Sheikh Khalifa bin Zayed Al Nahayan, United Arab Emirates
Fortune: $15 billion (down)
Re-elected president of the UAE for a second five-year term in November by the emirates' Federal Supreme Council. The hereditary ruler of the tiny emirate of Abu Dhabi provided $10 billion bailout package to debt-burdened brother state of Dubai in December. Did not escape downturn; fortune down $3 billion as result of last year's 40% decline in oil export earnings, coupled with double-digit declines in real estate and stock markets. Continuing to promote his Abu Dhabi 2030 plan to reinvent it as a tourism and cultural hub.
Sheikh Mohammed bin Rashid Al Maktoum, Dubai
Fortune: $4.5 billion (down)
Fortune tumbled due to emirate's heavy debt load of $109 billion racked up by state-owned companies in heady days; $15.5 billion of debt due this year. His own Dubai Holding owes banks $12 billion, majority through investment companies Dubai Group and Dubai International Capital, which own stakes in Sony's and Airbus' parent. Last December sold stake in Egyptian investment bank EFG Hermes at a 60% discount to purchase two years ago. Recently stated that the UAE economy is doing fine and that the worst for Dubai is over. Renowned horseman has valuable equine assets.