Whenever we talk about the richest people in the world, names like Jeff Bezos and Bill Gates automatically comes to our mind. According to Forbes and other business magazines, Jeff Bezos is the richest man in the world right now. Whenever you check the richest people list on sites like Forbes, we see names such as Jeff Bezos, Bill Gates, Warren Buffet, Mark Zuckerberg and the list goes on and on.
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But have you ever wondered why there are no names of Royal family members or any Sheikhs or Saudi princes. Western Asian countries such as Kuwait, Saudi Arabia, Qatar etc. are full of wealth and many rulers and sheikhs in those countries live a much luxurious life than the likes of Bill Gates. They are surely wealthier, so why are their names not on the Forbes list?
First, let’s talk about who makes the list. Many Business magazines such as Forbes, Business Insider, Bloomberg and many more compiles the lists of richest people in the world. Even though the lists in all these magazines are mostly similar, Forbes is said to be the most reliable amongst them.
How do you think Forbes collects the information of all these people around the world? One of the top editors of Forbes magazine Kerry Dolan has explained how they do it.
Kerry Dolan, Forbes magazine’s Editor
Most of the business men come forward and submit their earnings to them but for those who do not co-operate, Forbes has a team of 50 reporters who work on determining their net worth. At first, they target potential candidates for their list. Then their family members, friends and employees are interviewed regularly to keep track of their earnings. The reporters track all kind of deals that are made or any deal that has been cancelled. Assets acquired or sold are also tracked or any investments made in real estate. They keep track of everything.
Still, Forbes isn’t always correct when it comes to the valuation of people’s net-worth. During the years, Forbes has made mistakes on several occasions. However, they are still the most reliable among all business magazines.
So why doesn’t Forbes include royal family members or Saudi Sheikhs?
Queen Elizabeth II of England
First of all, Forbes incudes self-made individuals whose net worth is above $1 Billion. There are lot of names of business men who aren’t self-made, so here is how they do it. For example, imagine a man has $10 Billion and he is on the Forbes’ list. Now the man divides his wealth among 5 children – $2 Billion dollars each, the sons will not appear with the $2 Billion net worth on the list. Only if any of them turns $2 Billion into $20 Billion by doing business, that one will appear on the list.
Mohammed Bin Salman, Saudi Arabia’s Crowned prince
So here is it… Most of the Saudi princes do not appear on the Forbes list because most of their wealth is inherited from the family. Secondly, determining the actual net worth of the rulers and sheikhs in these countries is almost impossible. In 2018, Al-waleed bin Talal a Saudi Arabian businessman and royal family member was included in the Forbes magazine with an $18 Billion net-worth. But after the list was published, Al-waleed said the info was wrong and his actual net worth is 10 times higher.
Saudi Prince Al-Waleed Bin Talal
Ever since then, Forbes has decided not to include the royal family members of Western Asian countries.
For the British royal family, most of the wealth that we see the Queen and his household enjoy are not anyone’s private property. All the jewels and palaces are crown’s property. So whoever has the crown of Britain can use the properties, they are owned by the crown.
That’s why royal family members do not appear on the Forbes list.