Prince Alwaleed Bin Talal is threatening to boycott an annual list of the world’s super-rich, after Forbes magazine claimed he was worth ‘only’ £13billion.
He is unhappy with a ‘flawed’ estimation of his wealth, which left him languishing in 26th place with a mere £13billion.
Prince Alwaleed, the Saudi King Abdullah’s nephew, insists his investments in London’s Savoy Hotel, Apple, Citigroup and News Corp have been undervalued.
According to the prince’s calculations he should have been ranked at number ten with a £19.5billion fortune, right behind L’Oreal heiress Liliane Bettencourt.
Prince Alwaleed has written to the magazine’s editor-in-chief Steve Forbes asking to be removed from the list, saying he will no longer work with their valuation teams. He has reportedly instructed his lawyers to look into taking legal action.
But he will continue to cooperate with the rival Bloomberg billionaires index, which ranks him as the world’s 16th-richest person with a fortune of £18.5billion.
He alleges that Forbes refused to accept valuations of his company’s stocks on Tadawul, the Saudi Arabian stock market, but says that the index takes into account valuations on other emerging markets.