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Experts Say Mubarak Family's Net Worth is Billions

Egyptian President Hosni Mubarak (file photo)
Egyptian President Hosni Mubarak (file photo)

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Middle East experts say Egyptian President Hosni Mubarak's family fortune could be as much as $70 billion.

Experts estimate the net worth of Mr. Mubarak and his family at between $40 billion and $70 billion.  They say the Egyptian president has much of his wealth in Swiss banks or tied up in real estate in New York, Los Angeles and London.  

Some experts say he also has several lavish homes across Egypt.

Mr. Mubarak's wife, Susan, and their two sons, Gamal and Alaa, are also reported to be billionaires.

U.S. and British experts say the family wealth dates back to when Mr. Mubarak was an air force officer and in a position to benefit from corporate corruption on military contracts.  Analysts say the family was able to accumulate wealth through business partnerships with foreign investors and companies.

Amaney Jamal, a political science professor at Princeton University in the United States, told ABC News that Mr. Mubarak's estimated wealth is similar to other Middle Eastern leaders.  She said there was "a lot of corruption in his regime and a stifling of public resources for personal gain."

Protesters have cited government corruption as a reason they are demanding Mr. Mubarak's ouster.

Mubarak Timeline

 

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