Now they are the richest family in the world…

The richest person in the world is American. The richest family in the world was also American until recently. The Walton family, owners of the famous Walmart retail chain, left their first position to an Arab province.

With a fortune of $175 billion, Tesla and Twitter boss Elon Musk of the United States tops the list of the world’s richest people, but the Nahyans, who rule the United Arab Emirates, are no longer the Waltons. , have a fortune of $225 billion, at the top of the list of families.

The famous American financial agency Bloomberg wrote that the private wealth of the Nahyan family is at least $300 billion, and the country’s public funds exceeding $1.2 trillion are held by the Nahyan family.

In the article published on December 6 with the headline “Mysterious Gulf Family’s $300 Billion Fortune Is Much More Than Oil,” details the structure and wealth of the family.

THE MOST CRITICAL NAME TAHNOUN

Pointing out that there is no transparency and that the boundaries between the royal family’s assets and those of the state are blurred, it is not possible to give an exact figure on the size of the family’s wealth.
designated as the most critical figure.

Six percent of the world’s proven oil reserves are in the United Arab Emirates, but the wealth of the royal family and the country now extends well beyond oil.

The family, which has investments in many countries and many industries around the world, from English Premier League club Manchester City to Elon Musk’s space transportation company SpaceX, has rapidly increased its wealth and regional influence in recent years. .

Mohammed bin Zayed bin Sultan al Nahyan, 61, one of the six children of UAE founder Sheikh Zayed bin Sultan Al Nahyan by his third wife, became head of state this year, while his brother Sheikh Tahnoun , 53 years old. He served as national security adviser to the country and to the royal family. He manages his wealth.

Sheikh Tahnoun, who also heads the country’s intelligence service, manages the family fortune, estimated at at least $300 billion, as well as nearly $1.2 trillion in government funds.

MANCHESTER CITY A SMALL PART OF THE WEALTH

$150 billion of the royal family’s private wealth goes to International Holding Co. (IHC), $4 billion of which is owned by Group 42.

Cash and similar assets worth $136 billion stand out as part of the wealth, while First Abu Dhabi Bank worth $8 billion, Manchester City club worth $3 billion, the
$1 billion in real estate and $780 million in yachts in the cities of Manchester and London make up the remaining parts of the fortune.

IHC also has shares in Savage X Fenty, the underwear company of the famous American singer Rihanna, and SpaceX.

In the article, it was stated that the market value of IHC, which is listed on the Abu Dhabi Stock Exchange, has increased by approximately 28 thousand percent in the last five years, the market value of the company is 18 times the book value, but foreign investors stay away from the shares of this company due to transparency concerns.

Of the public assets exceeding $1.2 trillion, $829 billion are owned by the Abu Dhabi Investment Authority, $284 billion are owned by the Mubadala Investment Company and $157 billion by the Abu Dhabi Development Holding (ADQ ). Sheikh Tahnoun is the head of ADQ.

MEET ERDOĞAN, BECOME A PARTNER WITH KALYON

Sheikh Tahnoun met with President Tayyip Erdogan in Ankara on August 18, 2021, and after this meeting, steps towards the normalization of relations accelerated.

In August 2022, IHC bought 50 percent of the shares of Kalyon Energy, part of Kalyon Holding, known for its closeness to Erdogan, for approximately $490 million.

Prior to 2021, when relations normalized, the UAE was described in government media as “the financier of the July 15 coup attempt.”

Ankara, which had a currency problem before the elections, made peace with the United Arab Emirates and Saudi Arabia after a long hiatus.