Of course at this stage the amount of money Gaddafi and his criminal gang of friends and family have stolen from Libya is speculative, as well as the countries, banks and companies where it is hidden. However, the hunt for the money begun. Switzerland and the UK frezzed his assets, respectively at least the share the know about and have access to.
Todays RT´s article “Defaulting on dictators: hunt for Gaddafi’s loot begins” draws on various credible sources to describe the stage of the hunt for Gaddafis money and where it is hidden. In total the wealth of the clan is estimated to go up to USD 80! billion, the majority squirreled away in Libya itself. The liquid assets alone are estimated at about USD 20 billion. No bad for a revolutionary leader. Not surprisingly Switzerland and the United Kingdom are prime candidates as places where the money is stashed away. Certainly news of other Gaddafi investments and financial havens will continue to pop up.
Let´s hope this freak and his screwed-up family is gone soon, that a lot of money will get back to the people in Libya (and will put to good use) and that not only politicians, but also banks and wealth managers will learn their lessons on the risks of dealing with dictators. (See our research brief “What the Arab Revolution means for Wealth Managers“)