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FIAl-Waleed bin Talal made his first billion dollars through a high-stakes investment in the struggling American bank, Citibank (now Citigroup) in 1991. He invested $590 million in the bank, which was then in financial difficulty, and his bet paid off significantly as the bank rebounded. By 2005, this single investment had turned into billions of dollars for him.
The investment: In 1991, when he was 36, Al-Waleed invested $590 million into Citicorp. He had previously diversified his holdings after initial successes in the Saudi Arabian construction industry and via various takeovers.
The strategy: His strategy was to invest in undervalued, established companies that were temporarily facing problems. This approach allowed him to get a good price for his investment, and he correctly predicted that Citigroup, despite its struggles, was a valuable company with growth potential.
The outcome: The investment was a massive success. By 2005, his stake in Citigroup had grown from billions to billions of dollars. This single, bold move is widely credited as the source of his initial billion-dollar fortune, which he then used to build his wider investment empire.
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