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Sunday, April 14, 2024

Saudi royal family’s wealth reached $1.4 trillion mark, amid luxurious lifestyle

This estimated wealth makes the Saudi royal family 16 times richer than the British monarchy. A look into how House of Saud spends the mighty fortunes and leads an enviable lifestyle.

According to the recent estimates, the total wealth of Saudi Arabia’s royal family has reached $1.4 trillion. This estimated wealth makes the Saudi royal family 16 times richer than the British monarchy. Also, Saudi’s are the richest families among all the monarchs and also the richest family in the world.

The $1.4 trillion belongs to 15,000 family members of Saudi Arabia’s royal family. The House of Saud-the the ruling family of Saudi Arabia draws a large share of their wealth from vast oil reserves founded 75 years ago. House of Saud also earns humongous profits from the state-owned oil company, Saudi Aramco.

Saudi Aramco is one of the largest companies in the world by revenue, and according to accounts seen by Bloomberg News, the most profitable company in the world.

The opulent lifestyle of House of Saud

The Saudi royal family lives an enviable and opulent lifestyle. And they have severe criticism several times for extravagant spending and ultra-luxurious lifestyle. Saudi Arabia’s royal family garners the attraction of world media for their spendthrift ways. From owning private jets to palaces and yachts, Saudi Arabia’s royal family is renowned for using furniture made of gold.

The House of royals even uses a gold-plated tissue dispenser in their palaces. Foreign dignitaries and politicians are often hosted at the Al-Yamamah Palace. The sprawling Al-Yamama Palace in the Saudi capital of Riyadh is the official residence of the current Saudi monarch King Salman bin Abdulaziz. A working palace, the building also serves as the headquarters for the royal court.

Read more: Saudi Arabia takes unprecedented steps to save its failing economy

Moreover, during the visit of President Barack Obama to the Erga Palace in Riyadh, the reporter spotted gold chains and gold-plated Kleenex dispensers. These places have eye-popping interiors that commoners rarely get to see.

Also, the royal family is rumored to own several lavish residences across the world including in Switzerland, London, France, and Morocco.

Other than the two above mentioned palaces in Riyadh, the Saudi royal family have constructed themselves several palaces across Saudi Arabia with a distinct interior and furniture. To name a few- Royal State Palace in Jeddah, Al-Auja Palace in Riyadh- these palaces are under direct use of King Salman bin Abdulaziz.

Muhammad Bin Salman- the extravagant spenders in House of Saud

Once during his interview with CBS, Saudi Crown Prince, Muhammad bin Salman relentlessly boasted about his family riches and wealth which exuded his fondness for a luxurious and opulent lifestyle.

“I’m a rich person and not a poor person. I’m not Gandhi or Mandela.” He said he is a member of the ruling family that existed for hundreds of years before the founding of Saudi Arabia in a popular statement.

King Salman bin Abdulaziz named him crown prince in 2017. He was born to King Salman and his third wife, Fahda bin Falah in 1985. The prince has a bachelor’s degree in law from King Saud University.

His statement reflects his inherited belief that by being born in a rich and wealthiest families on the earth, he is entitled to live an opulent and an extravagant lifestyle. Perhaps, he justifies his extremely spendthrift impulses by this sense of entitlement.

Crown Prince’s expensive purchases

Crown Prince, Muhammad bin Salman owns a $500 million, a 440-foot yacht named Serene. This yacht has multiple swimming pools and hot tubs. Also, two helipads, a helicopter hangar, a gym, and a theatre. The yacht can sleep 24 guests in 15 cabins. He brought his yacht while vacationing in the south of France.

He has spent millions on superyachts, private jets, helicopters, French chateaus, and rare paintings. In 2015, Crown Prince Muhammad bin Salman brought a $300 million chateau in France. The property was the world’s most expensive home” at that time. So, this chateau includes fountains, a sound system, lights, and air-conditioning- all can be controlled by an iPhone. It also has a wine cellar, theatre, and a moat with a transparent underwater chamber.

Read more: Saudi Arabia’s MBS struggles as geopolitics gets out of hand

Also, he has two houses in London and an entire compound on the southern coast of Spain. Moreover,  Crown Prince Muhammad bin Salman even bought a $450 million rare painting of Leonardo da Vinci painting at a Christie’s auction in 2017.

Crown Prince Muhammad Bin Salman- the champion of Vision 2030 is also attempting to buy a football club. MBS reportedly wants to buy Newcastle United in the Premier League after failing to buy Manchester United.