12.3 billion) at the end of September and far outpacing the ruling Al Saud family, newspapers in the Gulf Kingdom said on Wednesday.

Al Saud’s wealth was put at around SR32.9 billion ($8.7 billion) at the end of September to maintain its position as the second richest families in the world’s dominant oil power, the report showed.

Citing estimates by the Saudi Al Joman economic consulting centre, the report showed Al Rashid is the third wealthiest family in the Kingdom, with around SR5.77 billion ($1.53 billion). It was followed by Al Akeel family, with a wealth of SR3.77 billion ($one billion) and Al Hakeer with SR2.68 billion ($714 million).

The report, which covered Saudi Arabia’s 14 richest families, estimated their combined wealth at SR98.42 billion ($26.2 billion) at the end of September, down from SR111.48 billion ($28.7 billion) at the end of 2010.

“The decline in the combined assets of the 14 families was mainly a result of an eight per cent fall in the Saudi stock market during that period,” it said.

A breakdown showed the assets of Al-Rajhi, owner of one of the Middle East’s largest banks, shrank from SR54.99 billion at the end of 2010 to nearly SR46.33 billion at the end of September 2011. Al-Saud’s wealth also receded to its present level from nearly SR36.3 billion.

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