It’s a tough business being a billionaire during a credit crunch.

Prince Alwaleed of Saudi Arabia has put the prestigious Raffles Hotel in Singapore up for sale for a price tag of up to $450 million, media reported on Thursday.

Apparently Prince Alwaleed of Saudi Arabia is down to his last $13bn (£8.7bn), which is something of a pittance when you consider he was worth $21bn last year.