Riyadh: City of billionaires

The total wealth of Saudi billionaires comprises more than half of the combined net worth of billionaires in the Middle East, the inaugural Wealth-X and UBS Billionaire Census shows.
It also states that Saudi Arabia is the country with the largest number of billionaires in the Middle East, with a total of 64 billionaires.
Sixty-six percent of Saudi billionaires have derived their wealth from inheritance-related fortunes (inherited and inherited/self-made).
Riyadh, meanwhile, leads the list of top billionaire cities in the region. It is ranked 8th on the global list, along with Paris, with a billionaire population of 25. Dubai holds the 10th position, with 24 billionaires.
New York remains the business city of choice for the world’s billionaires.
The report said: “Middle Eastern billionaires are big spenders; the average value of real estate, yachts, and private planes that they own is the highest in the world.”
This year’s report highlights that billionaire’s wealth in the Middle East grew over the previous year as a result of strong equity and commodity markets.
The UAE has the second largest billionaire population in the Middle East.
Finance, banking, investment and real estate are the most significant industries in the UAE.
Billionaire wealth in the UAE has been supported by strong domestic equities — the Abu Dhabi stock index is up over 40 percent since July 2012.