Most of that money is rumoured to be held in foreign bank accounts or invested in real estate in London, New York, and Los Angeles.
This image of a family rolling in money suggests a parallel with ousted Tunisian President Zine El-Abidine Ben Ali’s famously wealthy clan. But several specialists who have written widely on Egypt refute the comparison.
“Apart from his public salary of several thousand euros per month, we don’t know anyt
Tewfik Aclimendos, a researcher on Egypt at the Collège de France, agreed with that assessment, saying that it is difficult to pin a number on the Egyptian president’s wealth.
Corruption reaching far beyond Mubarak’s inner circle
In Egypt, those close to President Mubarak have also benefitted from the pervasive corruption. “We know, for example, that Gamal Mubarak [Hosni’s younger son] owes a part of his fortune to his marriage to the daughter of a rich Egyptian entrepreneur specialised in construction,” said Ferrié.
Mubarak and those that make up his extended clan are hardly the only ones in Egypt putting money in foreign bank accounts. “Any Egyptian entrepreneur, even one from an average company, keeps sums of money outside of Egypt,” Ferrié noted.