An Executive Report on Wealth and Influence in Lebanon: The

Top 25

Introduction: The Lebanese Paradox - Extreme Private Wealth

Amidst State Collapse

The contemporary state of Lebanon presents a study in stark contrasts. It is a nation

experiencing an advanced economic and financial collapse, where public services
have all but disintegrated and the national currency has lost over 98% of its value,
pushing the majority of the population into poverty.1 Simultaneously, it remains the
home base for a resilient class of billionaires and the ancestral origin of some of the
world's most formidable fortunes.3 The combined wealth of the six primary resident
billionaires alone was estimated at $11.8 billion in 2024, a figure projected to rise to
$12.3 billion in 2025—representing a significant portion of the country's collapsed
Gross Domestic Product.3

This apparent paradox necessitates a critical distinction when analyzing the country's
wealthiest individuals. A list of the "Top 25 Wealthiest People in Lebanon" confined to
residents would be fundamentally misleading. The fortunes amassed by the Lebanese
diaspora vastly exceed those of the domestic elite. Individuals such as Mexico's
Carlos Slim Helú, with a family fortune estimated between $67.1 billion and $82.5
billion, and the Brazil-based Safra family, whose matriarch Vicky Safra and her
children command an estimated $20.7 billion, operate on a scale an order of
magnitude greater than their counterparts in Beirut.7

This report will therefore analyze two distinct but interconnected circles of wealth: the
resident power brokers whose fortunes are deeply enmeshed with the Lebanese
state, and the global titans of Lebanese origin whose influence and capital operate on
an international stage. The structure of Lebanese wealth, with its most significant pole
existing outside the country, is a historical phenomenon rooted in decades of
instability and emigration, which has created a dual economic reality.10 The domestic
economy has become reliant on capital inflows from this successful diaspora, while
the globalized elite's fortunes remain largely insulated from Lebanon's internal health,
even as they often control its political levers.

The central thesis of this report is that wealth in Lebanon is inextricably linked to
political dynasties and has been protected from the national economic crisis through
global diversification, the exploitation of a weak, patronage-based state, and the
circumvention of the very capital controls imposed on the general populace. This
analysis will proceed by profiling the key individuals and families, examining the
dynastic structures of power, and dissecting the mechanisms of wealth preservation
that have been deployed during the country's unprecedented collapse.

A Note on Data: This report primarily utilizes the Forbes World's Billionaires list for
2024 as its baseline for net worth figures. Projections and figures for 2025, as
reported by various regional media outlets, are included to indicate the most recent
trajectory of these fortunes.6

Section 1: The Resident Billionaire Class: Lebanon's Inner Circle

The apex of the wealth structure within Lebanon is controlled by a small, stable group
of six billionaires. Their fortunes, while substantial, are dwarfed by their diaspora
counterparts, yet their direct influence on Lebanon's political and economic
landscape is immense. Their collective net worth stood at $11.8 billion in 2024 and was
reported to have increased to $12.3 billion in early 2025 estimates, demonstrating
remarkable resilience amid a nationwide depression.3 This group is dominated by two
families: the Mikatis and the Hariris, complemented by the scion of a historic luxury
goods empire, Robert Mouawad.

Table 1: Lebanon's Resident Billionaire Class (2024-2025 Data Synthesis)

Rank (in Name Net Worth Net Worth Key Primary Political
Lebanon) (USD) (USD) Corporate Industries Role/Affilia
2024 2025 Est. Entities tion

1 Najib $2.8 billion $3.1 billion M1 Group, Telecom, Caretaker

Mikati MTN Investmen Prime
Group ts Minister of
Lebanon
 1 Taha $2.8 billion $3.1 billion M1 Group, Telecom, Co-found
Mikati MTN Investmen er &
Group ts Chairman,
M1 Group

3 Bahaa $2.1 billion $2.0 Horizon Real Son of

Hariri billion Group, Estate, fmr. PM
Global Logistics Rafic
Express Hariri
Logistics

