The latest index of wealth from Bloomberg has said that Al Nahyan family, of which The Manchester City owner Sheikh Mansour, have become the richest family in the world knocking the Waltons of Walmart off the top of the table for the first time
The Bloomberg index puts the family’s value at around $300 billion.Besides owning Manchester City,the family has interests in a dozen or so palaces and invested big in SpaceX and Savage X Fenty.
According to Bloomberg, the Al Nahyans,who have ruled the UAE since independence half a century ago, some of their assets are distinctly private, while others are intertwined with the government.
“Those clearly personal holdings mean their discernible wealth exceeds other Gulf clans, including the Saudi royal family.”
Much of the wealth lies with Royal Group, a sprawling web of companies that employs more than 27,000 people in fields from finance to robotics.
Over the past two decades, it’s grown from a relatively small operation to command assets worth close to $300 billion, according to people familiar with its operations, who asked not to be identified because the information is private.
In addition to investing in an array of companies, it flies in world-class chefs to cook for the family and hires their personal bodyguards.
Sheikh Tahnoon who also holds a black belt in jiu-jitsu, is recognized as a key mastermind of their growing business empire,his brother Sheikh Mohammed bin Zayed is the UAE’s president while Sheikh Mansour serves as deputy prime minister, chairman of the central bank and head of federal wealth fund Emirates Investment Authority
Tahnoon’s superyacht of the family owns at least three, including the world’s largest — is a key point of call for people seeking to do business with the close-knit and elusive family, according to people familiar with the operations.
However not all international investors have been enticed with enthusiasm with some privately expressing concerns about a lack of transparency.
IHC’s financial statements receive a review that’s “substantially less in scope” than audits conducted under international standards, Ernst & Young reaffirmed in its latest report on the company’s accounts.
