Saddam Hussein Net Worth
Saddam Hussein had an estimated net worth of $2 billion at death. Saddam Hussein was president of Iraq for more than two decades and is seen as a figurehead of the country’s military conflicts with Iran and the United States. Saddam earned most of his income from selling oil to countries like Turkey and Syria on the black market.
Saddam Hussein was a secularist who rose through the ranks of the Baath political party to become dictator of Iraq. Under his rule, segments of the population reaped the benefits of the country’s oil wealth, while opponents faced torture and execution. Hussein was captured in 2003 after military clashes with US-led forces. He was eventually executed.
Prior to the American invasion of Iraq, Saddam’s son Qusay tried to move their family’s cash which consisted of $900 million in USD and $100 million in Euros to one of Saddam’s palaces, which was later discovered by American troops.
Around the same time, roughly $650 million in USD was found behind a false wall at the former palace of Saddam’s other son Uday. Military investigators initially assumed this stash was part of the $1 billion taken from the Central Bank. It turned out to be a totally separate stash.
In addition, many electronic wire transfers were made in the days before Baghdad fell, moving billions of dollars out of Iraq and into foreign accounts, mostly in Switzerland. According to estimates, Saddam’s family transferred $5 to $10 billion to their accounts.
To calculate the net worth of Saddam Hussein, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$2 Billion|
|Monthly Salary:||$5 Thousand|
|Annual Income:||$100 Million|
|Source of Wealth:||Politician|
Hussein was born in Tikrit, Iraq, on April 28, 1937. Saddam’s father, a shepherd, vanished several months before his birth. Saddam’s older brother died of cancer a few months later. Saddam’s mother, who was severely depressed after the death of her oldest son and the disappearance of her husband, was unable to effectively care for him when he was born, and at the age of three, he was sent to Baghdad to live with his uncle, Khairallah Talfah.
Years later, Saddam returned to Al-Awja to live with his mother, but after being abused by his stepfather, he fled to Baghdad to live with Talfah, a devout Sunni Muslim and ardent Arab nationalist whose politics had a profound influence on the young Saddam.
Saddam joined the Ba’ath Party in 1957, at the age of 20, after attending the nationalistic al-Karh Secondary School in Baghdad. The Ba’ath Party’s ultimate ideological goal was the unity of Arab states in the Middle East. On October 7, 1959, Saddam and other Ba’ath Party members attempted to assassinate Iraq’s then-president, Abd al-Karim Qasim, whose opposition to joining the nascent United Arab Republic and alliance with Iraq’s communist party had pitted him against the Ba’athists.
Qasim’s chauffeur was killed during the assassination attempt, and Qasim was shot several times but survived. Saddam was wounded in the leg. Several of the would-be assassins were apprehended, tried, and executed, but Saddam and several others escaped to Syria, where Saddam stayed briefly before fleeing to Egypt to study law.
Rise to Power
When Qasim’s government was deposed in the so-called Ramadan Revolution in 1963, Saddam returned to Iraq, but he was arrested the following year due to infighting within the Ba’ath Party. Despite his confinement, he remained politically active and was appointed deputy secretary of the Regional Command in 1966. Shortly after, he escaped from prison and continued to strengthen his political power in the years that followed.
Saddam took part in a bloodless but successful Ba’athist coup in 1968, which resulted in Ahmed Hassan al-Bakr becoming Iraq’s president and Saddam serving as his deputy. Saddam proved to be an effective and progressive politician, albeit a decidedly ruthless one, during al-presidency. Bakr’s He made significant contributions to modernizing Iraq’s infrastructure, industry, and health-care system, as well as increasing social services, education, and farming subsidies to levels unrivaled in other Arab countries in the region.
He also nationalized Iraq’s oil industry just before the 1973 energy crisis, resulting in massive revenues for the country. During the same period, Saddam aided in the development of Iraq’s first chemical weapons program and, in order to prevent coups, established a powerful security apparatus comprised of both Ba’athist paramilitary groups and the People’s Army, and which frequently used torture, rape, and assassination to achieve its objectives.
When al-Bakr attempted to unite Iraq and Syria in 1979, a move that would have effectively rendered Saddam powerless, Saddam forced al-Bakr to resign, and Saddam became president of Iraq on July 16, 1979.
