One of the world’s richest doctors, Sulaiman Al Habib’s net worth has reached $12 billion as shares of his healthcare firm rebounded, restoring him to the list of the Middle East’s wealthiest private individuals.
The rise in shares of Al Habib’s eponymous company, up 30% since reaching a one-year low in October, has propelled him to the third-richest person in the Middle East outside royal families, according to the Bloomberg Billionaires Index.
The healthcare chain’s stock, which has grown sixfold since its 2020 initial public offering, is nearing a record high, outperforming the Tadawul index since its listing.
Sulaiman Al Habib, in his early 70s, founded the $28 billion healthcare chain in 1993, evolving it from a single clinic to operating 22 medical facilities and 22 pharmacies across Saudi Arabia, the UAE, and Bahrain. The company has ten hospitals and medical centres under development.
What you should know
- Al Habib currently ranks as the fifth-wealthiest physician according to Bloomberg, Al Habib joins a select group of medical doctors among the world’s richest, alongside Miriam Adelson and Thomas Frist. Miriam Adelson, the widow of casino magnate Sheldon Adelson, is valued at $34 billion, while Thomas Frist, co-founder of HCA Healthcare Inc., is worth $25 billion.
- With one of the world’s largest health-related empires, Sulaiman Al Habib rivals Carl Cook and Hansjoerg Wyss, who have amassed fortunes over $10 billion from the sale of medical devices, according to the Bloomberg index. The resurgence in Al Habib’s wealth underscores the robust performance of his healthcare empire, positioning him prominently among the global elite.
Apart from healthcare, Al Habib invests in commercial real estate through a holding company, as disclosed in Dr. Sulaiman Al Habib Medical Services Group Co.’s IPO prospectus. With a medical degree from Riyadh’s King Saud University in 1977 and a fellowship in pediatrics from the British Royal College of Physicians in 1984, Al Habib has held key medical roles in government-owned hospitals in Riyadh.
