Saudi billionaire sues Forbes magazine for saying he’s only worth $20 billion

Reuters (via ABS-CBNNews.com) reports that "Saudi billionaire Prince Alwaleed bin Talal has sued Forbes magazine for libel in a British court, alleging its valuation of his wealth at $20 billion was short of the mark by $9.6 billion." The report cited Britain’s Guardian newspaper as the source of information.

The report noted: "The prince, a grandson of Saudi Arabia’s founder and nephew of King Abdullah, had attacked the U.S. magazine’s ranking of world billionaires as flawed and biased against Middle Eastern businesses after he was ranked number 26 in this year’s list."

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