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A resident of Bahrain but Lebanese by birth, Robert Mouawad occupies the 24th spot on the latest Forbes Middle East ranking of the region's richest billionaires, with a net worth of $1.5 billion.
The scion of a storied jewellery dynasty, Mr Mouawad inherited the eponymous firm established by his grandfather in Beirut in 1890. In 2010, he entrusted the reins of the business to his sons, Fred, Alain, and Pascal.
The billionaire's personal collection reflects his family's illustrious trade. It boasts some of the world's most captivating gems, including the 'Dynasty,' a staggering 51.12-carat Russian diamond valued at close to $10 million. Beyond dazzling jewels, Mr Mouawad is a major player in Bahrain's real estate landscape, having developed luxury residences on the kingdom's Reef Island.
This year's Forbes list paints a picture of a global billionaire boom. The prestigious ranking identifies a record-breaking 2,781 billionaires worldwide, a significant increase from the 2023 list. The Middle East mirrors this trend, with a collective wealth of $100.9 billion amongst its billionaires. Notably absent from the global list for the seventh consecutive year are billionaires from Saudi Arabia.
The region's richest individual is Pavel Durov, the founder of messaging app Telegram, whose net worth has climbed to $15.5bn in 2024, a substantial rise from $11.5bn the previous year. Egyptian-born Nassef Sawiris retains his title as the wealthiest Arab globally, ranking second in the Middle East with a net worth of $8.8bn. A nearly 6 per cent stake in sportswear giant Adidas and control of OCI, a major nitrogen fertiliaer producer, contribute significantly to his fortune.
The United Arab Emirates reigns supreme in terms of both the number of billionaires residing within its borders and the cumulative wealth they hold. The UAE boasts a total net worth of $55.1bn, with a noteworthy presence of seven Indian-born billionaires. Lebanon is represented by six billionaires, including Mouawad and the three brothers of former Lebanese Prime Minister Saad Hariri. Egypt contributes five billionaires to the list, with a combined net worth of $18.4bn.
The 2024 list welcomes two newcomers, both of Indian origin. Renuka Jagtiani, the sole female billionaire in the Middle East and head of retail giant Landmark Group, joins the ranks with a net worth of $4.8bn. Real estate magnate Kabir Mulchandani, owner of FIVE Holdings, also makes his debut with a $2bn fortune.
This Forbes Middle East list, a microcosm of the publication's 38th annual World's Billionaires List, encompasses all citizens of Mena (Middle East and North Africa) countries along with expats whose primary business interests lie within the region. It excludes Middle Eastern residents whose wealth originates outside the region.
avinash@gdnmedia.bh
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