Okay, I'll make some observations, looking at the political system from which this prince came, anyone realizes that the poor work long hours to feed the whims of this prince and according to this:
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Early life and education
Al-Waleed was born in Jeddah on 7 March 1955 to Prince Talal and Mona Al Solh, daughter of Riad Al Solh (Lebanon's first prime minister). His father was Saudi Arabia’s finance minister during the early 1960s, before he went into exile due to his advocacy for political reform. Al-Waleed's grandmother was an Armenian, Munaiyir, whose family escaped the Armenian Genocide. She was presented by the emir of Unayza to Ibn Saud in 1921, when she was 12 years old and Ibn Saud was 45.
Al-Waleed's parents separated when he was seven, and he lived with his mother in Lebanon. As a boy, he ran away from home for a day or two at a time (sleeping in unlocked cars) before attending military school in Riyadh. Al-Waleed received a bachelor's degree in business administration from Menlo College in California in 1979, and a master's degree with honors in social science from Syracuse University in 1985.
Business career
Al-Waleed began his business career in 1979 after graduating from Menlo College. He returned to Saudi Arabia, which was in the midst of the 1974–85 oil boom. Operating from a small, pre-fabricated office in Riyadh, al-Waleed was successful in construction contracts and real estate. He was first profiled by Forbes in 1988.
After the end of the Saudi oil boom, al-Waleed acquired the underperforming United Saudi Commercial Bank. Through mergers with Saudi Cairo Bank and the Saudi American Bank, it became a leading Middle Eastern bank.
He bought a substantial tranche of shares in Citicorp in 1991, when the company was in crisis. From an initial investment of $550 million ($2.98 per share after adjustments for stock splits, acquisitions and spin-offs, according to Bloomberg calculations) to bail out Citibank's underperforming American real-estate and Latin American business-loan portfolios, his holdings in Citigroup grew to about $1 billion.
Time reported in 1997 that al-Waleed owned about five percent of News Corporation.[26] In 2010 his News Corporation stake was about seven percent ($3 billion). Three years later News Corporation had a $175 million (19-percent) investment in al-Waleed's Rotana Group, the Arab world's largest entertainment company. A review of his holdings implied that al-Waleed had sold his investment in AOL.
His stake in Citibank accounted for approximately half his wealth before the financial crisis of 2007–08. At the end of 1990 al-Waleed bought 4.9 percent of Citicorp’s common stock for $207 million ($12.46 per share), the maximum before he would be legally obliged to declare his investment. In February 1991 he spent $590 million on new preferred shares, convertible to common shares at $16 each. This, an additional 10 percent of Citicorp, brought al-Waleed's stake to 14.9 percent.
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In 1999 The Economist expressed doubts about the source of his income, wondering if he was a front man for other Saudi investors:
He has not earned enough income from his investments to pay for all that he has spent in the 1990s. The mystery goes back to that first stake in Citicorp. The prince has declared that this money came entirely from his personal funds. He says he started out in 1979 with a loan of just $30,000 from his father. He also mortgaged a house that his father had given him, raising something like $400,000. And each month, as a grandson of Ibn Saud, he receives $15,000. You could barely clothe a Saudi prince for such sums, let alone furnish him with a multi-billion-dollar empire. Nevertheless, by 1991 Prince Alwaleed had felt able to risk an investment of $797m in Citicorp." "
It was then that Al-Waleed – a Saudi royal family member who, as head of the Kingdom Holding Company, has an estimated net worth of more than $17 billion – said he agreed with Dimon, who issued the now-infamous remark last month that he believes that bitcoin "is a fraud."
