The brutal regime of Syrian President Bashar al-Assad collapsed as Islamic rebel fighters reached Damascus after intense clashes. Bashar al-Assad was reported to have fled to Russia for safety. Assad, who inherited Syria’s presidency from his father, Hafez al-Assad, witnessed his once-powerful regime crumbling before him.
How rich is Bashar al-Assad?
For over half a century, the Assad family has held control over Syria; however, lately they were holding to power with the support of allies such as Russia and Iran. As the regime collapsed, attention has turned to the financial empire of Bashar al-Assad and his family.
Questions about Bashar al-Assad’s wealth have arisen amid the regime’s downfall. If Assad were to flee the country with a substantial sum, similar to Afghanistan’s former president Ashraf Ghani, how much could he take with him? The wealth of Bashar al-Assad has long been shrouded in secrecy, but reports provide insight into the scale of his fortune.
According to Saudi newspaper Elav, which cited information from British intelligence service MI6, the Assad family is believed to possess 200 tons of gold, $16 billion, and 5 billion euros. This wealth, the report claims, is equivalent to Syria’s entire national budget for seven years, based on 2023 data. However, this claim remains difficult to independently verify.
Bashar al-Assad family net worth
A more accurate estimate of the Assad family’s wealth comes from a 2022 report by the U.S. Department of State, which evaluated the finances of Bashar al-Assad, his wife Asma Akhras Assad, and various family members. The report noted that the calculations were based on open-source information and could not confirm the financial status of Assad’s three children—Hafez, Zayn, and Karim, all of whom are adults in 2024.
The Department of State estimates that the Assad family’s net worth ranges between $1 billion and $2 billion, though they could not independently corroborate this figure. The Assads are believed to be involved in nearly all large-scale economic operations in Syria, making it nearly impossible for outsiders to fully account for their assets. Much of their wealth is hidden in offshore accounts, real estate holdings, and shell companies, often under false names to avoid detection and circumvent sanctions.
Sources of income
The Assad family’s wealth stems from both legitimate and illicit sources. The family is involved in various criminal activities, including smuggling, arms trading, drug trafficking, and extortion. Profits from these illegal dealings are laundered through a complex network of shell companies, corporate facades, and non-profit organizations, which provide financial resources to the regime.
As stated in the 2022 U.S. Department of State report, “the Assad family runs a complex patronage system, including shell companies and corporate facades that serve as a tool for the regime to access financial resources.”
In addition to Bashar al-Assad’s immediate family, other influential figures also contribute to the regime’s financial power. The Shalish family, including Assad’s paternal cousins Dhu al-Himma Shalish (also known as Zuhayr Shalish) and Riad Shalish, have amassed a fortune of over $1 billion. Their wealth is derived from business interests in construction and automobile imports, as well as their involvement in various illicit activities. The Shalishes run a large Syrian conglomerate, further consolidating their financial power.
Rami Makhlouf: Assad’s cousin and Syria’s wealthiest figure
Rami Makhlouf, one of Syria’s wealthiest and most influential figures, is another key player in the Assad family’s economic empire. The son of Bashar al-Assad’s maternal uncle, Makhlouf is said to have controlled a significant portion of the Syrian economy. However, after a public falling out with President Assad in 2020, many of Makhlouf’s business interests were taken over by the state. Despite this, Makhlouf’s estimated wealth of $5 billion to $10 billion is believed to have been absorbed into the Assad family’s financial assets.
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