Saudi Prince Alwaleed Loses $4 Billion, Still Richest Arab In The World

Wow. Can you believe that this cat lost 4 billon dollars and did not even blink.

via Huffington Post

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DUBAI, United Arab Emirates — The Saudi prince who owns a double-decker “flying palace” and recently raised his bet on Citigroup lost $4 billion in the past year, according to a published report Sunday, showing that even the ultra-rich are getting pinched by the global financial crisis.

The pain is relative, of course. Prince Alwaleed bin Talal remains the world’s richest Arab with a net worth of about $17 billion as of Dec. 2, Dubai-based magazine Arabian Business reported in its annual ranking. That is nearly twice as much as the second-richest on the list, but a considerable drop from the $21 billion the magazine said the prince was worth a year ago.

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