Mubarak: World's Richest Man?

Family fortune may reach $70B: report
By Matt Cantor,  Newser User
Posted Feb 7, 2011 10:07 AM CST

(Newser) – Hosni Mubarak may be the richest man in the world—by far—if reports are correct. The Guardian reported that Middle East experts put the Egyptian leader’s family fortune at some $70 billion, which the New York Post notes is quite a bit more than the riches of both Mexican businessman Carlos Slim Helu and Bill Gates, whose fortunes clock in at $53.5 billion and $53 billion, respectively, according to Forbes.

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The money is held in foreign bank accounts as well as tied up in real estate in New York (whose whereabouts remain a tightly kept secret, notes the Post), Beverly Hills, London, and the Red Sea coast. Mubarak has benefited from hugely profitable investments as president. “There was a lot of corruption in this regime and stifling of public resources for personal gain,” says an expert. But other Middle Eastern leaders may boast comparable fortunes of between $40 billion and $70 billion, a political science professor tells ABC News.
(Read more Hosni Mubarak stories.)

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