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Monday, Mar 20, 2023

The 50 Wealthiest Angelenos: 37. Bassam Alghanim

THE MONEY: Upon their father’s death, Alghanim and brother Kutayba each inherited half of Alghanim Industries, a multibillion-dollar Kuwaiti conglomerate that does everything from selling General Motors cars to manufacture building insulation. Company owns Gulf Bank of Kuwait stock valued at more than $500 million, and brothers own hundreds of millions of dollars in other stocks and fine art between them.

BUZZ: Resigned as chairman of Gulf Bank in fall 2008 after bank lost about $800 million on a derivatives trade. Kutayba replaced Bassam as chairman, then handed the job over to his son Omar in March 2013, leading to a feud between the brothers. Bassam has lived below the radar in Los Angeles for the last several years, his presence only coming to light through court papers filed as part of his fight with his brother. Has spent much of the past five years in litigation over control of the family business. A judge in New York has put the case on hold, pending arbitration in Kuwait. University of California, Berkeley, graduate lives in Bel Air.

NET WORTH: $1.37 billion

LAST YEAR: Not on list

AGE: 62


SOURCE OF WEALTH: Inheritance, retail,

construction, banking

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