RIYADH, Saudi Arabia—Saudi princes have sold more than $600 million worth of real estate, yachts and artwork in the U.S. and Europe since the kingdom’s de facto ruler tightened the purse strings of the ultrawealthy ruling family.
The transactions represent a radical change of fortune for senior princes who funneled windfalls from oil booms in the 1970s and 1980s into some of the world’s most exclusive markets. The vast sums of money were spent largely on hard-to-sell assets or drained by spending that reached $30 million a month for some royals with large staffs and lavish lifestyles, making them vulnerable to recent changes in government policy.
To Read the Full Story
Source: finance.yahoo.com
Related posts:
Apple Has Spent $175 Billion on R&D Since the Start of 2013 -- but It's the $651 Billion Spent o...
Netflix, Tesla earnings: What to know in markets this week
Beware the retirement savings 'time bomb,' tax expert warns
A New Era of Income Investing Is Turning Boomers Into Bond Buyers
New York sues loan shark group accused of charging Manhattan’s City Bakery and other small businesse...