Assets of the Ayatollah

Fantastic investigative piece by Reuters describing a secret fund entirely under Ayatollah Khamenei's control. Originally created to temporarily administer seized properties and redistribute the wealth through charity, Setad has grown over the years, continuing to seize real estate and accumulating into a secret slush fund entirely at Khamenei's disposal.   

All told, Reuters was able to identify about $95 billion in property and corporate assets controlled by Setad. That amount is roughly 40 percent bigger than the country's total oil exports last year. It also surpasses independent historians' estimates of the late shah's wealth.


A complete picture of Setad's spending and income isn't possible. Its books are off limits even to Iran's legislative branch. In 2008, the Iranian Parliament voted to prohibit itself from monitoring organizations that the supreme leader controls, except with his permission.



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Ursula Lindsey

Ursula Lindsey is the managing editor of the Arabist blog. She writes about culture, education and politics in the Arab world. She lived in Cairo from 2002 to 2013 and got her start at the ground-breaking independent magazine Cairo Times. She was the culture editor of Cairo magazine in 2005-2006 and served as special projects editor at the independent news site Mada Masr in 2013-2014. She is the Chronicle of Higher Education's Middle East correspondent. She contributes to the BBC-PRI radio program The World, and has written for Newsweek, The New York Times, The New Yorker online, Bookforum and the blog of the London Review of Books.