Ralph Waldo Emerson famously said, “The first wealth is health.” In the case of Saudi billionaire Prince Alwaleed bin Talal a more apt quote could potentially be, “The first wealth is more wealth.”
On April 30th, Alwaleed bin Talal sued Forbes magazine for libel in a British court, alleging its valuation of his wealth at $20 billion was short of the mark by $9.6 billion, Britain's Guardian newspaper reported on Friday.
Prince Alwaleed bin Talal is the grandson of Saudi Arabia founder King Abdullah but is a man of tremendous wealth in his own right. Through his Kingdom Holding Company, he owns parts of Citigroup, News Corp, Apple Inc. and luxury hotels including the Plaza in New York, the Savoy in London and the George V in Paris.
Forbes published the Forbes Billionaire List on March 4th and the following day Alwaleed bin Talal’s Kingdom Holding said the process used “incorrect data” and “seemed designed to disadvantage Middle Eastern investors and institutions."
No date has been set for a court hearing in the case, which is in its very early stages, the official said.