October 23, 2011
Muammar Qaddafi was three times as rich as Carlos Slim and ten times richer than King Abdullah of Saudi Arabia — easily the richest man in the world.
Qaddafi was supposedly worth over $200 billion with assets in bank accounts, real estate and corporate investments around the world.
This staggering new estimate comes from senior Libyan officials and seems to be legitimate, according to the LA Times.
How did he get so rich?
“King of Kings” Qaddafi had uncontested personal control over the largest oil reserves in Africa for the past 41 years.
Unlike Abdullah and other oil-rich leaders, Qaddafi invested little money in national infrastructure like schools and hospitals or any kind of economic diversification. What money Qaddafi did spend went largely to buy support from African leaders.
While much of this money was held by government institutions like the Central Bank of Libya and the Libyan Investment Authority, Qaddafi was able to withdraw money at will.
This article was posted: Sunday, October 23, 2011 at 5:54 am