Forbes ‘undervalued Saudi prince’

AFP-JIJI

Forbes magazine alleged Tuesday that Saudi tycoon Prince Alwaleed bin Talal “systematically exaggerates” his wealth after the billionaire accused the magazine of understating the size of his fortune.

Alwaleed announced that he was severing his ties with Forbes after it reported in its annual billionaires’ list that he was only worth $20 billion, $9.6 billion less than the prince claims.

In its 2013 list published Monday, Forbes ranked Alwaleed the world’s 26th top billionaire, naming him the richest man in the Arab world. But after the list came out, the prince’s Kingdom Holding investment group said its officials would no longer work with Forbes’ valuation teams, accusing Forbes of “intentional biases and inconsistencies” and “bias against Middle East investors.”