He called a Ba’ath Party assembly less than a week later. A list of 68 names was read aloud during the meeting, and each person on the list was promptly arrested and removed from the room. All 68 were tried and convicted of treason, and 22 were sentenced to death. Hundreds of Saddam’s political opponents had been executed by early August 1979.
Decades of Conflict
The same year Saddam assumed power, Ayatollah Khomeini led a successful Islamic revolution in Iraq’s northeast neighbor, Iran. Saddam, whose political power was based in part on the Sunni minority in Iraq, was concerned that developments in Shia-majority Iran would spark a similar uprising in Iraq.
In response, Saddam ordered Iraqi forces to invade the oil-rich region of Khuzestan in Iran on September 22, 1980. The conflict quickly escalated into a full-fledged war, but fearful of the spread of Islamic radicalism and what it would mean for the region and the world, Western nations and much of the Arab world rallied behind Saddam, despite the fact that his invasion of Iran clearly violated international law.
During the conflict, the international community would largely ignore Iraq’s use of chemical weapons, genocidal treatment of its Kurdish population, and burgeoning nuclear program. After years of intense conflict that killed hundreds of thousands on both sides, a ceasefire agreement was finally reached on August 20, 1988.
In the aftermath of the war, Saddam turned his attention to Iraq’s wealthy neighbor, Kuwait, in search of a way to revitalize the country’s war-ravaged economy and infrastructure. On August 2, 1990, Saddam ordered the invasion of Kuwait under the pretext that it was a historical part of Iraq.
A resolution was quickly passed by the UN Security Council, imposing economic sanctions on Iraq and setting a deadline for Iraqi forces to leave Kuwait. When the January 15, 1991 deadline was not met, a UN coalition force led by the United States confronted Iraqi forces and drove them out of Kuwait six weeks later.
A cease-fire agreement was signed, with the terms requiring Iraq to dismantle its germ and chemical weapons programs. The previously imposed economic sanctions against Iraq were maintained. Despite this, and despite the fact that his military had been crushed, Saddam declared victory in the conflict.
The economic hardships caused by the Gulf War further divided an already fractured Iraqi population. Various Shia and Kurdish uprisings occurred during the 1990s, but the rest of the world did little or nothing to support them, fearing another war, Kurdish independence (in the case of Turkey), or the spread of Islamic fundamentalism, and they were eventually crushed by Saddam’s increasingly repressive security forces.
At the same time, Iraq remained the subject of intense international scrutiny. When Iraqi forces violated a UN-imposed no-fly zone in 1993, the US launched a devastating missile attack on Baghdad. Further violations of the no-fly zones, as well as Iraq’s alleged continuation of its weapons programs, resulted in additional missile strikes on Iraq in 1998, which would occur intermittently until February 2001.
Members of the Bush administration suspected Hussein’s government of having ties to Osama bin Laden’s al Qaeda organization. In his State of the Union address in January 2002, US President George W. Bush named Iraq, along with Iran and North Korea, as part of his so-called “Axis of Evil,” claiming that the country was developing weapons of mass destruction and supporting terrorism.
Later that year, the UN began inspecting suspected weapons sites in Iraq, but little or no evidence of such programs was discovered. Despite this, on March 20, 2003, a US-led coalition invaded Iraq under the guise that Iraq had a covert weapons program and was planning attacks. Within weeks, the government and military had been deposed, and Baghdad fell on April 9, 2003. Saddam, on the other hand, escaped capture.
Capture, Trial and Death
An intensive search for Saddam began in the months that followed. While in hiding, Saddam released several audio recordings in which he condemned the invaders of Iraq and called for resistance. Finally, Saddam was discovered on December 13, 2003, hiding in a small underground bunker near a farmhouse in ad-Dawr, near Tikrit. He was then transferred to a US base in Baghdad, where he would remain until June 30, 2004, when he was handed over to the interim Iraqi government to stand trial for crimes against humanity.
Saddam would prove to be a belligerent defendant during the subsequent trial, frequently challenging the court’s authority and making bizarre statements. Saddam was found guilty and sentenced to death on November 5, 2006.
The sentence was challenged, but it was ultimately upheld by an appeals court. Saddam was hanged on December 30, 2006, at Camp Justice, an Iraqi base in Baghdad, despite his request to be shot. On December 31, 2006, he was buried in Al-Awja, his birthplace.
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