The combined wealth of 12 billionaires of Arab origin increased by 9 percent to $168.6 billion in just over two and a half months following the release of the Forbes Billionaires List 2022 in April. The surge was driven primarily by strong gains posted by Mexican billionaire of Lebanese origin Carlos Slim Helu and his family.
Between March 11 and May 31, Slim added $12.7 billion to his fortune, bringing his net worth to $93.9 billion. During this period, he climbed three places in the real-time billionaire rankings to join the world’s top 10 richest individuals. Slim is the wealthiest person globally with Arab roots, accounting for 55.7 percent of the combined net worth of the 12 billionaires with Arab origins.
Who Are the Other Richest Billionaires With Arab Roots?
The ranking also includes Rodolphe Saadé and family, the France-based chairman and CEO of shipping giant CMA CGM; the four adult children of late Brazilian banking tycoon Joseph Safra; French telecoms magnate Patrick Drahi; and US-based private equity executive Ramzi Musallam.
Other notable names include Mohed Altrad, founder of France-based Altrad Group; US media entrepreneur Haim Saban; Marc Lasry, founder of Avenue Capital Group; David Hindawi, executive chairman of cybersecurity firm Tanium; Noubar Afeyan, chairman and co-founder of biotech company Moderna; Alfredo Harp Helú and family from Mexico; and Mohammed Ibrahim, founder of the Mo Ibrahim Foundation.
Distribution by Origin
Billionaires with Lebanese roots dominate the ranking, collectively holding $138.3 billion in wealth. They are followed by those of Syrian origin, with a combined $11.5 billion, and Moroccan-origin billionaires, who hold $8.7 billion. Single representatives come from Jordan, Egypt, Sudan, and Iraq.
In May, the group lost one of its members. Fayez Sarofim, an Egypt-born billionaire money manager, passed away at his home in Houston on May 28 at the age of 93. Sarofim had a net worth of $1.5 billion on the Forbes Billionaires List 2022.
How the Fortunes Were Built
Below is a snapshot of how the wealthiest billionaire with Arab origins built his fortune and how it changed during the 12-week period:
1. Carlos Slim Helu and family
Country of origin: Lebanon
Citizenship: Mexico
Net worth: $93.9 billion
Change in approximately 12 weeks: +$12.7 billion
Source of wealth: Telecommunications
Carlos Slim was born to Lebanese immigrant parents who built wealth through real estate in Mexico. He began investing at the age of 12 and became a millionaire in his early 20s. In 2010, with a fortune of $53.5 billion, Slim topped the Forbes list as the world’s richest person.
Today, Slim and his family control América Móvil, Latin America’s largest mobile telecommunications company. The company’s share price rose 39.2 percent year on year to MXN 21.21 ($1.10) by May 31, significantly boosting Slim’s net worth.
Beyond telecoms, Slim holds investments across construction, consumer goods, mining, and real estate. He owns a 17 percent stake in The New York Times and, through a 79 percent holding in Grupo Carso, controls one of Latin America’s largest conglomerates, which accounts for more than 8 percent of his fortune.
