Saudi prince sues Forbes for libel because they said he was only worth $20billion in magazine's Rich List

A Saudi prince is suing Forbes magazine for libel because it said he was only worth $20billion in its annual rich list instead of $30billion.

Saudi Prince Alwaleed Bin Talal says Forbes magazine libelled him when they estimated his worth at $20billion instead of $30billion

Prince Alwaleed bin Talal, one of the world's richest businessmen, claims the magazine underestimated his wealth by £9.6billion when it placed him at 26th in this year's list.

Being listed as worth $29.6billion would have placed him in the list's top ten.

Alwaleed accused Forbes of 'flawed and inaccurate, displays bias against Middle East investors and financial institutions' in an interview with the Sunday Telegraph in March.

The prince has now brought libel action against the magazine's publisher Randall Lane and two journalists in the High Court in London, reports the Guardian.

He will claim that the Rich List caused serious harm to his reputation and to his company Kingdom Holdings' finances.

His company Kingdom Holdings controls investments including stakes in Apple, Facebook, Twitter and Rupert Murdoch's News Corp.