Growing Interest in Recovering Assad's Hidden Assets
Estimated at 215 Trillion for Gaddafi, 71 Trillion for Hussein
Kim Jong-un's Revolutionary Funds Expected to Be 4-7 Trillion Won
On the 16th (local time), following the collapse of Bashar al-Assad's regime in Syria, a portrait of former President Bashar al-Assad, the founding dictator of the Assad family, was trampled at Damascus University. Photo by EPA and Yonhap News
As the recovery of hidden assets of the Bashar al-Assad family in Syria is underway following the regime's collapse, global attention is focusing on the scale of hidden assets held by dictators worldwide. The individual with the largest hidden assets is former Libyan dictator Muammar Gaddafi, who is known to have embezzled assets worth over 200 trillion Korean won. Saddam Hussein, the former dictator of Iraq, also amassed hidden assets exceeding 70 trillion won. North Korean Supreme Leader Kim Jong-un, who has earned money through cryptocurrency exchange thefts and other means, is estimated to hold personal funds ranging from 4 to 7 trillion won.
The Dictator with the Largest Hidden Assets is Gaddafi... Estimated Over 215 Trillion Won
The golden sofa discovered in the mansion of Muammar Gaddafi, who ruled as Libya's dictator for 42 years from 1969 to 2011. Photo by AFP·Yonhap News
Among dictators who came to power through military coups rather than hereditary royal families, the individual believed to have accumulated the largest hidden assets is former Libyan dictator Muammar Gaddafi. He ruled Libya for 42 years from 1969 to 2011 and is estimated to have amassed assets exceeding $150 billion (approximately 215 trillion won) through embezzlement of oil export revenues and other means.
According to Germany's DPA news agency, at the time of his death during the 2011 Libyan revolution, Gaddafi's hidden assets were valued at $150 billion, about three times more than Carlos Slim (valued at $53.5 billion), the world's richest person at the time and a Mexican telecommunications tycoon, as reported by Forbes. After the collapse of Gaddafi's regime, his palaces and mansions revealed lavish luxury items such as golden sofas.
The golden AK-47 rifle owned by Iraqi dictator Saddam Hussein, revealed in December 2023 by the Royal Armouries Museum (RAM) in the United Kingdom. Royal Armouries Museum
Saddam Hussein, the dictator who ruled Iraq until being ousted by the Iraq War from 1979 to 2003, is also estimated to have hidden assets worth $50 billion (approximately 71 trillion won). Obsessed with collecting gold during his lifetime, he even created a collection of golden guns by plating his firearms in gold. In December last year, the Royal Armouries Museum (RAM) in the UK exhibited one of Hussein's golden guns captured by British forces during the Iraq War.
The Assad family, whose hidden assets recovery efforts are currently in full swing, is estimated to hold about $12 billion (approximately 17 trillion won), significantly less than Gaddafi or Hussein. It is believed that a substantial portion of the embezzled assets was used for military expenses or looted by rebel forces during the 13-year civil war.
Kim Jong-un's Personal 'Revolutionary Funds' Estimated at 4 to 7 Trillion Won
On the 22nd of last month, Kim Jong-un, Chairman of the State Affairs Commission of North Korea, is seen taking a commemorative photo with participants of the 4th Battalion Commander and Battalion Political Instructor Conference. Photo by Yonhap News
Kim Jong-un, the North Korean Supreme Leader who continues one of Asia's three major hereditary dictatorships, is estimated to possess hidden assets worth approximately 4 to 7 trillion won. Due to prolonged sanctions making normal exports impossible, North Korea primarily generates funds through overseas labor dispatch, illegal arms and drug trafficking, and cryptocurrency theft.
The British BBC reported that Kim's personal wealth, known as 'revolutionary funds,' is estimated at $3 to $5 billion (about 4 to 7 trillion won). Most of this is embezzled from the approximately 100,000 North Korean workers dispatched overseas, who collectively earn about $200 million annually. It is estimated that around 3,000 to 5,000 North Korean hackers and IT specialists generate about $100 million annually through cryptocurrency theft and hacking.
Kim primarily uses these funds for weapons development and purchasing luxury goods. According to the British media outlet The Sun, he owns 17 villas across North Korea and a luxury yacht approximately 29 meters long. In 2016, The Sun reported that Kim imported luxury lingerie worth $2.7 million (about 400 million won) from China using revolutionary funds.
Middle Eastern Royal Families' Assets Measured in Different Units... Saudi Royal Family Holds 2,800 Trillion Won
In July 2022, U.S. President Joe Biden visited Saudi Arabia and held talks with Crown Prince Mohammed bin Salman and the Saudi delegation at the royal palace. Photo by EPA and Yonhap News
Royal families of major oil-producing countries in the Middle East are known to have accumulated far greater wealth. According to Forbes, the Saudi royal family holds the largest assets among Middle Eastern royal families, estimated at about $2 trillion (approximately 2,871 trillion won). The Saudi royal family invests in various overseas assets through the Public Investment Fund (PIF), a sovereign wealth fund managed by the royal family, in addition to funds earned from oil exports.
The Kuwaiti royal family holds the second-largest assets in the Middle East after Saudi Arabia, amounting to $360 billion (approximately 521 trillion won). The Qatari royal family ranks third with $335 billion (about 485 trillion won), and the six royal families constituting the United Arab Emirates (UAE) collectively hold assets totaling $150 billion (approximately 215 trillion won). These oil-producing countries have mainly accumulated their wealth since oil development began in the Middle East in the 1930s.
Excluding Middle Eastern royal families, the Thai royal family is known to hold significant assets, estimated at about $40 billion (approximately 58 trillion won). Meanwhile, the British royal family is reported to possess assets exceeding $30 billion (approximately 43 trillion won), including overseas real estate.
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