News agencies: Much of the wealth is deposited in UK or Swiss banks, or in real estate in London, New York, and Los Angeles.
News agencies cite Middle East experts as saying that the Mubarak family's personal wealth at $70 billion. Much of the wealth is deposited in UK or Swiss banks, or in real estate in London, New York, Los Angeles, and on the shores of the Red Sea.
After 30 years in power, after serving for years in the Egyptian Army and later as Vice President to President Anwar Sadat, President Hosni Mubarak has access to to investments that generated hundreds of millions of dollars. Most of these profits were sent out of Egypt and deposited in numbered Swiss accounts, or invested in luxury homes and hotels.
Last year, Egyptian daily "El Ahbar" reported that Mubarak owns properties in Manhattan and homes on Beverly Hills' Rodeo Drive. His two sons, Gamal and Alaa, are also both billionaires.
Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2011
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