Honourable Desert Fox.
Liberal is an English word. According to Oxford Dictionary, Liberal is someone who is willing to respect or accept behaviour or opinions different from one’s own and is open to new ideas. Its antonym being ‘Conservative’ who is averse to change and holds traditional values.
Being ‘Liberal’ has no relationship with being ‘Elite’ and an arrogant person, who considers himself above others won’t be a liberal. In the UK you find that moneyed classes or the ‘Elite’ who have gone to public schools tend to favour the conservative party and it is the less privileged who favour the liberal values. However this is not universal. A liberal could be from affluent class or from a family with meagre resources. Simultaneously a conservative person could belong to an elite class and also he can be a poor peasant.
You have quoted example of Saudi princes, certainly you can’t call them ‘Liberal’. In my humble opinion ‘Liberal’ is a mind-set; it has nothing to do with how much money one has.