Mohammed bin Salman Net Worth

What is Mohammed bin Salman's net worth?

Mohammed bin Salman is the Crown Prince of Saudi Arabia. Mohammed bin Salman has a net worth of $5 billion. He is the seventh son of King Salman bin Abdulaziz and is considered Saudi Arabia's de facto ruler. Also known as "MBS," he has served as deputy prime minister and minister of defense of Saudi Arabia.

His father, King Salman, became the King of Saudi Arabia and the Prime Minister of Saudi Arabia in January 2015 upon the death of King Abdullah. At that same point, Mohammed bin Salman became the Crown Prince of Saudi Arabia. MBS became the First Deputy Prime Minister of Saudi Arabia in June 2017.

He served as Deputy Crown Prince of Saudi Arabia and Second Deputy Prime Minister from April 2015 to June 2017 and became Minister of Defense in January 2015. Mohammed bin Salman has also served as President of the Council for Economic and Development Affairs. He has led many reforms, including removing the ban on female drivers and enacting regulations restricting the powers of the religious police. His fight for women's rights included the first Saudi sports stadium admitting women, the first Saudi public concerts featuring a female singer, and an increase in the number of women in the workforce.

Wealth

In 2015, Mohammed bin Salman spent $299 million to acquire a large mansion in France called Chateau Louis XIV. In 2017, he purchased a superyacht called "Serene" for $500 million. When asked about these purchases in an interview with CBS' "60 Minutes", Mohammed replied:

"As far as my private expenses, I'm a rich person and not a poor person. I'm a member of the ruling family that existed for hundreds of years before the founding of Saudi Arabia."

Early Life

Mohammed bin Salman was born on August 31, 1985, to then Prince Salman bin Abdulaziz and Fahda bint Falah Al Hithlain, who is Abdulaziz's third wife. Mohammed bin Salman is the eldest among his mother's children and is the eighth child and seventh son of his father. He attended King Saud University, where he received a bachelor's degree in law.

Career

After finishing his university studies, bin Salman worked for several years in the private sector before then becoming a private aide for his father. He started as a consultant for the Experts Commission, which coordinated with the Saudi Cabinet. He then became a political advisor to his father at the age of 24 when his father was working as the governor of Riyadh Province. He continued rising through the ranks, moving from one position to another. When the Crown Prince Sultan bin Abdulaziz died, bin Salman's father became more powerful and made his son his private advisor. His father became the new crown prince following the death of Crown Prince Nayef bin Abdulaziz in June of 2012.

By 2015, bin Salman became the minister of defense. One of the first crises he faced in this position was the political unrest in Yemen. However, due to the lack of a coordinated response across all of the Saudi Arabia departments, bin Salman was criticized by some, both within Saudi Arabia and the international community.

In 2017, bin Salman was appointed Crown Prince and was made heir presumptive to the throne. In May of 2017, bin Salman began a purge within the Saudi government and business world, warning that corruption would be detected and weeded out, even at the highest levels. Some of the individuals who were arrested included billionaire and Saudi prince Al-Waleed bin Talal, head of the Saudi Arabian National Guard Mutaib bin Abdullah, and the Minister of Economy and Planning Abdel Fakeih. Many of those arrested were subjected to what would be called the "night of beating," in which many were beaten and tied to walls as a torture tactic. Many international observers have criticized the harsh tactics. However, some have described them as a reform tactic bin Salman planned to bring the royal family and their connections under the rule of law to reduce corruption.

In general, bin Salman has been described as a nationalistic leader with a conservative attitude towards politics while maintaining a more liberal stance towards economic and social issues. He announced a strategic vision plan called Vision 2030, which aims to reform Saudi Arabia's economy to one that is more diversified and privatized. Bin Salman wants to move away from complete reliance on oil as the major driver of the economy. He wishes to attract investment in biotechnology, renewable energy, robotics, and advanced manufacturing sectors. One of the primary ways he has done this is by creating Neom, a $500 billion economic zone that covers an area of 26,000 square kilometers along the coast of the Red Sea.

While focusing on diversification, bin Salman has also announced he plans to restore and retain Saudi Arabia's dominance in the global oil markets. He has also spearheaded the high-speed railway line connecting Mecca and Medina, which began its commercial operations in October 2018. Bin Salman also announced a plan to build Saudi Arabia's first nuclear reactor in November 2018 to build 16 nuclear facilities in the next 20 years.

Domestically, bin Salman has focused on liberalizing parts of Saudi Arabian society. He announced plans in April 2017 to construct the world's largest cultural, sports, and entertainment cities in Al Qiddiya. He also opened the first public cinema in the country in 2018 after a ban of 35 years. He has introduced various economic reforms and has announced a move from the ultra-conservative Saudi Arabian state to one that is more moderate and tolerant of all world religions. At the same time, many human rights abuses, particularly regarding the treatment of women, have been reported in Saudi Arabia.

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Controversies

In November 2017, Mohammed rounded up hundreds of extremely wealthy and powerful men at the Ritz Carlton in Riyadh. Many of the detainees were princes and/or direct relatives of Mohammed. One of the detainees was bin Salman's cousin, famed billionaire investor Prince Al-Waleed. The detainees, who were reportedly abused over their three-month captivity, were not released until they reportedly handed over large portions of their personal wealth. They relinquished land, cash, and business stakes. Prince Al-Waleed allegedly handed over $6 billion worth of assets to his cousin. Saudi authorities would later claim that they had recovered $107 billion in assets.

In October 2018, journalist Jamal Khashoggi was murdered in the Saudi consulate in Istanbul, Turkey, by a 15-man hit squad flown in by a private jet from Riyadh. Both incidents are generally believed to have been ordered by Mohammed bin Salman personally.

Personal Life

In April of 2008, bin Salman married his first cousin, Sara bint Mashour, the daughter of his uncle, Mashour bin Abdulaziz. The couple has had five children together.

Bin Salman enjoys purchasing expensive homes, yachts, and pieces of art. In 2015, he purchased the Italian-built yacht Serene from the Russian vodka tycoon Yuri Shefler. The same year, he also purchased the Chateau Louis XIV in France. In December 2017, he purchased "Salvator Mundi" by Leonardo da Vinci for over $450 million, setting a new record in art sales. However, the sale has been disputed by multiple sources, though the current location of the painting is unknown.

Bin Salman travels extensively and has represented Saudi Arabian interests to many key political figures, celebrities, and business leaders. He has had meetings with Mark Zuckerburg of Facebook, Michael Bloomberg, Morgan Freeman, Queen Elizabeth II, and multiple American presidents and first ladies.