Of the 21 Arab billionaires on the 2023 list, nine saw their net worth decline compared to the previous year, while seven maintained the same level of wealth. Despite these mixed results, the collective net worth of Arab billionaires rose slightly, increasing from $52.9 billion in 2022 to $53.9 billion in 2023.
Egypt’s Nassef Sawiris remained the richest Arab in the world, with a net worth of $7.4 billion, although his fortune declined by $300 million year on year. Sawiris is also the only Arab billionaire actively investing in professional sports teams. In December 2020, he acquired a 5 percent stake in New York–listed Madison Square Garden Sports, the owner of the NBA’s New York Knicks and the NHL’s New York Rangers. He also partnered with Fortress Investment Group co-founder Wes Edens to acquire Premier League club Aston Villa.
Five Arab billionaires increased their wealth in 2023, with two recording gains of more than $1 billion. Emirati real estate tycoon Hussain Sajwani led the list, adding $1.8 billion to his fortune and becoming the biggest gainer of the year. His net worth rose by 66.7 percent compared to 2022. Egypt’s Mohamed Mansour followed, increasing his wealth by $1.1 billion.
At the other end of the spectrum, Algeria’s Issad Rebrab and family and Morocco’s Aziz Akhannouch and family were the biggest losers, with each seeing their net worth fall by $500 million compared to 2022.
The richest Arab jeweler on the list is Lebanese billionaire Robert Mouawad, whose fortune stands at $1.5 billion. He inherited the family’s luxury jewelry business, founded by his grandfather in Beirut in 1890.
Morocco’s Othman Benjelloun, valued at $1.3 billion, is the only active banker among Arab billionaires. He serves as chairman and chief executive officer of BMCE Bank of Africa.
Egypt and Lebanon lead the region in terms of billionaire representation, with six billionaires each. Egypt’s six billionaires collectively hold $19.1 billion, while Lebanon’s total $11.8 billion.
The United Arab Emirates has three billionaires on the 2023 list, with a combined net worth of $9.9 billion.
Six Arab billionaires reside in countries where they do not hold citizenship, with the United Kingdom emerging as the most common destination, home to three of them.
Four families with multiple members appear on the list. Lebanon’s Hariri family and Egypt’s Mansour brothers have the highest representation, with three entries each.
Five Arab billionaires are listed with joint family wealth, led by Algeria’s Issad Rebrab and family, the richest family group on the list with $4.6 billion.
For the sixth consecutive year, Saudi Arabian billionaires were excluded from the Forbes World’s Billionaires List in 2023.
