Saudi Prince sues Forbes for undervaluing his wealth

A Saudi Prince is suing Forbes magazine for libel, alleging is undervaluing his wealth.

Saudi Prince sues Forbes for undervaluing his wealth

A Saudi Prince is suing Forbes magazine for libel, alleging is undervaluing his wealth.

The publication said Prince Alwaleed bin Talal has a net worth of $20bn, he has said that Forbes is short of the mark by $9.6bn.

Through his Kingdom Holding Company, Prince Alwaleed owns large stakes in Citigroup, News Corp and Apple Inc.

He is also owner or part-owner of luxury hotels including the Plaza in New York and the Savoy in London.

His libel suit lodged in the UK High Court claims that Forbes valuation process used "incorrect data" and "seemed designed to disadvantage Middle Eastern investors and institutions".

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