What the Mubaraks are worth

A rather baseless assertion:

The net worth of Egyptian President Hosni Mubarak, who is under pressure to quit following a massive mass movement, and his family is estimated to between $40 billion to $70 billion, a media report said. ABC News quoted experts as saying that the Mubarak family wealth was built largely from military contracts during his days as an air force officer.

Egypt's GDP in 2009 was around $180bn. The Mubaraks are not worth a third of Egypt's GDP, OK? Besides, Mubarak operated through front-men (such as the one handling the Israel gas deal) so I don't see how this accounting can be so easily done. But no way he's richer than Bill Gates. Don't believe the hype.

4 Comments

Issandr El Amrani

Issandr El Amrani is a Cairo-based writer and consultant. His reporting and commentary on the Middle East and North Africa has appeared in The Economist, London Review of Books, Financial Times, The National, The Guardian, Time and other publications. He also publishes one of the longest-running blog in the region, www.arabist.net.