The Bloomberg Billionaires Index for November 2024 estimated the wealth of Saudi Arabia’s ruling Al Saud family to exceed $1.4 trillion—four times the combined wealth of the world’s richest billionaires, according to a report by the British newspaper Express.
A significant portion of this immense fortune stems from Saudi Arabia’s vast oil revenues, which have funded an opulent lifestyle marked by luxurious palaces, private yachts, lavish jets, and priceless art collections.
The family’s most notable possessions include:
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- Louis XIV’s Palace in France (valued at $300 million)
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- Leonardo da Vinci’s painting “Salvator Mundi” (purchased for $450 million)
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- A $500 million superyacht
The Saudi royal family comprises about 15,000 members, though wealth is concentrated among roughly 2,000 individuals. At the helm is King Salman bin Abdulaziz Al Saud, who has ruled since 2015, with Crown Prince Mohammed bin Salman (MBS) serving as both heir to the throne and the country’s de facto ruler.
Wealth Amid Widespread Poverty
Dr. Abdullah Al-Ouda, Secretary-General of the National Assembly Party, highlighted the stark contrast between the royal family’s immense wealth and the growing poverty in Saudi Arabia. Reports from the UN and Human Rights Watch reveal that nearly one-third of Saudi citizens live in poverty, struggling to meet basic monthly needs and falling into debt.
Al-Ouda criticized the royal family’s extravagant spending while the government struggles to fund massive “megaprojects” under Vision 2030. He remarked:
“It’s astonishing that while the royal family’s enormous wealth is exposed, they claim a lack of liquidity for national projects. Scholars historically called this the loss of ‘blessing’ in wealth.”
He also denounced the government for wasting public funds on sports players, entertainment events, and ill-conceived vanity projects, leaving the country burdened by rising unemployment and taxes imposed on citizens.
Wealth Accumulation Through Questionable Means
Al-Ouda questioned the methods by which the royal family amassed its wealth, referencing the infamous 2017 Ritz-Carlton crackdown. During this operation, Crown Prince Mohammed bin Salman detained nearly 400 of Saudi Arabia’s wealthiest individuals, including princes, ministers, and business moguls.
Saudi authorities claimed the arrests were part of an anti-corruption campaign but seized over $100 billion from the detainees in just two years, according to the government’s own estimates.
Many of those detained faced torture, and some died under mysterious circumstances, such as Major General Ali al-Qahtani, who worked for Prince Turki bin Abdullah.
Al-Ouda noted that the operation further enriched the royal family while leaving millions of Saudis in extreme poverty, unemployment, and deprivation of basic rights.
Lack of Transparency and Accountability
Commenting on the royal family’s wealth, political activist Khaloud Al-Anazi stated:
“Their wealth is estimated at $1.4 trillion—why not? They monopolize power and resources, with no transparency, accountability, or oversight. They own our land and its riches, scattering the nation’s wealth left and right.”
Al-Anazi emphasized the absence of mechanisms to hold officials accountable for their wealth sources. She argued that this lack of accountability allows the royal family to live in unparalleled luxury while offering crumbs to the people and imposing heavy taxes.
She added:
“In a monarchy like Saudi Arabia, where rulers consider everything their property and strip citizens of their rights, it’s no wonder they’ve accumulated such immense wealth while ordinary Saudis face poverty.”
A System of Disparities
While the Al Saud family enjoys unfathomable riches, the average Saudi citizen struggles under the weight of economic inequality, unemployment, and reduced access to basic necessities. Critics argue that without systemic reforms and genuine accountability, the disparity between the rulers and the ruled will only grow wider.
