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Friday
Feb112011

Egypt: Deposed Mubarak May Retain Vast Wealth

Photo Courtesy - The White House | Pete Souza(CAIRO) -- Though Egypt's Hosni Mubarak stepped down from the presidency, leaving Cairo for a resort town, experts say his personal wealth will likely remain intact in other countries.

Sources told ABC News that Mubarak left Cairo for a town called Sharm el-Sheikh, 250 miles away on the Red Sea. Mubarak, however, has vowed never to leave Egypt.

Protestors have long demanded that Mubarak be tried for his corruption, though it is too early to tell what will happen to him. Meanwhile there are reports that Mubarak is occupying an entire floor of one of the many hotels in Sharm el-Sheikh, according to Christopher Davidson, professor of Middle East Politics at Durham University in England.

The Swiss government said Friday it is freezing any money belonging to Mubarak or his family in Switzerland.

But Davidson said the former president's wealth in real estate around the world will be more difficult to seize.

"I think it will be only a small part of the cake," said Davidson. "And I reckon it's not his entire wealth."

The Mubarak family's wealth was built largely from military contracts during his days as an air force officer, according to experts. He eventually diversified his investments through his family when he became president in 1981. The family's net worth may be as much as $40 billion, by some estimates.

Amaney Jamal, a political science professor at Princeton, said the estimates are comparable with the vast wealth of leaders in other Gulf countries.

Jamal said that Mubarak's assets are most likely in banks outside of Egypt, possibly in the United Kingdom and Switzerland.

"This is the pattern of other Middle Eastern dictators so their wealth will not be taken during a transition," she said. "These leaders plan on this."

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