• The Waltons have reclaimed the title of the world's wealthiest family
• The Walmart family fortune has grown by 66% since last year to a record $432 billion.
• Jim, Rob, Alice, and the other Waltons are richer than the royal families of Abu Dhabi and Qatar.

The Waltons are once again the world's wealthiest family, ranking ahead of Gulf royalty, luxury fashion houses, and industrial dynasties.

The heirs to the Walmart fortune have grown their wealth by 66% since last year to a record $432 billion as of December 5, meaning they've regained the No.1 spot on Bloomberg's annual list of the world's richest families.

That wealth figure exceeds the market value of some of America's biggest companies including Home Depot ($412 billion), Procter & Gamble ($402 billion), and Netflix ($396 billion).

Abu Dhabi's ruling family, the Al Nahyans, topped the ranking last year with an estimated $305 billion fortune that dwarfed the Waltons' $260 billion. The two clans switched places this year with the Al Nahyans now worth $324 billion, more than $100 billion less than the Waltons.

Qatar's ruling dynasty, the Al Thanis, placed third this year with $173 billion to their name. France's Hermès family, which includes the Birkin maker's artistic director and executive chairman, landed in fourth with $171 billion. Rounding out the top five were the Kochs, the legendary US industrialists worth an estimated $149 billion.

The richest families on the planet also include Saudi Arabia's rulers, candy dynasties Mars and Ferrero, and the Wertheimer family behind Chanel.

Family fortunes

Walmart founder Sam Walton's three surviving children — Jim, Rob, and Alice — have each grown about $43 billion richer this year, per the Bloomberg Billionaires Index.

The trio joined the $100 billion club in September and ranked among the 15 richest people on the planet as of December 12 with north of $112 billion to each of their names.

Lukas and Christy Walton, the son and widow of Sam's late son, John T. Walton, also feature on Bloomberg's rich list with net worths of about $40 billion and $18 billion each.

The five Waltons' combined fortune has ballooned by more than $150 billion this year, representing a big chunk of the 25 richest families' total wealth gain of $407 billion.

The Walton family's wealth bump has been fueled by a roughly 80% surge in the retailer's stock price this year. Sam Walton gave each of his four children a 20% stake in the family enterprise early on, and his three surviving kids each own upward of 11% of Walmart — now a company valued north of $750 billion — through a family trust. They've also raked in more than $15 billion from stock sales and dividends over the years, Bloomberg says.

• The United Arab Emirates wants to become an AI leader by 2031.
• It's leveraging its oil wealth to attract new talent and fund new research initiatives.
• The UAE's AI minister believes we'll have "centers and nodes of excellence across the world."

The AI revolution is expanding far beyond Silicon Valley.

From the shores of Malta to the streets of Paris, hubs for AI innovation are forming worldwide. And the United Arab Emirates is emerging as a key center in the Middle East.

In October, the UAE made headlines by participating in the most lucrative funding round in Silicon Valley history: the $6.6 billion deal closed by OpenAI. The investment was made through MGX, a state-backed technology firm focused on artificial intelligence and semiconductors.

The move was part of the UAE's bid to become a global AI leader by 2031 through strategic initiatives, public engagement, and research investment. Last year, the country's wealthiest emirate, Abu Dhabi, launched Falcon — its first open-source large language model. State-backed AI firm G42 is also training large language models in Arabic and Hindi to bridge the gap between English-based models and native speakers of these languages.

Another indication of the UAE's commitment to AI is its appointment of Omar Sultan Al Olama as the country's AI Minister in 2017.

The minister acknowledges that the UAE faces tough competition from powerhouses like the United States and China, where private investment in AI technology in 2023 totaled $67.2 billion and $7.8 billion, respectively, according to Stanford's Center for Human-Centered Artificial Intelligence.

So he says he is embracing cooperation over competition.

"I don't think it's going to be a zero-sum game where it's only going to be AI that's developed in the US, or only going to be AI that's developed in China or the UAE," Al Olama said at an event hosted by the Atlantic Council, a DC think tank, in April. "What is going to happen, I think, is that we're going to have centers and nodes of excellence across the world where there are specific use cases or specific domains where a country or player or a company is doing better than everyone else."