4 Robert $1.5 billion $1.5 billion Mouawad Jewelry, Chairman,

Mouawad Diamonds, Mouawad
Real Group
Estate

5 Ayman $1.4 billion $1.4 billion Vero, Technolog Son of

Hariri Saudi y, fmr. PM
Oger Constructi Rafic
(fmr.) on Hariri

6 Fahd $1.2 billion $1.2 billion Har Real Son of

Hariri Investmen Estate, fmr. PM
t Fund Investmen Rafic
ts Hariri

Sources: 3

The Mikati Brothers: From Civil War Telecom to Global Investment

The story of Najib and Taha Mikati is emblematic of post-war Lebanese wealth
creation. Their journey began not in traditional industry but in capitalizing on the
chaos of the Lebanese Civil War. In 1982, they founded Investcom, a company that
sold satellite phones at the height of the conflict, providing a critical service in a
fractured state.3 This initial venture was expanded into Africa, where they built mobile
phone tower infrastructure in countries like Ghana, Liberia, and Benin.3

The pivotal moment that transformed their wealth from a regional success story into a
global fortune was the 2009 sale of their stake in Investcom to the South African
telecom giant MTN for $3.6 billion, following an IPO on the London Stock Exchange in
2005.3 This massive liquidity event provided the capital for their current business
empire, M1 Group.

Najib Mikati, born in 1955, has seamlessly blended his business career with a political
one, serving as Lebanon's Prime Minister on three separate occasions, including his
current role as caretaker PM.15 His net worth has grown from $2.8 billion in 2024 to an
estimated $3.1 billion in 2025.7 His elder brother,

Taha Mikati, born in 1944, serves as the chairman of M1 Group and shares a nearly
identical fortune.16

Founded in 2007, M1 Group is a Beirut-based diversified investment holding company

that serves as the primary vehicle for the family's wealth.25 Its portfolio is distinctly
international, demonstrating a strategy of geographic and sectoral diversification:
●​ M1 Fashion: The group owns several global apparel brands, including Pepe
Jeans, Hackett London, and Façonnable.25
●​ M1 Real Estate: The portfolio includes prime real estate in global financial hubs
such as New York, London, and Monaco.3
●​ Telecommunications: The family maintains its roots in the telecom sector
through a significant stake in MTN Group and has engaged in controversial
acquisitions, such as the purchase of Telenor's operations in Myanmar following
the 2021 military coup.3

A crucial element of their strategy is the acquisition of foreign citizenships. Both

brothers hold Cypriot passports, a common practice among the global elite for
ensuring mobility, asset protection, and favorable tax arrangements.9

The Hariri Heirs: A Legacy of Construction, Politics, and Diversification

The fortunes of Bahaa, Ayman, and Fahd Hariri are derived from the vast political and
business empire built by their father, Rafic Hariri, the former Prime Minister who was
assassinated in 2005.3 His company, Saudi Oger, was a construction behemoth in
Saudi Arabia, and his wealth was the foundation of his political dominance in post-civil
war Lebanon. Notably, another son, Saad Hariri, who also served as Prime Minister,
has been absent from the Forbes billionaires list since 2019, when his fortune was last
estimated at $1.5 billion.7

The three billionaire sons each sold their respective stakes in Saudi Oger to their
brother Saad before its eventual collapse, and have since pursued divergent but
equally global investment strategies.3

Bahaa Hariri, the eldest son, has a net worth of $2.1 billion.9 After selling his stake in
Saudi Oger in 2008, he focused on real estate and logistics.3 His primary business
vehicle is Horizon Group, a real estate holding company founded in 2002 with major
investments in Lebanon, Jordan—including the large-scale New Abdali urban
regeneration project in Amman—and Saudi Arabia.3 He also holds a majority stake in
the logistics firm Globe Express Services.17

