GCC business moguls rise in Hurun global wealth rankings

Khaleej Times

27-03-2025

The latest Hurun Global Rich List 2025 reaffirmed Silicon Valley's grip on global wealth, with American tech magnates claiming nine of the top 10 spots.
However, the report also spotlighted the growing influence of the GCC business leaders, whose fortunes surged amid regional economic diversification and strategic investments in sectors ranging from construction to artificial intelligence.
Tesla CEO Elon Musk retained his title as the world's wealthiest person, with his net worth skyrocketing 82 per cent to $420 billion, fuelled by Tesla's market dominance and political tailwinds under the Trump administration. Amazon founder Jeff Bezos ($266 billion) and Meta's Mark Zuckerberg ($242 billion) followed, while French luxury titan Bernard Arnault (LVMH) remained the sole non-American in the top 10, securing seventh place with $157 billion.
Oracle's Larry Ellison ($203 billion) and Berkshire Hathaway's Warren Buffett ($167 billion) rounded out the top five, underscoring the tech and investment sectors' continued dominance. Alphabet co-founders Larry Page ($164 billion) and Sergey Brin ($148 billion), along with Microsoft veterans Steve Ballmer ($156 billion) and Bill Gates ($143 billion), completed the elite cohort.
While Silicon Valley reigned supreme, Gulf billionaires carved out notable positions, driven by ambitious national visions and cross-sector expansion:
Khalaf Al Habtoor (UAE), the construction and hospitality mogul, saw his wealth climb to $28 billion (global rank 78) as Dubai's tourism boom boosted his empire. Mohamed Alabbar's (UAE), the founder of Emaar Properties, ventures in e-commerce (Noon) and logistics propelled his net worth to $19 billion (142). Prince Alwaleed bin Talal's (Saudi Arabia) investments in Lyft, Citigroup, and Riyadh's futuristic NEOM project lifted his fortune to $21 billion (115). Sheikh Mohammed bin Jassim Al Thani (Qatar), The telecom and banking heir, surged to $15 billion (210) amid Qatar's post-World Cup infrastructure deals.
These gains reflect the GCC's push to reduce oil dependency, with wealth increasingly tied to tech startups, renewable energy ventures, and megaprojects like Saudi Arabia's $500 billion NEOM.
India's Gautam Adani emerged as the nation's top wealth gainer, adding $12 billion to reach $122 billion (ranked 18 globally), bolstered by his green energy pivot. Meanwhile, Mukesh Ambani retained his title as Asia's richest person ($98 billion, ranked 24) despite Reliance Industries' stock slump, as investors cautiously backed his digital and renewables transition.
The 2025 list featured 3,442 billionaires (up five per cent from 2024), with total wealth rising 13 per cent to $15.8 trillion. While the US and China accounted for 55 per cent of entries, the CC's representation grew by eight per cent, signaling the region's rising clout.
'The Gulf's strategic investments in AI, tourism, and sustainability are reshaping its economic narrative,' said Hurun Report's chief analyst. 'We're witnessing a new generation of tycoons who are as likely to invest in Silicon Valley startups as in desert smart cities.'
As geopolitical and economic power continues to shift, the 2025 Hurun List highlights a world where Silicon Valley's tech dynasty persists, but Gulf visionaries and Asian industrialists are steadily rewriting the rules of wealth creation.