Each year, Forbes releases its list of the world’s richest people. They also have lists focusing on specific regions like the Richest in the Middle East.
This year, 7 Lebanese billionaires made the list and the names are quite familiar. 6 of the 7 belong to the same families. Primarily, the Hariri and Mikati families. So without further ado, here’s the list of the 7 Lebanese people who made it on Forbes’
Education: McDonough School of Business, Georgetown University
Position in the Middle East: 41st
Source of Wealth: Construction and inheritance
Saad Hariri is the son of Rafik Hariri, former Prime Minister of Lebanon prior to his assassination. Saad has followed the footsteps of this father and is now the prime minister of Lebanon. The principal source of his wealth is Saudi Oger, one of Saudi Arabia’s biggest construction companies.
Ayman Hariri, the brother of Saad and son of the late Rafik Hariri, no longer plays a role running Saudi Oger. Instead, he’s the majority owner of social network Vero – which allows people to share movie, book or song recommendations.
Fahd Hariri, the brother of Saad and Ayman, is a real estate developer. He is developing residential buildings in Beirut neighborhoods and is also building a collection of modern European and contemporary Middle Eastern art.
Robert Mouawad no longer runs the family’s high-end jewelry business. He turned it over to his sons, Fred, Alain and Pascal in 2010.The business was established in Beirut in 1890 by his grandfather. Robert Mouawad also owns extensive real estate and has developed luxury residences on a man-made island in Bahrain.
In 2008 Bahaa Hariri, the eldest of the Hariri sons, split from Saudi Oger. He has invested heavily in Jordan. In partnership with the Jordanian government, his real estate holding company, Horizon Group, developed a large part of downtown Amman into a new commercial and residential area.
Taha Mikati founded telecom operator Investcom with his brother, former Lebanese Prime Minister Najib Mikati, during Lebanon’s civil war in the 1980s. They later expanded into several African countries before selling their stake in 2006 to MTN Group of South Africa for $3.6 billion in cash and stock.
Education: INSEAD, American University of Beirut, Harvard University
Position in the Middle East: 13th
Source of Wealth: Telecom and Self-made
Najib Mikati resigned in March 2013 after two years as Lebanon’s prime minister. Before entering politics, he and his brother Taha were telecom operators in Africa and Syria through their company Investcom. They sold it to MTN Group of South Africa in 2006 for $3.6 billion in cash and stock, and formed M1 Group, an entity with investments in telecom, real estate and retail.