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Politics

Saudi Corruption Purge Snares $33 Billion of Net Worth

By
and
Updated on
  • Three of the kingdom’s richest people are under arrest
  • Authorities say suspects are innocent until proven guilty
Saudi Purge Brings Crown Prince Closer to Power

Crown Prince Mohammed bin Salman’s crackdown on some of Saudi Arabia’s richest and most powerful men has put $33 billion of personal wealth at risk.

The stunning series of arrests has implicated three of the country’s richest people, including Prince Alwaleed bin Talal, who’s No. 50 on the Bloomberg Billionaires Index ranking of the world’s 500 richest people, with $19 billion. Also being held are the kingdom’s second- and fifth-wealthiest people, as well as a travel-agency mogul and Bakr Binladin, a scion of a one of the country’s biggest construction empires.