list, to No. 26, with an estimated $20 billion fortune, but he still
blasted the magazine for what he calls "bias against Middle East
investors and financial institutions."
Alwaleed vowed in a letter to Forbes Chairman and Editor-in-Chief
Steve Forbes that he would no longer work with the magazine in
preparing its much-publicized billionaire ranking. A Forbes spokesman
said the magazine calculated Alwaleed is worth $20 billion — up by $2
billion from last year but $9.6 billion less than what the Saudi crown
prince believes he is worth.
Forbes said it has been investigating the prince's finances for
"several years," and will detail its findings in the issue that hits
newsstands later this week, although the story will be posted online
this morning.
Among the lines that seem to have most angered Alwaleed was what he
called an "allegation based on rumor" that stock manipulation "is the
national sport" in Saudi Arabia because "there are no casinos."
Alwaleed claims that valuations from emerging markets in countries
such as Mexico are accepted while those of the Saudi-based Tadawul are
not.
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