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$200bn Gaddafi may have been the world's richest man

Muammar Gaddafi controlled bank accounts, corporate investments and property which easily outstripped those of anyone else.

Image: AP

MUAMMAR GADDAFI was reportedly three times as rich as Carlos Slim, and ten times richer than King Abdullah of Saudi Arabia – easily the richest man in the world – according to a newspaper report today.

Gaddafi 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 Los Angeles Times.

How did he get so rich?

‘King of Kings’ Gaddafi had uncontested personal control over the largest oil reserves in Africa for the past 41 years.

Unlike Abdullah and other oil-rich leaders, Gaddafi invested hardly any money into national infrastructure. Libya spent little on schools, hospitals, farms and welfare. What money Gaddafi did spend went largely to buy support from African leaders.

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While much of this money was held by government institutions like the Central Bank of Libya and the Libyan Investment Authority, Gaddafi was able to withdraw money at will.

Read more on Gaddafi’s wealth in the L.A. Times >

More: Libya’s liberation to be declared on Sunday

Plus: Nato says Libya operations almost finished

Published with permission from:

Business Insider
Business Insider is a business site with strong financial, media and tech focus.

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