`Mubarak is the richest person in world`

Last Updated: Saturday, March 5, 2011 - 16:27

London: Ousted Egyptian president Hosni
Mubarak, reportedly ailing with cancer may be the richest man
in the world, with his wealth estimated to be a staggering USD
70 billion.

Mubarak`s wealth comes from offshore accounts
deposited in secret bank accounts or invested in luxury homes
and hotels, according to `The Guardian`.

The British claimed that in over 30 years of
presidency, the former Egyptian president had access to
investment deals that over time have generated huge profits.

Most of these gains, according to the newspaper, were
taken offshore.

Mubarak owned properties in Manhattan and Beverly
Hills, while much of the money was kept in banks in England
and Switzerland, reported earlier by the Al Khabar newspaper.

Christopher Davidson, a professor of political science
at Durham University, said that Mubarak has managed to gather
wealth through a series of business partnerships with various
foreign investors and companies with whom he was closely
connected since the military stage.

The 70 billion dollars would put Mubarak comfortably
ahead of Mexican business magnate Carlos Slim, who is worth
about 53.5 billion dollars, and Microsoft founder Bill Gates,
with 53 billion dollars.

PTI



First Published: Saturday, March 5, 2011 - 16:27

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