(MENAFN- Live Mint) Elon Musk is the richest man in the world with a wealth of $313 billion, according to the Bloomberg Billionaires Index (BBI) in November 2024, and Microsoft founder Bill Gates , who was once the richest man in the world, is worth $105 billion, according to Forbes. They are however, still not the richest rich people.

There is one royal family , whose wealth far outpaces the richest billionaires of the world - exceeding them combined by at least four times - and that is the House of Saud, according to a report by the UK newspaper Express.

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With a mind-boggling net worth of $1.4 trillion, the ruling royal family of the middle eastern Kingdom of Saudi Arabia , is also 16 times richer than UK's King Charles and his family.

The British Royal family's net worth is estimated to be $88 billion, as per Forbes. This comes from their properties - the Duchys of Cornwall and Lancaster, the prestigious Savoy Hotel, Somerset House, and King Charles' personal fortune. The British monarch is alone worth around $772 million and the 258th richest person in the UK, as per the report.

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The incomprehensible numbers are possible due to Saudi Arabia's extensive oil reserves , which bankrolls the royal family's luxurious lifestyle. Among their assets include a multitude of grand palaces, private yachts, private jets, and an enviable art collection.

Since the Ottoman Empire's collapse after World War I, the royal families in the Middle East , including Qatar, United Arab Emirates (UAE), Kuwait and Bahrain have gained“staggering wealth”, the report noted.

Properties owned by the Saudi royals include France's Chateau Louis XIV ($300 million), Leonardo da Vinci's Salvator Mundi painting ($450 million) and a $500 million worth yacht.

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The Saudi royal family comprises of around 15,000 members with the majority of wealth being held by about 2,000 relatives. The current head of the family and the ruling monarch, King Salman bin Abdulaziz Al Saud, has held the title since early 2015.

King Salman has named his son and current Prime Minister Mohammed bin Salman (aka MBS), as the Crown Prince. While heir apparent to the throne, the crown prince is seen as the“de facto ruler” of Saudi Arabia, the report added.

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