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Prince Alwaleed bin Talal in dispute with Forbes for underestimating his fortune

Publish Date05/03/2013 01:34:53 PM

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Prince Alwaleed bin Talal in dispute with Forbes for underestimating his fortune

Saudi Arabia`s Prince Alwaleed bin Talal accused Forbes magazine of underestimating his fortune and ranking him the world`s 26th richest man with $20 billion.

Prince Alwaleed claims there were inconsistencies in the magazine`s valuation process and that his real fortune is worth to be about $29.6 billion which puts him in the top 10.

After Forbes released the latest billionaires list, Prince Alwaleed informed the publication that will no longer like to be included in the top.

In a press release from the Prince`s investment firm, Kingdom Holding Company, Forbes will no longer receive information about its finances.

The Price accused Forbes of a “flawed” valuation method that undervalued his assets and “seemed designed to disadvantage Middle Eastern investors and institutions”.

According to chief financial officer of Kingdom Holding, Shadi Sanbar, the company on multiple occasions pointed out problems with Forbes’ methodology that needed correction.

“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”, Sanbar added.

The list, published on Monday, saw Mexico`s Carlos Slim being the richest man on the planet while on 10th was Bernard Arnault and family with a net worth of $29 billion.

According to Forbes, here are the top 10 richest people in the world:

1. Carlos Slim Helu, 73, telecom, $73B

2. Bill Gates, 57, Microsoft, $67B

3. Amancio Ortega, 76, Zara, $57B

4. Warren Buffett, 82, Berkshire Hathaway, $53.5B

5. Larry Ellison, 68, Oracle, $43B

6. Charles Koch, 77, diversified, $34B

6. David Koch, 72, diversified, $34B

8. Li Ka-shing, 84, diversified, $31B

9. Liliane Bettencourt, 90, L`Oreal, $30B

10. Bernard Arnault, 63, LVMH, $29B

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