Adnan Khashoggi Biography & Net Worth

Adnan Khashoggi Biography & Net Worth

Adnan Khashoggi was a prominent Saudi Arabian businessman who was famed for his business competences that helped him resolve many international business deals. He was famous for his lavish lifestyle where he was surrounded by riches almost throughout his entire life.

Born to a physician father, Khashoggi had a fairly comfortable life during his childhood. He showed business intelligence right from his school days when he facilitated a deal between the parents of two of his classmates and earned a commission of $1,000. Abandoning his education from renowned institutions halfway, Khashoggi started several businesses. He was instrumental in expediting a deal between western businesses, and the government of Saudi Arabia, which led to the improvement of his country’s infrastructure.

He was prominent for his arms deals and for playing a major role in connecting several US companies and the Saudi government. In the later years of his life, Khashoggi suffered losses and faced bankruptcy. He was caught up in the ‘Iran-Contra’ arms deal and was arrested for fraudulent dealings. Even in times of financial crises, Khashoggi was fond of displaying his extravagant lifestyle. He suffered from Parkinson’s disease and died peacefully at the age of 81.

Further reading provides you with all the details you need to know relating to Adnan Khashoggi’s biography, lifestyle, business dealings, relationships, financial statistics, and more. Details below.

Early Life: Childhood & Education

Adnan Khashoggi was born in Mecca, Saudi Arabia on July 25, 1935. He was the son of a medical doctor known as Mohammad Khashoggi, who served as the personal physician of the first monarch of Saudi Arabia, King Abdul Aziz Al Saud. Khashoggi’s parents had Turkish-Jewish ancestry. He has two sisters, both well-known authors, Samira Khashoggi and Soheir Khashoggi.

For his early studies, Khashoggi attended Victoria College in Alexandria, Egypt. He then attended both California State University and Stanford University for his higher education. However, he discontinued his studies to follow his business ambitions.

Professional Life: Business Transactions, Investments, Companies

Businesses & Illegal Dealings

Adnan Khashoggi entered into the world of business quite early in life. When he was a student, he was acquainted with many notable personalities, including Hussein bin Talal, who in the future, became King of Jordan. While in school, he expedited a business transaction between the fathers of two of his mates. A Libyan classmate’s father needed to import towels, while an Egyptian classmate’s father manufactured such goods. Khashoggi brought them together. For this, he received a commission of $1,000. This was the first income that he earned in a trade.

In another of his early dealings, Khashoggi learned that a construction company faced hardships with their ordinary trucks that were incapable to work in desert sands. Khashoggi bought a few American trucks from Kensworth which he leased to the company. These trucks had broader wheels which eased movement in the desert. Gradually, he became the business agent for ‘Kensworth.’

In the 1960s and 1970s, he played the middleman role between several international businesses and the government of Saudi Arabia and even handled infrastructure and defence contracts. Khashoggi fronted the marketing strategies for American security company ‘Lockheed Martin.’ Initially, he charged a commission of 2.5%, which gradually rose to 15%, as his reputation grew.

In the 1960s, he established ‘Triad International Holding Company’ which made investments in multiple businesses across the globe. He was mainly known for his arms deals, and was the main facilitator between United States firms and the government of Saudi Arabia. Several notable companies, including the ‘Lockheed Martin Corporation,’ ‘Northrop Corporation,’ ‘Grumman Aircraft Engineering Corporation,’ and ‘Raytheon,’ were his clients.

‘Triad International’ had its headquarters in Geneva and subsequently established several subsidiaries, such as ‘Triad Technology,’ ‘Triad Management,’ Triad Properties,’ and ‘Triad Energy’. There were subsidiaries in countries like the United States, Canada, and Saudi Arabia. The company was involved in a wide variety of businesses which included construction, hotels, banks, gold mines, and oil refineries.

Controversy & Arrest

Due to his profound illegal dealings, Khashoggi remained encircled in controversies. He was involved in the controversial ‘Iran-Contra’ scandal. It was an affair where a number of senior officials from America supplied arms to Iran, which was illegal as per international treaties. Khashoggi was the implementer of the deals. The result of this event led to the downfall of his entire business empire.

In 1998, he was found and arrested in Switzerland on accusations of concealment of funds. Later, he was extradited to the United States on charges of conspiracy and racketeering. These charges were later dropped.

In 2006, the United States Securities & Exchange Commission sued him for securities fraud. He was the funder of the internet company, ‘Genesis Intermedia, Inc,’ which was responsible for the fraud. He went bankrupt and defaulted in payments of his debts as his business suffered setbacks.

Personal Life: Family, Wife, Children, Private Interests

Adnan Khashoggi married thrice in his lifetime. In the 1960s, he married a British woman named Sandra Daly. She converted to Islam after their marriage and adopted Soraya Khashoggi as her name. The couple had four sons and one daughter before their divorce in 1974.

Four years after the end of his first marriage, Khashoggi married another woman, an Italian national named Laura Biancolini. Just like his first wife, Laura converted to Islam and became known as Lamia Khashoggi. They have one son.

His third official wife was Shahpari Azam Zanganeh. Their marriage lasted from 1991-2014.

Bear in mind that he has a total of eight children from different women.

Khashoggi was known for his extravagance and possessions. He threw parties at his residences and had celebrities from all over the world in attendance. Even in times of financial crisis, he tried to keep up his boisterous lifestyle and ended up with more debt.

The businessman suffered from Parkinson’s disease in the last days of his life. On June 6, 2017, while admitted to Harley Street Clinic in London, Khashoggi breathed his last. He was 81 years old at that time.

Adnan Khashoggi Net Worth: Salary, Earnings, Assets, Income Sources

The Saudi Arabian businessman was a business negotiator and arms dealer for the most part of his life. He earned his wealth through commissions received for brokering business transactions between willing parties, and also from his multinational private investment corporation known as Triad International, which encompassed a series of major businesses and properties around the globe. He was considered the world’s richest person in the 1980s when he was estimated to be worth $4 billion.

Nicknamed “Great Gatsby of the Middle East”, Adnan Khashoggi’s net worth was approximately $2 billion at the time of his death in 2017. He would have been worth more, but his extravagant spending habits wouldn’t allow it. When he divorced his wife Soraya, the case dragged on for five years, and when it was all said and done, Adnan was ordered by a judge to pay $875 million to Soraya. It is one of the most expensive divorces ever and reigned as the largest divorce settlement in history back then.

Adnan Khashoggi spent his wealth on many expensive things. He owned limousines, yachts, and private jets, as well as many houses in several countries. He had three expensive yachts which were named “The Khalida”, “The Nabila”, and “The Mohammadia”. His yacht called “The Nabila” was his most prized possession and was featured in a couple of movies as well. During his financial crisis, Khashoggi sold The Nabila to the Sultan of Brunei, who later sold it to former United States President, Donald Trump.