RIYADH: Saudi Arabia has once again come in on top of the Forbes list of the richest Arabs with a total wealth of $34.6 billion. The United Arab Emirates came next with $19.7 billion, while Egypt had a total of $14.2 billion.

Despite the focus on the Gulf, Lebanon advanced among the Arab countries with seven female billionaires, which means it is now one of the top countries internationally in terms of wealth.

In the UAE, Qatar and Oman, there were also five new female billionaires. Saudi Prince Alwaleed bin Talal retained his position on top of the Arab billionaires despite his 20 percent decrease in wealth last year.

On the other hand, the Olayan family came in first as the richest family in the region valued at $8 billion followed by the Al-Shayeh family in Kuwait with $5 billion, while the Al-Khorafi family from Kuwait came in third position with $5 billion.

The Saudi Abu Dawood family followed next at $4.4 billion with the Al-Ajlan family from the Kingdom following in 5th place at $2.6 billion.

The magazine's April issue stated that 2015 was an unprecedented year for billionaires all over the world, including the Middle East. Arab female billionaires, however, in 2016 witnessed a drop in their wealth at a rate of 23.8 percent compared to 2015.

Twelve of the richest families out of the top 15 are from Saudi Arabia.

Lebanon's Fahd Hariri is seen as the youngest Arab billionaire worth $1.2 billion and is the youngest son of the late Lebanese Prime Minister Rafiq Hariri.