While we tend to discuss who is the richest man alive in Europe and the USA, we somewhere forget about the Gulf countries. Did you know, Kutayba Alghanim is the richest man in the Gulf regions with an estimated net worth of $1.4 billion as of 2019.
Who is Kutayba Alghanim? What are his main income sources? Details down below.
The Richest Man In Kuwait- Kutayba Alghanim's Exclusive Assets
According to Forbes, Kutayba Alghanim is the richest billionaire in Kuwait with a net worth of $1.4 billion as of 29th November 2019. On the other hand, Celebrity Net Worth estimated his worth at around $1.2 billion back in 2018.
The billionaire amassed his jaw-dropping fortune from his family holding company Alghanim Industries and his stake at the Gulf Bank.
The 74-year-old business tycoon has earned and lost a massive fortune over the past few years. Here is a list of his net worth from a decade:
The billionaire owns a 253 ft luxury yacht named Samar. The yacht was designed by Joe Thome and is powered by 3 Wartsila diesel-electric engines. The yacht is worth $100 million and is set to be replaced by 107 meter Benetti FB 272 named ZoZa.
He also owns a mini cooper costing around $25,900 to $31,900 and a Bell 407 helicopter which can cost around $3.1 million. The cooper and the helicopter is often seen with the yacht.
How Did Kutayba Generate His Billion-Dollar Fortune?
Kuwaiti billionaire amassed his billion-dollar fortune from his company he inherited from the family. He currently serves as the Chairman whereas, his son Omar K. Alghanim is the CEO.
Kutayba’s father Yusuf Alghanim set the foundation by the end of the 1930s which he inherited from his father Ahmed Alghanim. The company gained a reputation throughout the Middle East and was employing a labor force of more than 4000 people.
Following the Iraq War in 2003, the company formed marketing collaborations and alliances with companies like Whirlpool, Lofra, Haier, Xerox, and American Express.
As of 2019, the industry holds the agencies for BEKO, Acer Inc.|Acer, Sony, Samsonite, Dell, Casio, Motorola, Nokia, Fujitsu, IBM, and many more. It is operated in over 40 countries worldwide with firm strongholds in India, Turkey, and the Middle East.
What Happened To Kutayba & Bassam Alghanim’s Lawsuit?
Back in 2008, the brothers faced disputes between Katayba and his brother Bassam over the division of their inheritance from their father.
The dispute was further intensified when Kutayba’s son Omar took over the company. Back in 2010, Bassam accused nephew Omar and brother Kutayba of hiring the UK based private security firm to illegally hack Bassam’s email accounts in order to get an advantage in lawsuit.
As of 2019, a negotiation between the billionaire brothers is still pending.