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He also said 201 people were being detained for questioning as part of a sweeping anti-corruption drive that began on Saturday night.
Sheikh Saud al-Mojeb did not name any of them, but they reportedly include senior princes, ministers and influential businessmen.
“The evidence for this wrongdoing is very strong,” he said.
The attorney general also stressed that normal commercial activity in the kingdom had not been affected by the crackdown, and that only personal bank accounts had been frozen.
He said investigations by the newly-formed supreme anti-corruption committee, which is headed by 32-year-old Crown Prince Mohammed bin Salman, were “progressing very quickly”.
Sheikh Saud al-Mojeb announced that 208 individuals had been called in for questioning so far, and that seven of them had been released without charge.
“The potential scale of corrupt practices which have been uncovered is very large,” he said.
“Based on our investigations over the past three years, we estimate that at least $100 billion has been misused through systematic corruption and embezzlement over several decades.”
The attorney general said the committee had a clear legal mandate to move on to the next phase of its investigation and that it had suspended the bank accounts of “persons of interest” on November 7.
“There has been a great deal of speculation around the world regarding the identities of the individuals concerned and the details of the charges against them,” Sheikh Saud al-Mojeb added.
“In order to ensure that the individuals continue to enjoy the full legal rights afforded to them under Saudi law, we will not be revealing any more personal details at this time.”
Among those reportedly detained are the billionaire investor Prince Alwaleed bin Talal; Prince Miteb bin Abdullah, a son of the late king who was also removed from his post as National Guard chief on November 4; and his brother Prince Turki bin Abdullah, a former governor of Riyadh province.
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