Mubarak family fortune estimated at 40 billion euros

Hosni Mubarak’s family has accumulated a fortune that could be as high as 40 billion dollars even as the Egyptian people suffer from economic strains due to rocketing food prices, privatisations and high unemployment.

The money is believed to come from Egypt’s mineral wealth, property, the tourism industry and privatisations.

The family has lodged it in bank accounts throughout the world, including Switzerland, France, USA, GB and Spain, in the past few years.

His son Gamal, the heir to a hereditary presidency, is estimated to have 17 billion dollars while the another son, Alaa, has 8 billion. Mubarak’s wife, Suzanne, who is Welsh, is estimated to have a fortune of 3 to 5 billion dollars.

It has also emerged that one of Mubarak’s business associates, Hussein Salem, fled to Dubai on a private jet on Saturday with 500 million dollars in cash.

This from the National Post.

“Like most dictators, Mr. Mubarak is accused of feathering his nest — and that of his family. His fortune, estimated at US$30-billion, is stashed offshore in the usual secret bank accounts in the U.S., Switzerland and Britain. There is also the pricey real estate that includes a Georgian townhouse in London, handy for shopping at Harrods, and properties in Los Angeles, Washington and New York. Back home there’s a luxurious villa in the Red Sea resort of Sharm el Sheikh. Much of the loot is in the name of Mr. Mubarak’s wife, Suzanne, who has a British passport.

Unto the sons
His sons, Alaa and Gamal, both initially followed a career in finance. While Alaa, the elder, maintained a relatively low profile and showed no interest in politics, Gamal, now 47, has long been seen as the heir apparent. He began a career in investment banking, working for the Bank of America in Egypt and later London. He is married to Khadiga, who is 20 years his junior. His political career began in 2000 when his father appointed him to the General Secretariat of the National Democratic Party.”


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