USD 360 billion property, 1000 family members, this family is ruling an oil-rich nation since…, it’s not Saudi Arabia
New Delhi: Indian Prime Minister Narendra Modi visited Kuwait on December 21 and 22 on the invitation of the Emir of Kuwait. The name of the royal family of Kuwait is Al-Sabah Family, which has been in power in Kuwait since 1752.
The family transformed Kuwait from just a desert area into an oil and gas hub. This royal family is identified not only by their power but also by their immense wealth and big family. Let’s know about the Al-Sabah family, which has been ruling Kuwait for almost three centuries, which has been at the center of Kuwait’s politics, culture and society.
Property worth $ 360 billion
Kuwait is a Gulf country, where the monarchy has been running from 1752 to the present day. The king here is called Emir. At present, the Emir of Kuwait is Mishal al-Ahmad al-Jaber al-Sabah. His royal family is one of the richest families in the world. This can be gauged from the fact that in a report, the net worth of this family has been stated to be $ 360 billion. That is, in Indian rupees, it is Rs 30.07 lakh crore. A lot of this family’s money is also invested in the American stock market.
Where does the royal family get their money from?
Kuwait’s main source of income is the country’s oil reserves. There are more than 1000 members in this royal family. Many members of the family play a very important role in running the oil-related business. Kuwait sells oil in large quantities to China, India and many other countries.
Apart from oil, if we talk about the income of this family, then the royal family of Kuwait also invests a lot of money in real estate, telecommunications and large American companies.
The family runs the Kuwait Investment Authority (KIA). KIA has invested in companies like BlackRock, Associated British Ports (UK), Citigroup, and Merrill Lynch. In addition, they also have investments in services such as ports, airports, and power distribution.
The royal palace as well as many ultra-luxury cars
The King of Kuwait also has a special palace. The name of this palace is Bayan Palace and it is worth Rs 1045 crore. Apart from this, a lot of money is also spent on the maintenance of this palace. The royal family has a large collection of ultra-luxury cars. The royal family’s cars also include 1904 and 1924 Minerva, Aston Martins from the original James Bond films, a custom Porsche 911 Turbo S, a Ferrari F40, a Rolls Royce and a Porsche Carrera.
The royal family is also fond of horses. The family owns special horses of Arabian and Egyptian breeds, who live in stables built in the 1000-acre Arabian Horse Center. There is also an administrative building, mosque, greenhouse and lake. According to World Bank data, Kuwait’s GDP per capita is $ 41,079.5. If you convert it to Indian rupees, then it is about Rs 34.3 lakh rupees.