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Saudi billionaire Prince Alwaleed bin Talal has launched a libel lawsuit against Forbes magazine, claiming the U.S. publication undervalued his wealth to the tune of nearly US$10 billion in its annual ranking of the world’s richest people earlier this year, according to several news reports.

The global business mogul severed ties with the Forbes rich list in March after the magazine pegged his value at US$20 billion, which was not enough to earn him a spot in the ranking’s top 10 (he placed 26th).

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Alwaleed, the richest man in the Middle East, insisted he’s actually worth US$3o billion and accused Forbes of “intentional biases and inconsistencies” in its valuation process.

Forbesshot back with an article explaining that it considered Kingdom Holding Company, the investment firm that accounts for a large chunk of the prince’s wealth, to be worth US$10.6 billion, about US$9.3 billion less than what its market capitalization would suggest.