Hosni Mubarak richest man in world with USD 70 bn fortune: Report
Egyptian President Hosni Mubarak is likely the richest man in the world with an estimated fortune worth about USD 70 billion.
London: Egyptian President Hosni Mubarak is likely the richest man in the world with an estimated fortune worth about 70 billion dollars.
According to the Guardian, Mubarak has money stashed in several Swiss and other foreign bank accounts, and has shadowy real-estate holdings in Manhattan, London and Rodeo Drive in Beverly Hills.
The 70 billion dollars would put the 82-year-old comfortably ahead of Mexican business magnate Carlos Slim Helu, who is worth about 53.5 billion dollars, and Microsoft founder Bill Gates, the richest American with 53 billion dollars.
According to Princeton Political Science professor Amaney Jamal, Mubarak’s three-decade rule in Egypt had kept him in a perfect spot to get a piece of any government action.
“There was a lot of corruption in this regime and stifling of public resources for personal gain. This is the pattern of other Middle Eastern dictators,” Jamal told ABC News.
“This is the pattern of other Middle Eastern dictators so their wealth will not be taken during a transition,” he added.
Mubarak was appointed Vice President in 1975, and assumed the Presidency on October 14, 1981, following the assassination of President Anwar El Sadat.
He is the longest-serving Egyptian ruler since Muhammad Ali Pasha.