In November 2017, a significant turning point occurred in Saudi Arabia when Crown Prince Mohammed bin Salman initiated a bold anti-corruption campaign. This campaign involved the detention of numerous government officials, wealthy businessmen, and even members of the royal family, all held in the Ritz-Carlton hotel in Riyadh, which was transformed into a makeshift prison. Reports suggest that the individuals detained were released only after agreeing to relinquish their assets—cash, land, and business stakes—to the government. The total amount recovered during this sweeping operation was estimated to be around $107 billion, showcasing the immense wealth concentrated within the Saudi elite.
This decisive move by Mohammed bin Salman not only disrupted long-standing, unwritten rules within the incredibly secretive House of Saud but also effectively sidelined any potential rivals to his power. As a result, he emerged as the presumptive heir to the throne, now positioned as the billionaire leader of a family whose wealth surpasses nearly every other dynasty globally. With approximately 15,000 members in the Al Saud family, their collective fortune is estimated to exceed $100 billion, making them the fourth-richest family in the world. However, this figure is considered conservative, as it primarily reflects royal stipends that the king's office has historically distributed.
King Abdulaziz bin Saud established modern Saudi Arabia in 1932, a time when significant oil reserves were still undiscovered. The pivotal moment came on March 3, 1938, when oil was discovered in Dammam. This discovery transformed the fate of the Al Saud family and the nation as a whole. Today, the state-owned Saudi Arabian Oil Company controls about one-fifth of the world's petroleum resources, underscoring how the House of Saud has leveraged oil wealth to elevate Saudi Arabia to a position of global power. The transformation has been monumental, turning the nation from a relatively isolated region into a central player in modern civilization and technology.
| Detail | Information |
|---|---|
| Name | Mohammed bin Salman |
| Date of Birth | August 31, 1985 |
| Position | Crown Prince of Saudi Arabia |
| Initiatives | Vision 2030, anti-corruption campaign |
- The Crown Prince's anti-corruption campaign led to the recovery of $107 billion.
- Mohammed bin Salman has been pivotal in diversifying the Saudi economy through Vision 2030.
- Saudi Arabia's royal family is estimated to have a net worth that could reach $1 trillion.
