We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 10 Feb 2011 05:33 PM

Font Size

- Aa +

Middle East, African elites hoard about $225bn offshore

Around 41% of total assets of wealthy from Africa, Middle East are held in EU-based banks, research firm says

Middle East, African elites hoard about $225bn offshore
MONEY MATTERS: The Middle East and Africa account for about 17 percent of the world’s offshore wealth, according to MyPrivateBanking

Eastern and African leaders and ruling elites hold an estimated $225bn of
illegally obtained assets with foreign banks, according to research firm

15 percent of the $1.5 trillion the wealthy from those regions hold offshore,
the Kreuzlingen, Switzerland-based firm said today, after surveying bankers,
academics and organizations such as Transparency International.

the decades these regimes have grown an entire ruling class consisting of
family, friends, businesses, security forces and secret service that have
transferred significant wealth out of their home countries,” said Steffen
Binder, research director of MyPrivateBanking.

on January 19 froze assets of Tunisia’s ousted President Zine El Abidine Ben
Ali and those of Ivory Coast leader Laurent Gbagbo, who refuses to cede power
to the internationally recognized winner of November’s presidential election.
Egypt’s rich are considering taking money out of the country after violent
protests against President Hosni Mubarak, Karim al-Korey, an associate director
at Arab Bank (Switzerland) Ltd said last week.

estimated 41 percent of the total assets of the wealthy from Africa and the
Middle East are held in banks based in the European Union, including the U.K.’s
Channel Islands and Luxembourg, MyPrivateBanking said. About 33 percent is held
in Switzerland with 8 percent in Asia and the rest in North America and the
Caribbean, the firm said.

Middle East and Africa account for about 17 percent of the world’s offshore
wealth, according to MyPrivateBanking.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.