A Saudi Arabian billionaire prince has sued Forbes magazine in London, accusing the publication of underestimating his wealth in its highly scrutinized annual list of the world’s richest people.
Prince Alwaleed bin Talal claims the magazine was “deliberately biased” when ranking him at a lowly 26th place in its 2013 tally of the super wealthy, according to court documents cited by the United Kingdom’s Guardian newspaper.
The magazine pegged his net worth at $20 billion. The prince claims it is closer to $30 billion. The difference? About $9.6 billion, the Guardian reported.
The alleged inaccuracy has the business mogul, who holds a stake in Twitter, reportedly fuming. In addition to the Forbes publisher, Bin Talal also filed suit against its editor and two of its reporters, the Guardian reported.
Forbes may have angered the prince further with an article examining the way he calculates his net worth, deeming it “an alternate reality” driven in part by his need for public validation.
“For the past few years former Alwaleed executives have been telling me that the prince, while indeed one of the richest men in the world, systematically exaggerates his net worth by several billion dollars,” Forbes reporter Kerry Dolan wrote. “This led Forbes to a deeper examination of his wealth, and a stark conclusion: The value that the prince puts on his holdings at times feels like an alternate reality.”
Read more at the Los Angeles Times.