Other detainees include Alwaleed al-Ibrahim, owner and chairman of Dubai-based Middle East Broadcasting Center (MBC), which is the Arab world's leading satellite television network.
The arrests came a few hours after the king replaced the minister in charge of the Saudi national guard, Prince Mutaib bin Abdullah, who controlled the last of the three Saudi armed forces not yet considered to be under control of the crown prince.
Sheikh Saud al-Mojeb did not acknowledge the arrests or name any suspects, but The Associated Press has reported that billionaire Saudi Prince Alwaleed bin Talal and other senior royals, military officers, businessmen and ex-ministers have been detained and are being held in five-star hotels across the capital, Riyadh. On the same day as the arrests, King Salman removed the powerful royal rival Prince Miteb bin Abdullah from his position as minister of the National Guard, giving Crown Prince Mohammed tighter control over the kingdom's security services.
Prince Alwaleed, one of the country's highest profile businessmen, was one of several princes, ministers, and former ministers detained as part of an anti-corruption crackdown, two senior Saudi officials told Reuters on Sunday.
Admiral Abdullah Al-Sultan: The former commander of Saudi Naval Forces was sacked and replaced with Admiral Fahd bin Abdullah Al-Ghifaili. The 62-year-old is one of the largest shareholders in Citigroup and also owns stakes in News Corp and Twitter.
The arrest of Prince Alwaleed - King Salman's nephew - comes as surprise.
"People will be looking at any kind of worldwide holdings of the people who have been arrested, to see what will be the impact".
Saudi Arabia announced on Saturday that it established a "supreme committee" to investigate public corruption.
The commission will also be responsible for launching "investigations, issuing arrest warrants, travel bans, disclosing and freezing bank accounts and tracking funds".
"The homeland will not exist unless corruption is uprooted and the corrupt are held accountable", the royal decree said.
Alwaleed was giving interviews to the Western news media as recently as late last month about subjects like so-called crypto currencies and Saudi Arabia's plans for a public offering of shares in its state oil company, Aramco.