(Photo: KI-Media)
18 Feb 2011
James Thomson
BusinessSpectator (Australia)
Let’s just get this clear from the start. It is extremely unlikely that deposed Egyptian president Hosni Mubarak is worth anywhere near $70 billion and he isn’t close to being the richest person in the world.
The basis for his valuation, which has been carried across the world in various media reports, appears to emanate from an article in Britain’s Guardian newspaper, which referenced “middle east experts” as having made the snap evaluation.
On closer inspection, Amaney Jamal, a political science professor at Princeton said an estimate of $40-70 billion for the Mubarak family fortune was “comparable with the vast wealth of leaders in other Gulf countries”.
But as Forbes pointed out in a blog last week, the worth of the richest ruler in the region, King Abdullah bin Abdul Aziz of Saudi Arabia, has been put at $15 billion, which is a long way from $70 billion.
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