4 things to know about Saudi Arabia’s Prince Al-Waleed bin Talal, the billionaire philanthropist who owns the Savoy in London
With a reputed net worth of more than US$18.7 billion, Al-Waleed bin Talal enjoys a lavish lifestyle, but he is believed to have given US$3.5 billion to social causes and his Alwaleed Philanthropies empowers women and youth across the Arab world
Prince Al-Waleed bin Talal is probably the most familiar Saudi Arabian mogul in the West. With a reputed net worth of more than US$18.7 billion, the founder and CEO of Kingdom Holding Company, is understood to be the richest man in Saudi Arabia. Al-Waleed, described by Time as the “Arabian Warren Buffett”, and listed by Forbes as the 45th richest man in the world in November 2017, enjoys an extravagant life.
However, he was among a group of prominent Saudis, including fellow billionaires Waleed bin Ibrahim Al Ibrahim and Saleh Abdullah Kamel, who were arrested on November 4, 2017 as part of what the government described as an anti-corruption drive. The allegations against Al-Waleed included money laundering, bribery and extorting officials. Al-Waleed was released from detention on January 27, 2018, following a financial settlement. He was dropped from the World's Billionaires list in March 2018 because of a lack of current information.