Saudi Arabia Wealth

Saudi citizens are among the most prosperous in the world. The Al-Sa'uds have used their wealth to create a cradle-to-grave welfare system. Ownership of TVs, telephones and VCRs is among the world's highest. The distribution of wealth is carefully controlled by the royal family through the "majlis" system. Petitioners attend weekly assemblies held by prominent royals and beg favors, which are usually granted. There is no stock market, although shares in public companies are traded privately. Many Saudis refuse to accept interest on deposits with banks, but Islamic banks offer profit-sharing investment plans as an alternative.