What was Hosni Mubarak's net worth?
Hosni Mubarak was an Egyptian who, at his peak of power, had a net worth of $70 billion at the peak of his power. As we detail in the next section, a hidden fortune certainly made Hosni the richest person in Egypt for much of his life and potentially the richest person in the world. Hosni Mubarak died on February 25, 2020, at the age of 91. Hosni served as the President of Egypt from 1981 to 2011. He also served in the Egyptian Air Force as a career officer and commander (1972-1975) and eventually became the air chief Marshall. Mubarak was forced to resign as President in 2011 amid heavy protests and demonstrations. He and his two sons were also held and questioned concerning charges of political corruption. Mubarak was accused of pre-meditating the murder of innocent protesters during the time of the revolution, as well as being suspected of having something to do with the assassination of former President Anwar Sadat. President Sadat appointed Mubarak to be his vice president in 1975, and Mubarak met with many important political figures and took part in all meetings in support of Sadat's policies. He was considered Sadat's right-hand man, and no one wanted to cross him. Mubarak took over as President after Sadat was killed by a military Jihad cell. During Sadat's Presidency, Egypt was suspended from being a part of the Arab League because of his peace treaty with Israel, but the suspension was lifted after Mubarak took over the office.
There were several assassination attempts on Mubarak during his time in the Presidential seat. The Jihad cell tried to eliminate him while he attended a conference at the Organization of African Unity. It was also said that he was attacked with a knife and suffered injuries. Mubarak was elected to four terms as President, although there is a question as to whether the elections were legitimate or not. Under President Mubarak's rule, people and politicians were jailed and held without trial, people were persecuted, and privacy was invaded. The government was allowed to arrest and hold people without any reason for as long as they deemed necessary. Demonstrations of any political organizations were banned. This was called the Emergency Law.
Mubarak was facing the death penalty for the murder of peaceful protesters if found guilty. On August 3, 2011, Mubarak and his sons, Alaa and Gamal, were brought before the courts in North Cairo and charged with corruption and premeditated murder. Mubarak pleaded not guilty.
Wealth Details
In February 2011, an ABC News investigative report found that Hosni Mubarak's personal net worth was $40 to $70 billion. If true, for a number of years, he would have been the richest person in the world, secretly. According to a similar report by The Guardian, his fortune was AT LEAST $70 billion and was earned through a decades-long career of bribes and corruption. The money was allegedly stored in dozens of bank accounts in Switzerland and the United Kingdom or was invested in property.
Soon after the initial reports were released, the Swiss government froze several Mubarak family bank accounts.
KHALED DESOUKI/AFP/Getty Images
Early Life
Mubarak was born on May 4, 1928, in Kafr El-Meselha, Monufia Governorate, Egypt. His full name was Muhammad Hosni El Sayed Mubarak. He attended the Military Academy and, when he was 21, joined the Air Force Academy. By March of 1950, he gained his commission as a pilot officer and eventually received his bachelor's degree in aviation sciences.
Career
Mubarak began his career in public service in the Egyptian Air Force, where he served as an officer in various formations and units. He rose through the ranks, and by 1967, he had become the Air Force Academy's commander. While in that role, he was credited with doubling the number of Air Force pilots and navigators. In 1969, he was named the Chief of Staff for the Egyptian Air Force. A few years later, in 1972, Mubarak was named the Commander of the Air Force and Egyptian Deputy Minister of Defense. The following year, when the Yom Kippur War broke out, the Egyptian Air Force launched a surprise attack on Israel. The Egyptian Air Force was able to hit over 90% of their air targets, making Mubarak a national hero. He was promoted the following year to Air Chief Marshal in recognition of his service during the war against Israel.
In 1975, Egyptian President Anwar Sadat appointed Mubarak to be the Vice President of Egypt. In that role, Mubarak developed important relationships and friendships with various leaders and political figures throughout the Middle East. President Sadat often sent Mubarak to meet with foreign leaders from around the world. Sadat would sometimes transfer his decision-making authority to Mubarak when he went on vacation.
In October of 1981, President Sadat was assassinated by Lieutenant Khalid Islambouli. Following the assassination, Mubarak became the fourth president of Egypt after a referendum. He subsequently renewed his term as president through referendum in 1987, 1993, and 1999. In 2005, following pressure from the United States, Mubarak held the country's first multi-party election, though Mubarak won that election as well. He ultimately remained Egypt's top political leader for almost thirty years. He was Egypt's longest-serving ruler since Muhammad Ali Pasha, who had ruled the country for 43 years.
While president, Mubarak was able to reinstate Egypt's membership in the Arab League. Their membership had been frozen since the Camp David Accords with Israel. Their reinstatement also meant that the Arab League's headquarters returned to Cairo. Mubarak was also supportive of the Israeli-Palestinian Peace Process, a shift in perspective from former president Sadat. While some positives occurred in Egypt while Mubarak was in power, ultimately, his rule was repressive. The country remained under a state of emergency during his presidency, which had been in place since 1967. This meant that political opposition was more easily stifled, and the Egyptian security services and military developed a reputation for their brutality in how they dealt with civilians.
Mubarak also developed a reputation for being extremely corrupt. During his administration, political figures and young activists who spoke out against his rule were imprisoned without trial. There were a number of hidden and undocumented detention facilities established where countless people were taken for days on end, sometimes disappearing altogether. In 2005, Freedom House, an organization that investigates democracy, reported on the widespread corruption taking place under Mubarak. Mubarak and his family, specifically his two sons, were also known for taking bribes and misappropriating funds. In 2011, many of the family's assets that were held in foreign bank accounts were frozen.
As reports of Mubarak's corruption became more and more prominent, protests against Mubarak and his regime erupted in Cairo as well as in other parts of Egypt. Mubarak promised that he would not contest the results of the upcoming presidential election in case he did not win. He also promised various constitutional reforms, though this did little to satisfy the protestors, who demanded Mubarak's immediate departure. Violent clashes between pro and anti-Mubarak protestors occurred numerous times, sometimes resulting in the deaths of protestors.
Mubarak ultimately stepped down from the presidency during the Egyptian Revolution of 2011, following 18 days of demonstrations. In April 2011, a prosecutor detained Mubarak, along with his two sons, for 15 days, during which time they were questioned about allegations of corruption and abuse of power. Mubarak ultimately was forced to stand trial. He was sentenced to life imprisonment in June 2012. However, Egypt's high court overturned his sentence, and a retrial was ordered. Mubarak was ultimately acquitted in March 2017 and released from jail a few weeks later. He spent his final years primarily out of the public eye.
Personal Life and Death
Mubarak was married to Suzanne Mubarak. Together, they had two sons – Alaa and Gamal. Both of his sons were jailed for years in Egypt on corruption charges. They were released in 2015.
On February 25, 2020, Mubarak died in a military hospital in Cairo at the age of 91. Following his death, a full-honor State funeral was held at the Tantawi Mosque in eastern Cairo. He was buried in a cemetery in Heliopolis a few days later. Egyptian President Abdel Fattah el-Sisi participated in the funeral and declared three national days of mourning in Egypt.
