An investor's path to wealth
Alwaleed bin Talal is a grandson of Saudi Arabia's founding king, but his fortune is usually credited to his own career as an investor rather than to an inheritance. He returned from studying in the United States in 1979 and started a business in Riyadh with family support and a loan, initially winning contracts for foreign companies working in the kingdom and investing in real estate.
His breakthrough came in 1991, when Citicorp, then weakened by bad loans, needed new capital. Alwaleed bought a large block of its shares at a low price. The bank recovered strongly in the following years, and the investment made his name in international finance. It also defined his style: buying large stakes in well known companies when they were out of favor, and holding them for a long time.
Over the 1990s and 2000s he invested in hotels, media, technology and retail, often in partnership with other famous investors. His business, which grew from Kingdom Establishment into Kingdom Holding Company, listed on the Saudi stock exchange in 2007. Because much of his wealth is held through that listed company, its share price and the value of its holdings largely determine his fortune.
Kingdom Holding's portfolio
Kingdom Holding has owned stakes over the years in a wide range of businesses, including:
- Citigroup: the bank that made his reputation, although the stake was diluted during the 2008 crisis
- Four Seasons Hotels and Resorts: in 2007 he joined Cascade Investment, the investment firm of Bill Gates, in taking the hotel group private
- Hotels: interests in the Savoy in London, the George V in Paris and other luxury properties
- Technology: a stake in Twitter bought in 2011, which was rolled into the new owner's company after Elon Musk bought Twitter in 2022, and investments in Lyft and other startups
- Real estate in Saudi Arabia: including the Kingdom Centre tower in Riyadh, the company's headquarters
- Media and entertainment: past stakes in News Corp and Euro Disney
In 2022 Saudi Arabia's sovereign wealth fund, the Public Investment Fund, bought a sizable minority stake in Kingdom Holding, linking the company more closely to the state's own investment plans. Alwaleed remains the controlling shareholder and chairman.
Royal roots and an American education
Alwaleed bin Talal bin Abdulaziz Al Saud was born in 1955 in Jeddah. His father, Prince Talal bin Abdulaziz, was a son of King Abdulaziz, the founder of modern Saudi Arabia, and was known for advocating political reform. His mother, Mona Al Solh, is a daughter of Riad Al Solh, the first prime minister of independent Lebanon. He spent part of his childhood in Beirut.
He earned a bachelor's degree in business administration from Menlo College in California in 1979 and a master's degree in social science from Syracuse University in 1985.
Although a royal, he has not held a government post. His public life has instead centered on business and on frequent interviews about markets and investment.
In November 2017 he was among hundreds of princes, officials and business people detained at the Ritz-Carlton hotel in Riyadh in an anti-corruption campaign led by Crown Prince Mohammed bin Salman. He was released in January 2018 after reaching an undisclosed settlement with the authorities. He has since returned to public life and has expressed support for the crown prince's economic plans.
Alwaleed Philanthropies and university centers
His charitable work is organized through Alwaleed Philanthropies, a foundation based in Riyadh. It funds projects in health, disaster relief, women's empowerment and community development, both in Saudi Arabia and in many other countries. It has worked with international organizations on vaccination campaigns and emergency aid.
Alwaleed has also funded academic centers aimed at improving understanding between the Islamic world and the West. These include centers at Georgetown University, Harvard University, the University of Edinburgh and the University of Cambridge. He made a major gift to the Louvre in Paris for its department of Islamic art, which opened new galleries in 2012.
In 2015 he announced that he would give his entire fortune to charity over time through his foundation. The pledge is meant to be fulfilled gradually rather than at once.
He is known for an active interest in his own public image, including disputes with publications over estimates of his wealth, and for his large estate outside Riyadh, where he often receives visitors.