Bashar al-Assad's journey to power started in the corridors of an eye hospital in London. Bashar was the second son of Syrian dictator Hafez al-Assad, but his extravagant older brother Bassel was supposed to be the next in line. However, Bashar was suddenly called back to Damascus after Bassel died in a car accident in 1994. He was quickly prepared for leadership roles and was promoted to the presidency after his father passed away in 2000.
Assad suddenly left Damascus, and it is unclear where he is right now. Everyone’s focus has shifted to the enormous wealth his family collected during decades of cruel control.
Al-Assad Control
The Assad family's power, which was established via systematic fraud and financial control, is still heavily alive. This power is spread around the Middle East and Europe through shell businesses and hidden accounts. At the same time, millions of Syrians suffer in hunger or refugee camps after years of a bloody civil war.
The Assads maintain a close eye on major sectors of Syria's economy through a complex web of companies, reliable proxies, and accounts abroad. This extensive financial network was carefully established over the 30 years of Hafez al-Assad's control and then raised during Bashar's presidency. This is evidence of how carefully the family stole the riches of their country while posing as the Syrian state's protectors.
Huge Secret Wealth
Bashar al-Assad's estimated net worth is $1.5 billion. But that's only a tiny portion of the whole picture. Over the years, there have been rumours that al-Assad and his close associates acquired a fortune equal to three-quarters of Syria's total GDP during the peace. They sell items from other countries, factories, energy plants, and real estate. However, none of those are easy to sell when quick cash or a rapid escape is needed.
The amount of money that Bashar al-Assad and his family have collected is incredible. The combined value of the al-Assad regime's cash, oil, art, and real estate holdings has been estimated to be between $60 and 122 billion. His wealth is hidden among many established businesses to hide the Syrian regime's assets.
Al-Assad’s Family Contributions to this Fraud
The UK has blocked millions of the dictator's assets, but al-Assad's finances are unchanged. One of Bashar's uncles had $740 million in assets, which Spanish police raided in April 2017. British authorities froze around $124 million of assets in the same year.
Switzerland froze over $3.2 million in al-Assad's relative Hafez Makhlouf's Geneva bank account 2016. Makhlouf might have been involved in money laundering. Hafez's brother, Rami Makhlouf, is an important middleman for the al-Assad family. He has built up a vast fortune since his rise to power as Bashar al-Assad in 2000.