The UAE's strengths are evident.

It is one of the wealthiest countries in the world, mostly due to its vast oil reserves. The UAE is among the world's 10 largest oil producers, with 96% of that coming from its wealthiest emirate, Abu Dhabi, according to the International Trade Administration.

Abu Dhabi's ruling family also controls several of the world's largest sovereign wealth funds, including the Abu Dhabi Investment Authority and Mubadala Investment Company, a founding partner of MGX.

These funds have been used to diversify the country's oil wealth and could now be diverted to funding new AI companies. AI could contribute $96 billion to the UAE economy by 2030, making up about 13.6% of its GDP, according to a report by PwC, the accounting firm.

But capital is only part of the equation. The bigger question is whether the tiny Gulf nation can attract the requisite talent to keep up with Silicon Valley.

Recent developments show promise. Between 2021 and 2023, the number of AI workers in the UAE quadrupled to 120,000, Al Olama said at the Atlantic Council event. In 2019, it rolled out a 'golden visa' program for IT professionals, making entry easier for AI experts. It's also making the most of its existing talent. In May, Dubai launched the world's biggest prompt engineering initiative. Its goal is to upskill 1 million workers over the next three years.

However, it's also faced criticism for its treatment of workers, especially lower-skilled migrant workers. Migrant workers comprise 88% of the country's population and have been subject to a range of labor abuses, including exposure to extreme heat, exploitative recruitment fees, and wage theft, according to Human Rights Watch. The UAE has responded by passing several labor laws that address protections for workers around hours, wages, and competition.

Abu Dhabi, meanwhile, has — over the last decade — become a nexus for AI research and education.

In 2010, New York University launched a branch in Abu Dhabi that has since developed a focus on AI. And, in 2019, Mohamed bin Zayed University of Artificial Intelligence opened as a "graduate research university dedicated to advancing AI as a global force for good." Professors from the university also helped organize the inaugural International Olympiad in Artificial Intelligence in August, which drew students from over 40 countries worldwide.

"Abu Dhabi may not directly surpass Silicon Valley, however, it has the potential to become a significant AI hub in its own right," Nancy Gleason, an advisor to leadership on AI at NYU Abu Dhabi and a professor of political science, told Business Insider by email. Its "true strengths lie in the leadership's strategic vision, substantial investments in AI research and compute capacity, and government-led initiatives in industry. The UAE has also made strategic educational investments in higher education like the Mohamed bin Zayed University of Artificial Intelligence and NYU Abu Dhabi."

Beyond that, she noted, it's "very nice to live here."

• When I visited Dubai for the first time, there were some things I wish I had known beforehand.
• The weather during my stay was amazing, so I think the winter season is the best time to visit.
• The city is bigger than I expected so I'd recommend hiring a guide to see as much as possible.

I visited Dubai for the first time and loved my time there. However, there were a few things I wish I had known before I went on the trip.

Here are a few things I would've wanted to know before I went to Dubai.

Now I know the winter season is the best time to visit, mostly because of the pleasant weather.

Dubai has year-round sunshine, but I now know the best time to visit the city is during the winter, which, according to US News, spans from November to early March.

When I went in January 2022, the temperature ranged from 75 to 80 degrees Fahrenheit without any humidity. It was warm enough to enjoy touring and being out and about.

The temperature was also perfect when I stayed in the city and went to the desert. There was a slight breeze by the sea and marina, but nothing that required a jacket during the day. The sundresses and lightweight dresses I packed worked perfectly, but I advise bringing a jacket or long-sleeve shirt since it can get a bit chilly in the evening.

There are so many activities that you likely won't be able to do them all.

I didn't realize just how big Dubai was until I visited. There is an endless amount of activities, so I would suggest trying to identify your priorities before landing in the city.

Based on my experience, I recommend visiting the Burj Khalifa (the tallest building in the world), going on the Ain Dubai, wandering the souks, and strolling along the Jumeirah Beach Residence Walk.

