Bashar al-Assad, the former Syrian president, is recognized for his autocratic governance and modest public persona, standing in stark contrast to the lavish lifestyles of other notable autocrats like Saddam Hussein and Muammar Gaddafi.
Yet, following his recent ouster, a starkly different side of Assad’s wealth has come to light, revealing a hidden fortune that stands in sharp contrast to the dire conditions faced by the Syrian people, Caliber.Az reports via The Washington Post (WP).
Throughout his nearly 25 years in power, Assad lived a life of apparent normalcy. According to Ammar Mahayni, a retired businessman who lived near the Assad family residence in Damascus, the family maintained a modest public persona.
His children attended regular schools, and the family drove ordinary cars, wearing simple attire such as jeans and t-shirts. Mahayni recalled seeing Assad’s daughter at a public swimming pool, engaging with friends like any other young person from Damascus.
However, this image of moderation was shattered as crowds of Syrians, jubilant after Assad’s fall, descended upon his now-empty residences. Videos circulated online show people looting the homes, grabbing designer items such as Louis Vuitton bags, Dior garments, and Hermes accessories.
The videos, verified by The Washington Post, also reveal a garage filled with luxury cars, including Lamborghinis, Ferraris, and Aston Martins — a stark contrast to the humble public image the Assads had cultivated.
Mahany expressed shock at the sight of these vehicles, noting that Assad had never been known to drive such extravagant cars. He speculated that the people who looted the properties saw it as a form of reclaiming what they believed was taken from them by a regime that thrived on corruption. “They were poor. He took everything. We had the right to take it,” Mahayni said.
The Assad family’s wealth has been a subject of scrutiny for years. In a 2022 report, the US State Department estimated the Assad family’s net worth to be between $1 billion and $2 billion. This wealth was accumulated through a vast network of shell companies and facades, designed to conceal the true scale of their assets.
These networks allowed the family to launder money from illicit activities and funnel resources to the regime, while the vast majority of Syrians struggled with poverty. By 2021, Syria’s GDP had plummeted to just $9 billion, with around three-quarters of the population relying on humanitarian aid.
Despite this, many Syrians, such as Mahayni, were more focused on the oppressive tactics of Assad’s regime than on his personal wealth. The regime’s use of secret police, harsh security forces, and violent suppression of uprisings were the real sources of anger. Asma al-Assad, Bashar’s wife, also wielded significant influence over Syria’s economic policies, particularly in relation to food and fuel subsidies.
Political economist Karam Shaar noted that while Assad never flaunted his luxurious lifestyle, his regime was built on crony capitalism, enriching friends and family while keeping the state’s resources depleted. “One can argue that the only constant in Bashar al-Assad’s rule has been corruption,” Shaar said.
The exposure of Assad’s hidden wealth has fuelled further anger among Syrians who have borne the brunt of a brutal civil war that has claimed hundreds of thousands of lives and left the country in ruins. As the Assads’ riches come to light, it serves as a reminder of the stark contrast between the ruling elite and the suffering of the Syrian people under their rule.
By Aghakazim Guliyev
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