Saudi Prince Alwaleed bin Talal's fortune has increased by more than 18 percent, or $3.2bn, this year, according to the Bloomberg Billionaires Index, a daily ranking of the wealthiest people.
Alwaleed’s wealth rose this year as shares of his Kingdom Holding Co, a diversified investment group that is planning to build the world’s tallest tower, rose 36 percent.
The 57-year-old, who joined the index on Wednesday, ranks 24th on the index with a net worth of $20.5bn, Bloomberg said.
“There is no secret to success,” Alwaleed told Bloomberg in an e-mail sent from Saudi Arabia. “It is based on a sound investment strategy, commitment and long-term vision.”
Alwaleed’s fortune makes him richer than Google co-founders Larry Page and Sergey Brin.
Page ranks in 29th place with $18.9bn, while Brin ranks 32nd on the list compiled by Bloomberg News. He is worth $18.7bn.
The 40 richest individuals on Earth lost a combined $6.2bn on Wednesday as stocks dropped amid disappointing US earnings, the index showed.
The index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting.
The combined wealth of the index is $1.1trn. The 40 billionaires have gained a combined $88.2bon since the beginning of the year.
Mexican telecommunications magnate Carlos Slim, 72, remains the richest person in the world, with a fortune of $68.8bn, down $572.3m for the day.
Second is Microsoft Corp co-founder Bill Gates, 56, with $62.7bn, followed by Warren Buffett, who’s worth $44.6bn.
Mark Zuckerberg, the 27-year-old founder of Facebook, the world’s largest social-networking company, is 25th on the ranking.
Lakshmi Mittal, the India-born chairman of ArcelorMittal, the world’s biggest steelmaker, is in 28th place with $19bn. In addition to his 41 percent stake in ArcelorMittal, the 61-year-old London resident owns hundreds of millions of dollars in UK real estate.