At night, it's worth snagging tickets to see the La Perle show and walking around the Dubai Mall to see the fountain show and lights around the Burj Khalifa.

Dubai is filled with record-breaking attractions but also tons of history and culture.

Though the world's tallest building and highest observation wheel were worth seeing, don't skip the historical part of the city. Visiting Al Seef, the souks, and taking an abra (a boat) across the river were definitely highlights of the trip.

Parts of the city are extremely innovative and new, but older areas showcase its history and culture. Seeing both allowed me to appreciate how the city has evolved over time.

Abu Dhabi is definitely worth a day trip and is only about an hour and a half away.

Though I originally planned on visiting only one of the seven emirates, the emirate of Dubai, my friends told me I had to incorporate a day trip to Abu Dhabi.

Abu Dhabi is the capital of the United Arab Emirates and is located in the eponymous emirate. We hired a tour guide to take us on the hour-and-a-half drive to Abu Dhabi and around the main sites.

Dubai isn't the only city with gorgeous sites and history — there are incredible places to visit nearby.

In Abu Dhabi, we visited the Sheikh Zayed Grand Mosque, the Qasr Al Watan (a working Presidential palace), and Heritage Village.

I loved the emirate so much that I'd love to go back just to see more of it.

In addition to offering traditional Middle-Eastern food, Dubai seemed to have every other cuisine imaginable.

I'm allergic to sesame, so I was worried about what I'd eat on this trip since Middle-Eastern food and Emirati cuisine often use this ingredient.

However, Dubai had every cuisine I could imagine. Everything from Italian food to Chinese options was available, so my choices were not limited.

Though everything we tried was delicious, the food could be pricey.

 

Palm Jumeirah and Dubai International Financial Centre are closer to the main attractions than some other popular areas where visitors stay.

Since Dubai is such a large city, I think it's best to stay close to its attractions. I selected the Four Seasons Hotel Dubai International Financial Centre because it was only a two-minute drive (or a 20-minute walk) to the Burj Khalifa and the Dubai Mall and close to restaurants and shops.

Since it was in the center of the city, grabbing taxis and finding transportation was easy.

Many visitors also opt to stay in Palm Jumeirah, which has waterfront hotels with larger properties and private beaches. It's still close to the city but has some privacy.

Hiring a tour guide ended up being the best decision I made on my trip — and it was quite affordable.

I hired tour guides to maximize my time in Dubai, which was one of the best decisions I made. 

We hired guides to take us around the city on our first day, as well as on our day trip to Abu Dhabi, the desert, and a nightlife tour. We made the most of our time in the city and we saw a ton.

We booked most of the guides through the hotel or by recommendations from friends and family who had visited. Each guide was relatively affordable and was accompanied by a driver.

You must bring appropriate attire for mosques and other holy sites.

The holy sites we visited had a dress code. Men should wear a shirt with sleeves that are at least elbow length with long trousers. In mosques, women need to wear an abaya and shayla, which covers their body and hair.

You can purchase an abaya and shayla at many tourist sites or borrow them ahead of entry. I didn't realize the mosques had a dress code, but I would have planned my outfit beforehand if I had.

Don't let your worries about sand and heat cause you to pass up a trip to the desert.

I typically stay away from deserts, but dune bashing — driving at varying speeds over sand dunes — in Dubai was one of my favorite activities on the trip. It was almost like riding a roller coaster on the sand and we got to see a beautiful sunset before heading back to the city. 

Don't miss dune bashing if you take a trip to the emirate.

 

Souks are some of the best places to buy souvenirs or spices.

You can grab souvenirs from just about any attraction in Dubai, but I think you'll get the best prices and selection at the souks, or marketplaces.

Dubai has a multitude of open-air souks, ranging from one for gold to a market for spices, and they each sell a wide variety of items. I purchased spices, jewelry, and souvenirs from different souks and strongly believe they're worth checking out.

This story was originally published on September 12, 2022, and most recently updated on November 20, 2024.