Home > Egypt, Middle East > Mubarak could be worth $40 billion to $70 billion

Mubarak could be worth $40 billion to $70 billion

February 6, 2011

Egyptian President Hosni Mubarak and his half-Welsh wife Suzanne

Embattled Egyptian President Hosni Mubarak could have amassed huge sums of money as much as 70 billion dollars during the decades that he has been a top official.

According to analysis by Middle East experts, Mubarak has taken much of the gains overseas and deposited much of his wealth in secret bank accounts in British and Swiss banks, The Guardian reported on Friday.

Observers say the Mubaraks have also invested in real estate in London, New York, Los Angeles and along expensive tracts of the Red Sea coast.

Thirty years in presidential office has helped Mubarak have access to investment deals that have generated hundreds of millions of pounds in profits.

Amaney Jamal, a political science professor at Princeton University, said the estimate of $40bn-70bn was comparable with the vast wealth of leaders in other Persian Gulf countries.

“The business ventures from his military and government service accumulated to his personal wealth,” she said.

“There was a lot of corruption in this regime and stifling of public resources for personal gain,” she added.

“This is the pattern of other Middle Eastern dictators so their wealth will not be taken during a transition. These leaders plan on this,” the professor opined.

Mubarak’s sons Gamal and Alaa are said to be billionaires as well, with posh homes in London. Experts also say Mubarak’s wife’s fortune could be as much as five billion dollars.

Egyptians seek Mubarak’s resignation from the top post after 13 days of revolution that has already claimed over 300 lives and thousands of injuries, according to the United Nations.

On Saturday, Egyptian state television announced that Mubarak has resigned as chairman of the ruling National Democratic Party.

Senior members of Mubarak’s party also resigned on Saturday, but demonstrators staging days of revolution rejected the shuffle as a cosmetic move.

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