Saudi royal family continues opulent lifestyle amid austerity

Thousands of the Saudi royal dynasty members are continuing their lavish lifestyles as the country adopts tighter austerity measures to tackle its deepening economic crisis, a report says.

As a result of a widening budget deficit, the Saudi government has cancelled a quarter of a trillion-dollar development project, cut public spending and subsidies, raised gasoline and utility prices, resorted to borrowing billions both at home and abroad and decreased hiring at the public sector.

According to a Tuesday article by the New York Times, the austerity measures have been implemented despite the fact that an estimated 12,000-15,000 Saudi royal family members continue to receive billions of dollars in annual allowances, invest in the world’s most expensive real estate markets, purchase luxurious automobiles and consumer products, go on ostentatious international trips with their retinues and stash their Swiss banks accounts.

The report, which is based on dozens of interviews with diplomats, money managers, economists, real-estate and travel agents, interior decorators and members of the House of Saud as well as court records and real-estate documents, expressed doubt that the dynasty could simultaneously maintain its lavish lifestyle and its unchallenged grip on the country.