Hosni Mubarak's 'stolen' $70 billion fortune
Now that Egypt's longtime president has stepped down, attention turns to the wealth he allegedly piled up over three decades in power
![Hosni Mubarak and his family could reportedly be worth as much as $70 billion, more than Microsoft tycoon Bill Gates.](https://cdn.mos.cms.futurecdn.net/XW4VyzauMdx7UKfYhitARJ-415-80.jpg)
Now that Egyptian protesters have pushed Hosni Mubarak into relinquishing power, they want him to return the fortune he and his family allegedly amassed during his 30-year reign. "If we can get back some of the billions stolen, I will be satisfied with our revolution," one 29-year-old Egyptian told The Washington Post. How much money does Mubarak have — and do the Egyptian people really have a shot at getting it back? Here, a quick guide to the fight over Mubarak's money:
How much money are we talking about?
Nobody knows for sure. Estimates of the Mubarak family's wealth go as high as $70 billion — more than Microsoft founder Bill Gates is worth. The breakdown, according to ABC News, includes $17 billion for Mubarak, $10 billion for his second son, Gamal, and $40 billion for the rest of the family. (Watch a Bloomberg report about Mubarak's great wealth)
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
![https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516-320-80.jpg)
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Where's the loot?
Some of it's tied up in real estate. Mubarak and his sons own property not only in Egypt, but also London, Los Angeles and New York, according to reports cited in The Washington Post. In London, Gamal Mubarak, 47, owns a house in a neighborhood where homes sell for as much as $20 million. As for the rest of the fortune, the family reportedly has billions stashed in foreign banks and offshore accounts.
How did Mubarak get so rich?
He didn't do it by squirreling away his salary. As president, Mubarak made just $808 per month in 2007 and 2008, according to a Cairo think tank. Mubarak reportedly made his first millions through military contracts during his earlier career as an air force officer. Later his sons allegedly took huge cuts from businesses investing in Egypt, giving favored entrepreneurs virtual monopolies in return, according to The Sunday Telegraph. Other possible sources of wealth: Government corruption and the sale of state companies and land.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Will Egypt be able to get the money back?
Maybe. Switzerland has frozen whatever assets the Mubaraks and their associates still have there, and other countries are under pressure to do the same. Anti-corruption watchdogs are calling for criminal charges against the Mubaraks. A conviction would help banks return the cash. But, according to Britain's Sunday Telegraph, Mubarak scrambled in his last days in office to hide his assets. "We think their financial advisers have moved some of the money around," a senior Western intelligence source told the Telegraph. "If he had real money in Zurich, it may be gone by now."
Sources: Washington Post, Sunday Telegraph, AOL News, ABC News
Create an account with the same email registered to your subscription to unlock access.
-
The Earth just saw its hottest day on record
Speed Read July 21, 2024 was the hottest day in recorded global history
By Rafi Schwartz, The Week US Published
-
Bob Menendez to resign after corruption conviction
Speed Read The New Jersey senator submitted to resignation pressure following charges of federal bribery and corruption
By Rafi Schwartz, The Week US Published
-
Today's political cartoons - July 24, 2024
Cartoons Wednesday's cartoons - refunds, big funds, and more
By The Week US Published
-
How could J.D. Vance impact the special relationship?
Today's Big Question Trump's hawkish pick for VP said UK is the first 'truly Islamist country' with a nuclear weapon
By Harriet Marsden, The Week UK Published
-
Biden, Trump urge calm after assassination attempt
Speed Reads A 20-year-old gunman grazed Trump's ear and fatally shot a rally attendee on Saturday
By Peter Weber, The Week US Published
-
Supreme Court rejects challenge to CFPB
Speed Read The court rejected a conservative-backed challenge to the way the Consumer Financial Protection Bureau is funded
By Peter Weber, The Week US Published
-
Arizona court reinstates 1864 abortion ban
Speed Read The law makes all abortions illegal in the state except to save the mother's life
By Rafi Schwartz, The Week US Published
-
Trump, billions richer, is selling Bibles
Speed Read The former president is hawking a $60 "God Bless the USA Bible"
By Peter Weber, The Week US Published
-
The debate about Biden's age and mental fitness
In Depth Some critics argue Biden is too old to run again. Does the argument have merit?
By Grayson Quay Published
-
How would a second Trump presidency affect Britain?
Today's Big Question Re-election of Republican frontrunner could threaten UK security, warns former head of secret service
By Harriet Marsden, The Week UK Published
-
'Rwanda plan is less a deterrent and more a bluff'
Instant Opinion Opinion, comment and editorials of the day
By The Week UK Published