Adnan Khashoggi Was the World's Richest Arms Dealer With an Opulent Life; Here's His Net Worth

What was Adnan Khashoggi's net worth?

The uncle of Princess Diana's partner Dodi Fayed and murdered journalist Jamal Khashoggi, Adnan Khashoggi was a prominent Saudi Arabian businessman known to be the world's richest arms dealer who amassed a $2 billion net worth during his lifetime. Apart from his business ventures, he was also known for an extravagant lifestyle with arms deals being brokered at parties in Hollywood, earning him the title of the Middle East's Great Gatsby. His life was marked by both immense success and controversy, as he played a pivotal role in various high-profile business dealings and faced legal challenges that impacted his career and public image.

What were Adnan Khashoggi's sources of income?

Khashoggi's income was primarily generated from his involvement in brokering lucrative arms deals between the U.S. and the Saudi royal family. He received substantial commissions from prominent companies such as Lockheed Corporation, Grumman Aircraft Engineering Corporation, Raytheon, and Northrop Corporation, which significantly contributed to his wealth.

Business endeavors

Khashoggi's business career in the 1960s and 1970s was characterized by his pivotal role in facilitating major international deals, particularly in the defense sector to meet the demands of the Saudi Arabian government. He collaborated with renowned companies like Lockheed, earning a substantial $106 million in commissions between 1970 and 1975. Khashoggi provided these companies with valuable strategic insights, advice, and analysis, effectively becoming an instrumental figure in their marketing endeavors. To expand his influence and network, Khashoggi established multiple companies in Liechtenstein and Switzerland to manage his commissions, fostering relationships with significant individuals, including CIA officers such as Kim Roosevelt and James H. Critchfield. His reputation extended beyond business dealings, as he was known to send substantial payments and gifts, including to influential figures like then-US President Richard Nixon.

This multifaceted career allowed him to gain notoriety as an arms dealer, successfully brokering deals between the Saudi government and notable American firms like Raytheon and the Grumman Aircraft Engineering Corporation. Moreover, one of Khashoggi's most notable business ventures was the establishment of the Triad International Holding Company in the early 1960s. This conglomerate expanded its reach across five continents and encompassed various subsidiary companies engaged in diverse industries such as energy, technology, and financial resources.

Real estate and total assets

Khashoggi's extensive real estate holdings were as extravagant and diverse as his international business portfolio. Among his prized properties were private residences situated in some of the world's most renowned cities, including Beirut, Geneva, Cairo, Salt Lake City, Rome, Paris, and London. These luxurious residences not only reflected his opulent lifestyle but also served as symbols of his global influence and connections. Notably, his ownership of a multi-floor penthouse in New York's Olympic Towers further underscored his penchant for prestigious and high-profile real estate investments in key global hubs. In addition to his lavish residences, Khashoggi's ownership extended to an impressive array of super-yachts, helicopters, and private jets.

His possession of three Boeing 727s, renowned for their opulence and status as a symbol of prestige in the world of private aviation, further exemplified his penchant for exclusivity and extravagance. His firm Triad International's extensive portfolio included shopping centers, hotels, oil refineries, banks, construction companies, a gold mine, automobile franchises, and even ownership of the NBA team, the Utah Jazz. With Triad, Khashoggi possessed significant assets such as the Mount Kenya Safari Club (also known as Ol Pejeta Conservancy), the $250 million San Francisco Town Center East, the oil refinery Long Beach Edgington Oil, the Colorado Land & Cattle Company, and Sahuaro Petroleum in Phoenix, Arizona.

Personal life 

Khashoggi's personal life was marked by multiple marriages and familial relationships. His first marriage to Sandra Daly, who later adopted the name Soraya, resulted in the upbringing of one daughter, Nabila, and four sons, Mohamed, Khalid, Hussein, and Omar. Following their divorce in 1974, he married Laura Biancolini in 1978, who embraced the name Lamia after her conversion to Islam, and with whom he had a son named Ali. His third and final marriage, to Shahpari Azam Zanganeh in 1991, lasted until 2014. His family ties also extended to his nephew, the murdered Washington Post journalist Jamal Khashoggi. Khashoggi passed away on June 6, 2017, at the age of 81, while undergoing treatment for Parkinson's disease at St Thomas' Hospital in London.

Controversies and legal trouble

During the tumultuous period of the mid-to-late 1980s, Adnan Khashoggi found himself embroiled in a series of legal and financial controversies that significantly tarnished his reputation. His implication as a middleman in the arms-for-hostages exchange during the Iran-Contra affair brought to light his involvement in borrowing funds from the Bank of Credit and Commerce International, with support from both the United States and Saudi Arabia. Subsequently, his donation of millions of dollars for the construction of a sports arena at American University led to his indictment on charges of fraud in 1989, adding to the scrutiny surrounding his business practices.

In addition, Khashoggi's association with Imelda Marcos, the widow of exiled Philippine president Ferdinand Marcos, led to further legal complications. He faced arrest in Switzerland on charges of concealing funds and engaging in racketeering activities with Imelda Marcos. Following a three-month detention, Khashoggi halted his extradition process after US prosecutors reduced the severity of the charges against him. Ultimately, in 1990, he and Imelda Marcos were acquitted by a federal jury in Manhattan, though the episodes significantly impacted his public image and contributed to the controversy surrounding his business dealings.

FAQs

What was Adnan Khashoggi's net worth at the time of his death?

Adnan Khashoggi had a net worth of $2 billion at the time of his death in 2017.

Who is Adnan Khashoggi's eldest child?

Nabila Khashoggi is the eldest child of the late Saudi Arabian arms dealer Adnan Khashoggi.

Was Adnan Khashoggi the richest man in the world?

He was once the richest man in the world.