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The estimated wealth of the House of Saud is as high as 3 trillion. Maybe that's too big to be considered a "family", but either way it's an insane amount of we
by grumple 3y ago
The estimated wealth of the House of Saud is as high as 3 trillion. Maybe that's too big to be considered a "family", but either way it's an insane amount of wealth in relatively few hands.
- jedberg 3y agoThat number is highly suspect though, because it is driven by their ownership of Saudi Aramco, which trades a single digit percent of its stock on a stock exchange that they own and control (and has a big lack of transparency). So basically they can make their wealth anything they want by controlling the price of the stock. It would be the same thing as me asking my friend to invest $1 in my business, giving them 1 share out of 10 billion shares, and then claiming my net worth was 10 billion dollars.
- ta1243 3y ago> It would be the same thing as me asking my friend to invest $1 in my business, giving them 1 share out of 10 billion shares, and then claiming my net worth was 10 billion dollars. Or selling one share for £50, be richer than Elon Musk, and then get accused of fraud https://www.youtube.com/watch?v=iHfJRON3b-w https://www.youtube.com/watch?v=iHfJRON3b-w
- short_sells_poo 3y agoThe funny thing is, this was the usual course of action for SV startups over the previous 15 years :)
- KerrAvon 3y agoBut this is the case to some extent for all of the extremely wealthy. Musk doesn't have billions lying around in a Scrooge McDuck vault somewhere; it's mostly on paper.