Word On The Egyptian Streets Is That Hosni Mubarak Was Making It Rain On Them Hoes During His Dictatorship!

- By Bossip Staff

If we didn’t know any better we’d say that Mubarak was “gettin’ that A-rab money”, but of course we know better…

There are no Mubaraks on the Forbes list of the world’s richest people, but there sure ought to be.

The mounting pressure from 18 days of historic protests finally drove Egyptian President Hosni Mubarak from office, after three decades as his nation’s iron-fisted ruler. But over that time, Mubarak amassed a fortune that should finance a pretty comfortable retirement. The British Guardian newspaper cites Middle Eastern sources placing the wealth of Mubarak and his family at somewhere between $40 billion and $70 billion. That’s a pretty good pension for government work. The world’s richest man–Mexican business magnate Carlos Slim–is worth about $54 billion, by comparison. Bill Gates is close behind, with a net worth of about $53 billion.

Mubarak, of course, was a military man, not a businessman. But running a country with a suspended constitution for 30 years generates certain perks, and Mubarak was in a position to take a slice of virtually every significant business deal in the country, from development projects throughout the Nile basin to transit projects on the Suez Canal, which is a conduit for about 4 percent of the world’s oil shipments. “There was no accountability, no need for transparency,” says Prof. Amaney Jamal of Princeton University. “He was able to reach into the economic sphere and benefit from monopolies, bribery fees, red-tape fees, and nepotism. It was guaranteed profit.”

Had the typical Egyptian enjoyed a morsel of that, Mubarak might still be in power. But Egypt, despite a cadre of well-educated young people, has struggled as an economic backwater. The nation’s GDP per capita is just $6,200, according to the CIA–one-seventh what it is in the United States. That output ranks 136th in the world, even though Egypt ranks 16th in population. Mubarak had been working on a set of economic reforms, but they stalled during the global recession. The chronic lack of jobs and upward mobility was perhaps the biggest factor driving millions of enraged Egyptian youths into the streets, demanding change.

Estimates of Mubarak’s wealth will probably be hard to verify, if not impossible (one reason dictators tend not to make it onto Forbes’s annual list). His money is certainly not sitting in an Egyptian vault, waiting to be counted. And his delayed exit may have allowed Mubarak time to move money around and hide significant parts of his fortune. The Swiss government has said it is temporarily freezing any assets in Swiss banks that could be linked to Mubarak, an uncharacteristically aggressive move for the secretive banking nation. But that doesn’t mean the money will ever be returned to the Egyptian people, and it may even find its way to Mubarak eventually. Other Mubarak funds are reportedly sitting in British banks, and Mubarak was no doubt wily enough to squire away some cash in unlikely places. Plus, an eventual exile deal could allow Mubarak to retain some of his wealth, no questions asked, as long as he and his family leave Egypt and make no further bids for power.

Somebody needs to dig up some dirt on this cat and get some of that bread back for the people of Egypt.


More Stories From Bossip





    • Sara

      NICE NEWS !
      My friend Vanessa, a 25 yrs lady, has announced her wedding with a m’illionaire young man Ronald who is the CEO of a MNC. It’s amazing, she said she just posted her profile on a m’illionaire d’ating s’ite called ———-RichMatchmaker. ℃○M——– – and received his chat invitations a few days later. Then, everything went so well that I can’t believe it’s true! Every love story will unfold on it’s own..——-
      The rich keep getting rich at the expense of the poor. The real question is why is the U S Government in bed with so many crooks around the world and call it democracy?

  • big c

    dam shame no wonder he did not want to leave

  • torontostaar

    He knew he was going to leave when everything hit the fan, he was just stalling to make sure the money was correct so he could make his exist! Shaaady A@@ Nucca

  • BarGolf

    We know the U S Government knew he was keeping the money too! Unemployed American can’t get an extension on unemployment benefits, but the U S Government can send a$$holes like this our tax dollars with a smile for their personal needs. The rich keep getting rich at the expense of the poor. The real question is why is the U S Government in bed with so many crooks around the world and call it democracy?

    • BarGolf

      Answer: Because the U S Government only works in the best interest of the RICH (America History and Power 101).

  • Moe

    Why are there not more African-Americans supporting the Egyptian people? Many AA’s become irate when Europeans categorize Egypt as the Middle East when it is a part of the African continent. AA’s should support their Egyptian brothers and sisters.

    • BarGolf

      Support them how? In case you haven’t check the news or unemployment status lately, AA’s are unemployed in very large numbers in this country too!



  • drenk

    i wonder how much of that “aid” money the US gave him to keep him propped up is he “retiring” with?

  • teetee

    let’s get this straight – you CANNOT QUANTIFY ARAB WEALTH – never, can’t do it – it’s not finite – it doesn’t have an end number to it – bill gates, warren buffett and the mexican’s billions can all be counted to the last dollar – arabs can’t – these are ancestors of the bible times – the MEDIUM income in dubai is $15mil – that’s what the average citizen has in their account – i hate that because it’s not on forbes it’s not real – arabs will NEVER PLAY THEMSELVES LIKE THAT – THEY ARE ALL WORTH AT LEAST $60BILLION!

    • DR.FUNK

      Really? …and you know this how?

    • netnilla

      That would be ‘median’ not ‘medium’ Mr. Smartypants

    • The Commenter Formerly Known as White Devil

      @ teetee

      The Forbes rankings are estimates. Based on market fluctuations, the wealth of the richest people in the world can vary by millions of dollars a day. In some cases, billions of dollars a day.

      Arabs in general are poor. The GDP per capita of Dubai is around $40,000. The U.S. is $47,000 and the U.S. is a much larger country. The smaller, oil rich Arab countries have high per capita GDP’s but nowhere near your rediculous figures. Most Arabs are poor. A few are fabulously wealthy due to oil income and/or theft from other Arabs. Members of the Saudi Royal family do make the Forbes most wealthy list.

    • The Commenter Formerly Known as White Devil

      @ teetee

      Also, I don’t know if you remember but a couple of years ago Dubai very nearly went bankrupt. A lot of the fancy things they built like man made islands and indoor ski slopes were built with borrowed money. When the financial bubble burst they were not able to pay the money back. They had to be bailed out by their larger emirate neighbor Abu Dhabi.



  • It's 2011

    The reason the US gives Egypt $ is because if we don’t, Iran will. Then you’d have another extremist State plotting against Americans.The US has to pay for her alliances.Of course, we all know that alliances can and do go bad…


    wow,what a storie!” pits tim]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]happy whishes we all have a happy valentinesday ! when it arrives!”‘thanks for readin!;”@

blog comments powered by Disqus