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Mubarak’s Fortune WasReported by The Guardian in 2011

Misbar's Editorial Team Misbar's Editorial Team
19th May 2022
Mubarak’s Fortune WasReported by The Guardian in 2011
The report is old (Getty).

The Claim

The Guardian recently published a news article about the wealth of former Egyptian President Hosni Mubarak.

Emerging story

Social media accounts and pages across the MENA region have shared a screenshot of a news article from The Guardian, which appears to be reporting on the fortune of former Egyptian President Hosni Mubarak, which is estimated to be worth $70 billion. The users claimed that The Guardian's report was recent.

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Misbar’s Analysis

Misbar has investigated the claim and found it to be misleading. The Guardian has not recently published any information about Mubarak's family fortune.

The Guardian’s Report on Mubarak’s Family

On February 4, 2011, The Guardian published a news article about Mubarak's fortune.

According to the article, President Hosni Mubarak's family fortune could be worth up to $70 billion, with much of his wealth held in British and Swiss banks or in London, New York, and Los Angeles.

According to the report, "after 30 years as president and many more as a senior military official, Mubarak has had access to investment deals worth hundreds of millions of pounds."

It also stated that the majority of those gains have been taken offshore and deposited in secret bank accounts or invested in upmarket homes and hotels.

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The Egyptian Revolution

The Guardian's article was published just a few days after the start of the January 25 Revolution in Egypt in 2011 when protesters gathered in Tahrir Square to demand the resignation of President Hosni Mubarak.

After weeks of protests, Mubarak resigned as Egypt's president on February 11, 2011.

Reports on Mubarak’s Family Fortune

According to DW, Daniel Thelesklaf, director of the Swiss Basel Institute on Governance and member of Transparency International, stated that Mubarak's fortune exceeds $40 billion.

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Recent Statement by Gamal Mubarak

The claim emerged after Hosni Mubarak's son, Gamal Mubarak, stated on May 17, 2022, that he and his family members were innocent of corruption charges brought against them in international courts in the aftermath of Egypt's 2011 popular uprising.

He added that the media had falsely accused his family of corruption, but had failed to explain how they had amassed such a substantial fortune.

According to media reports, Gamal's statement came after years of efforts by the deposed family to repair its image as it faced litigation in Egypt and abroad.

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Translated by Khadija Boufous

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