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Under the pretext of Syria's turmoil, Assad has been amassing personal wealth

Based on conservative estimations by the United States Department of State in 2022, Assad's net...
Based on conservative estimations by the United States Department of State in 2022, Assad's net worth ranges between 1 to 2 billion Euros.

Under the pretext of Syria's turmoil, Assad has been amassing personal wealth

Despite the ongoing civil war and economic struggle in Syria, the ousted leader Bashar al-Assad and his kin have managed to amass substantial wealth. The population struggles with poverty, with 90% living below the poverty line, yet the Assad family has reportedly accrued vast wealth during Assad's reign.

In 2022, the US Department of State estimated Assad's net worth to be between 1 to 2 billion euros. This wealth is alleged to be stashed across secret bank accounts, property portfolios, firms, and tax havens worldwide. If Assad still possesses assets outside of Syria that have yet to be seized or frozen, they would more than likely be under a different name. A Saudi newspaper reportedly referenced information from the British intelligence agency MI6, suggesting the Assad family has 200 tons of gold, $16 billion, and €5 billion.

The rebels unexpectedly gained a glimpse into Assad's wealth when they stumbled upon his extensive car collection. The garage contained luxury vehicles such as a Lamborghini LM002, a Lamborghini Diablo, Ferraris, Aston Martins, Rolls-Royces, and Mercedes-Benzes. The collection's value alone could surpass several million euros.

Captagon, a Lucrative Business

As Syria's economy declined over the years, the ruler exploited smuggling and drug trafficking as a means to survive. Assad's family gained significant profits, even more so from the production and distribution of the stimulant drug Captagon. Analysts suspect the family controlled the smuggling rings and profited from the escalating trade. The US magazine The New Yorker reported that a Captagon pill costs just a few cents to manufacture but sells for up to $25.

In recent years, a billion-dollar black market for Captagon has proliferated in Syria on an industrial scale. According to the think tank New Lines Institute, the drug trade has generated more than the entire Syrian economy in a year - approximately €10 billion. This seems to frustrate the Syrian rebels, as large quantities of Captagon pills were reportedly burned at the seized Mezzeh military airport.

International investigators consider Syria a major player in the global Captagon trade, with 80% of the world's supply allegedly produced domestically. According to the Konrad-Adenauer-Stiftung (KAS), the Levant cartels orchestrated the Captagon trade, primarily comprising high-ranking Syrian members of the Syrian security apparatus, the Assad clan, and members of the Lebanese Hezbollah. The regime is believed to have utilized the profits from the illicit drug trade to survive despite sanctions.

Drug Production Approved by Assad, Brother at the Helm

Not only has Assad given his approval for the production of Captagon, but his brother Maher al-Assad is reportedly a central figure in the Captagon trade. As head of the military elite unit, the 4th Division, Maher is believed to have overseen several Captagon production factories and managed smuggling and weapons and oil trades.

Living Lavishly in Exile

Another significant player in the Assad clan's wealth was Assad's cousin, Rami Makhlouf, who is suspected of moving Assad's assets abroad. Once the wealthiest man in Syria, Makhlouf controlled companies in various sectors, including Syriatel (the largest mobile phone company), banks, retail businesses, and real estate firms.

Syrian economists claim that the Assad family established a kleptocracy, allowing some companies to benefit from their economic policies while family members dominated the economy. A British "Telegraph" report suggests Makhlouf briefly controlled 60% of the Syrian economy before falling out of favor with the Assad family in 2020, leading to his house arrest, during which tonnes of his wealth may have been transferred to Assad. Makhlouf's estimated net worth is between €5 to €10 billion.

Meanwhile, Assad and his family are believed to maintain their extravagant lifestyle in Russian exile. The "Financial Times" alleges that Assad resides in the Moscow business district, "City of Capitals," with several of his relatives owning properties there. A report claims that 18 luxury apartments in this complex are owned by the Assad family's members, with some apartments spanning over 500 square meters and priced up to €10 million.

Despite the widespread poverty and economic struggles among the Syrian population, it has been reported that other Syrians, such as high-ranking members of the Assad family and associated figures, have amassed significant wealth. For instance, Bashar al-Assad's cousin, Rami Makhlouf, is estimated to have a net worth between €5 to €10 billion.

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