Adnan Khashoggi Net Worth : $4 Billion
A Saudi Arabian Arms Dealer and Businessman
Source of Wealth
Business, Arms Dealing
Date of Birth
July 25, 1935
Attended Victoria College (Alexandria, Egypt), California State University, Ohio State University and Stanford University
Adnan’s Income & Total Net Worth
Adnan Khashoggi is a Saudi Arabian businessman and an arms dealer. His total net worth is estimated to be $4 billion, which he earned through arms dealing and heading Triad Holding Company. In the 80s, Adnan was considered as one of the world’s richest men. He is well-known for his high profile connections with Arabic and Western worlds. His engagement in the Lockheed bribery and Iran-Contra scandals brought him into the limelight. It was reported that Adnan spent $250,000 on the daily basis to maintain his lifestyle, during his glory days.
After dropping his education, Adnan was ready to set his very own business. He started a company, named Triad Holding Company, which was built in the Triad Center, situated in Salt Lake City, Utah. Unfortunately, his business did not reap any benefit for him, and ultimately, his company became insolvent. Then, he started dealing with arms and ammunition and became a broker between the Saudi Arabian government and United States firms. For these deals, he was paid a commission of $106 million by Lockheed. Initially, his commission was 2.5%, which eventually increased to 15%.
In 1983, Adnan, along with his other business partner, founded a company, named Barrick Gold Corporation. He launched companies in Liechtenstein as well as in Switzerland to cover his financial tracks. Adnan also made contacts with CIA officers. He also befriended businessman Bebe Rebozo, who was a close friend of Richard Nixon, United States President.
Properties: Private Fortune
Adnan owns numerous properties. He owns a yacht, named Nabila, which was the world’s largest yacht at that time. Nabila was also featured in James Bond’s movie “Never Say Never Again”.
In the 1980s, “Baraka”, one of the largest villa estates in Marbella, Spain, was owned by the Khashoggi family to throw lavish parties. He also possesses a 10,000-square meter estate in Cannes, France, which he has listed for $264,528,007. He also used to own an Olympic Tower Condo, which he sold for $12 million.
Adnan Khashoggi’s Career
Adnan did not complete his studies, as he wanted to make a career in the business industry. Soon after bankruptcy, he became the broker of arms and ammunition and began dealing between the United States firms and the Saudi government. This new business benefited him and he started to expand his business. To hide his financial tracks, he even opened companies in other states, including Liechtenstein and Switzerland. He was arrested and imprisoned for concealing funds for three months. Adnan was arrested in Switzerland. Later, he was sent to the United States, where he was released on bail. He was involved in a money laundering case. Khashoggi earned illegitimate money from his arms business, and he wanted to launder this money. So, he took the help of an Indian citizen, Hasan Ali Kahn, who was the owner of Stud Farm, Pune. Hasan was charged for helping Adnan and arrested by India’s Enforcement Directorate. One more Indian Kashinath Tapuriah, who was a businessman in Kolkata, was also arrested for helping both Hasan and Adnan. They laundered $300 million dollars, and thus, arrested under the Prevention of Money Laundering Act. Hasan and Kashinath both gave the statement that they knew Adnan and he was their friend.
After this, British Court ordered him to pay £7 million to the creditor. Adnan now lives in the Principality of Monaco.