Prince Al Waleed bin Talal, with a fortune of US$28.3 billion, is the highest-ranked Arab in a list of “self-made” billionaires, according to a recent survey.
Forget for a moment the definition of “self-made” here, and imagine that sentence presented by a TV broadcaster: “… a fortune of twenty … eight … point … three … BILLion … dollars.” That’s the closest I can get to it in print.
TV presenters always slow down when they announce big financial figures over the air, and they always emphasise the first syllable of million, or billion, or occasionally trillion. Listen well the next time there is a news broadcast of, for example, the amount of financial aid Greece is seeking, and you will hear something like: “The European Central Bank is planning an … eighty … five … point … nine … BILLion … euro bailout for Greece.”
The impression given by the TV folks’ peculiar intonation pattern is to stress the sheer hugeness of the figure, to give the viewer time to digest the vast number, as if to say: “Right now, a really big number is coming up, so I am going to say it … very … slowly … with emphasis on the really big bit – BILLION – so you understand it.”
Also implicit in the broadcaster’s delivery is this: “Yes, I couldn’t believe it myself when I saw it on the autocue, so I had to say it slowly to let it sink in. That’s much more than I will get paid, and most of you too, in 100 lifetimes. I don’t understand how anybody or any country can be worth that, and you, the humble viewer, will certainly agree. Isn’t it unfair?”
But I suspect the truth is that very few viewers have any real understanding of the huge sums that are bandied about in big business and high finance. Up to a million, most people comprehend it, which is why “thousand” is always spoken in “lower case”by the presenters. But after that, it’s all pretty meaningless.
Is $28.3bn such a huge sum of money? To most of us, certainly. But probably less so to Bill Gates, who topped the recent list with eighty … six … BILLion … dollars.
And certainly not in comparison to all the money sloshing around the world.
The World Bank produces something called the Global World Product (GWP) which is, more or less, the aggregation of all the GDPs in the world. In 2014 this came to $76 trillion, sorry, seventy … six … TRILLion … dollars, or 76 followed by 12 zeros.
To add to our confusion, there’s some disagreement about what exactly constitutes a billion.
In France or Germany, for example, Prince Al Waleed would only be a paltry “milliardaire”, and would have to self-make his fortune by a factor of another 1,000 to be a billionaire. I’m sticking to convention in the English and Arabic-speaking world.
But the GWP figure is still not the biggest financial number in common usage. The total volume of world foreign exchange trading is estimated by the Bank for International Settlements at one thousand … four hundred … and sixty … TRILLION dollars per year, or $1,460tn.
You could write that as $1.46 quadrillion – a number with 15 zeros – but nobody really has any understanding of what a quadrillion is. Which is why we use fantasy numbers – such as “zillions” and “squillions” – to express “a very big amount entirely beyond my comprehension, but for sure a lot more than my monthly salary cheque”.
Us ordinary mortals will continue to set a million as the goal. Let’s face it, who wants to be a milliardaire?
fkane@thenational.ae
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
