Saudi Arabian billionaire Prince Alwaleed bin Talal and the Forbes magazine group said they had settled a libel suit over its reporting on his fortune, which he argued was billions of dollars larger than the magazine estimated.

A brief joint statement said Alwaleed's suit against Forbes and two writers had been settled "on mutually agreeable terms." It did not give financial details of the agreement.

Alwaleed, whose Kingdom Holding holds stakes in high-profile Western investments from Twitter to Citigroup, Euro Disney and London's Savoy Hotel, filed a defamation suit against Forbes in London in 2013.

That year Forbes estimated his net worth at $20 billion in its widely watched billionaires list. Alwaleed said the magazine undervalued Kingdom Holding by not using the full market price of its Saudi-listed shares, and that Forbes had implied the company's financial reporting was not transparent.

The joint statement said Forbes was now comfortable with using Kingdom Holding's market price to value that component of Alwaleed's wealth, because the Saudi stock market had opened to direct foreign investment.

The statement did not explain why the Saudi market opening had changed Forbes' approach, and a spokeswoman for the magazine, contacted by email, declined to comment on this or other parts of the settlement.

Forbes' website put Alwaleed's net worth at $22.6 billion, making him the world's 34th richest person. The website said this estimate was based on Forbes' own calculation of the value of Kingdom Holding's assets, not the market price of its shares, because only 5 percent of the company was publicly traded. The Forbes spokeswoman declined to say whether or when Forbes planned to make a new estimate.