Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

No strategy and a beige suit

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014

Read more

ENCORE!

Alain Choquette: A Hilarious Magician in Paris

Read more

FOCUS

France welcomes Iraqi Christian refugees

Read more

FRANCE IN FOCUS

Emmanuel Macron: A new economy minister with a pro-business agenda

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

#TECH 24

Changing the world, one video game at a time

Read more

IN THE PAPERS

Socialist Party summer conference kicks off in explosive atmosphere

Read more

  • EU leaders choose Tusk and Mogherini for top jobs, discuss Russia sanctions

    Read more

  • Dozens of UN peacekeepers still held by Syrian jihadists

    Read more

  • Opposition protesters clash with Pakistani police outside PM's house

    Read more

  • Austerity row overshadows French Socialist’s annual rally

    Read more

  • Egypt sentences Brotherhood leader Badie to life

    Read more

  • Ceasfire allows Gaza families to relax on the beach

    Read more

  • S. Africa condemns 'military coup' in Lesotho

    Read more

  • Kerry calls for 'coalition of nations' to battle IS militants

    Read more

  • Ukrainian plane with seven on board crashes in Algeria

    Read more

  • Exclusive: Fabius warns Russia of more sanctions

    Read more

  • IMF backs Lagarde amid French corruption probe

    Read more

  • Ebola drug ‘ZMapp’ heals all monkeys in study

    Read more

  • British killer escapes from French psychiatric hospital

    Read more

  • Police hunt for British boy with brain tumour taken to France

    Read more

  • Ukraine to relaunch NATO membership bid

    Read more

  • Suriname leader’s son pleads guilty to courting Hezbollah

    Read more

  • Mapping Ukraine: Canada and Russia in ‘tweet for tat’ row

    Read more

Africa

Ben Ali’s fortune and the Mubarak network: A misleading parallel

Text by Sébastian SEIBT

Latest update : 2011-02-08

It has been reported that the fortune of the embattled Egyptian President Hosni Mubarak is between 40 and 70 billion dollars. However, comparisons being drawn between the wealth of Mubarak and Tunisia’s Ben Ali are misleading.

The fortune of embattled Egyptian President Hosni Mubarak’s family is said to possibly be as high as 70 billion dollars, or 51 billion euros. That estimation, published in British daily The Guardian, is the result of evaluations carried out by Egyptian experts.

Most of that money is rumoured to be held in foreign bank accounts or invested in real estate in London, New York, and Los Angeles.

This image of a family rolling in money suggests a parallel with ousted Tunisian President Zine El-Abidine Ben Ali’s famously wealthy clan. But several specialists who have written widely on Egypt refute the comparison.

“Apart from his public salary of several thousand euros per month, we don’t know anyt

The Mubarak clan's millions

hing about Hosni Mubarak’s public wealth,” said Jean-Noël Ferrié, research director at France’s National Centre for Scientific Research and the author of a book about Egypt under Mubarak. Ferrié estimates that the evaluation of the Mubarak family’s fortune is inflated by “at least one or two zeros”.

Tewfik Aclimendos, a researcher on Egypt at the Collège de France, agreed with that assessment, saying that it is difficult to pin a number on the Egyptian president’s wealth.

Corruption reaching far beyond Mubarak’s inner circle

That said, according to Ferrié, unlike in Tunisa, all of Egyptian society – “from the lowest-ranking police officer to the highest power” – is part of a larger scheme of corruption. Whereas in Tunisia, authorities have been accused of “organised racketeering”, Ferrié explained that “a system of extreme vote buying” exists in Egypt.

Indeed, both Ferrié and Aclimendos say that Mubarak and even former President Anwar El Sadat in the 1970s granted favours for entire segments of the population – businessmen, military officials – in order to secure their electoral support. These bribes consisted, for example, of real estate opportunities like hotels or plots of land sold at low prices. In Tunisia, on the other hand, only a small clique close to the president and his wife’s family, the Trabelsis, benefitted from those kinds of gifts.

In Egypt, those close to President Mubarak have also benefitted from the pervasive corruption. “We know, for example, that Gamal Mubarak [Hosni’s younger son] owes a part of his fortune to his marriage to the daughter of a rich Egyptian entrepreneur specialised in construction,” said Ferrié.

Mubarak and those that make up his extended clan are hardly the only ones in Egypt putting money in foreign bank accounts. “Any Egyptian entrepreneur, even one from an average company, keeps sums of money outside of Egypt,” Ferrié noted.
 
Unlike in Tunisia, where a small group of people has its hands on a large portion of the country’s wealth, a far bigger number of Egyptians are to this day financially dependent on Mubarak’s regime.

Date created : 2011-02-08

  • TUNISIA

    Profile: Ben Ali, president-for-life no more

    Read more

COMMENT(S)