The Assad clan, which has ruled Syria for more than half a century, used offshore companies to hide assets, including luxury hotels, private jets and even plantations in Argentina. It is estimated that the value of their assets could reach $12 billion. This was reported by The Wall Street Journal, citing data from the US State Department.
How wealth was accumulated
The key sources of enrichment for the Assad family were state monopolies and illegal business, including drug trafficking. The smuggling of Captagon, an amphetamine drug with an estimated annual revenue of $2.4 billion, was particularly lucrative.
“The money was moved offshore, to places such as Dubai and Russia, making it difficult to recover,” the newspaper notes. Andrew Tabler, a former US National Security Council official, emphasises that the Assad clan had prepared a “plan B” in advance, moving assets abroad to finance repression, military campaigns and personal enrichment.
Luxury against the backdrop of poverty
While the majority of Syrians are struggling with impoverishment, the regime’s powerful figures are showing off their wealth. “The children of officials are posting photos of luxury cars, expensive parties and a life far removed from the reality of ordinary Syrians,” Tabler said.
International sanctions: partial effect
In 2019, a French court froze $95 million linked to Rifaat al-Assad, Bashar al-Assad’s uncle. However, a significant portion of assets held in countries such as Russia and the UAE remain beyond the reach of sanctions.
Asset recovery plan
The Syrian opposition, which is working to form a new government, says that Assad’s assets should be returned to the people. However, experts point out that the implementation of this plan will be difficult because of the international financial system, which still allows such wealth to be hidden.
This situation once again highlights how tyrannical regimes accumulate wealth by impoverishing their own people, creating systems that are almost impossible to dismantle even after their fall.
