Mubarak's Net Worth? Figure $5B, Not $70B
Switzerland freezes his accounts
By Nick McMaster,  Newser Staff
Posted Feb 11, 2011 3:58 PM CST
A pro-democracy supporter holds up an Egyptian flag as he reacts to the announcement of the resignation of Egyptian President Hosni Mubarak Friday.   (AP Photo/Sang Tan)
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(Newser) – Switzerland has temporarily frozen all assets that might belong to Hosni Mubarak and his family. It's not clear how much that might be, but the AP notes there was $3.5 billion in Egyptian deposits in Swiss accounts at the end of 2009. Mubarak and his family probably have a net worth of about $5 billion, analysts tell the Huffington Post, a hefty sum but well short of the estimates of up to $70 billion being thrown around of late.

The Mubaraks reportedly have money stashed in offshore bank accounts and own posh real estate in London, Paris, New York, Beverly Hills, and elsewhere. Much of the family wealth is said to come from companies run by Mubarak sons Gamal and Alaa. Opposition groups have accused them of taking kickbacks from foreign companies in exchange for access to Egypt's business. Click for more.

 

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