Ayman Hariri, with a stable net worth of $1.4 billion, represents the family's pivot
toward the technology sector.7 A computer science graduate from Georgetown
University, he sold his stake in Saudi Oger in 2014.3 His flagship venture is Vero, an
ad-free, subscription-based social media platform he co-founded and leads as CEO.11
His time at Saudi Oger has not been without controversy, as scrutiny arose over the
company's failure to pay thousands of migrant workers, with questions raised about
the precise timing of his departure and divestment from the firm.18

Fahd Hariri, the youngest son, commands a fortune of $1.2 billion.9 After selling his
shares in the family construction firm in 2012, he has focused on property
development in Beirut and has invested heavily in real estate in New York, Paris, and
Monte Carlo.3 His investment portfolio is managed by sophisticated international
financiers, some with ties to Russian capital, indicating a highly globalized and
professionally managed approach to his wealth.19

Robert Mouawad: The Patriarch of Gems and Real Estate

With a net worth of $1.5 billion, Robert Mouawad represents a different archetype of
Lebanese wealth—one rooted in a multi-generational family business and "old
money".9 He inherited the eponymous high-end jewelry business, which was founded
in Beirut in 1890 by his grandfather.3

Mouawad's strategy was one of internationalization and brand elevation. In the 1970s,
he moved the company's headquarters to Geneva, Switzerland, and built its
reputation by acquiring some of the world's most spectacular and rare gemstones,
including the 51.12-carat Russian diamond known as the Dynasty.3

In 2010, he initiated a succession plan, turning over the management of the jewelry
business to his three sons, Fred, Alain, and Pascal.3 They have continued to modernize
the brand, forging partnerships with celebrities and high-profile brands like Victoria's
Secret.39 Since stepping back, Robert Mouawad has concentrated on his extensive
real estate portfolio. His holdings include hotels in Beirut and the development of
luxury residences on Reef Island, a man-made island in Bahrain.3

A detailed analysis of this resident billionaire class reveals a consistent pattern of

globalized operations. Their wealth was either generated internationally (Hariri/Saudi
Oger), unlocked via an international sale (Mikati/MTN), or managed through a
globalized corporate structure with headquarters abroad (Mouawad/Geneva). Their
status as "Lebanese billionaires" is more a matter of origin and political base than
economic dependency on the local market. They are global capitalists who leverage
their Lebanese political influence as one component of a much larger, diversified
portfolio. This fundamental detachment from the domestic economy explains why the
collapse of the Lebanese state does not precipitate the collapse of their personal
fortunes.

Section 2: The Global Lebanese Fortune: Profiling the Diaspora's

Wealthiest

To provide a complete and accurate picture of the 25 wealthiest individuals of

Lebanese origin, the scope must expand beyond Lebanon's borders. The Lebanese
diaspora, a product of historical and economic migration, has produced
entrepreneurs and industrialists whose fortunes vastly eclipse those of the resident
elite. These individuals have built their empires in more stable and scalable global
markets, demonstrating the immense entrepreneurial capacity of the Lebanese
people when operating outside the constraints of their home country's political
economy.

Table 2: The Top 25 Wealthiest Individuals of Lebanese Origin (Global Ranking)

Global Rank Name Net Worth Primary Citizenship(s Primary

(Approx.) (USD) Residence ) Industry/Sou
 rce of
Wealth

19 Carlos Slim $82.5 billion Mexico Mexico Telecom

Helú & family

98 Vicky Safra & $20.7 billion Switzerland Brazil, Banking,

family Lebanon, Investments
Greece

401 Rodolphe $7.8 billion France France, Shipping

Saadé & Lebanon
family

401 Tanya Saadé $7.8 billion France France, Shipping

& family Lebanon

401 Jacques $7.8 billion France France, Shipping

Saadé Jr. & Lebanon
family

N/A Gilbert $7.4 billion Nigeria Nigeria, Construction

Chagoury Lebanon , Industry

N/A Nicolas $4.1 billion Switzerland Switzerland, Watches

Hayek & Lebanon (Swatch
family Group)

N/A Tom Gores $3.3 billion United USA, Private

States Lebanon Equity,
Sports

N/A Tony Fadell $3.2 billion United USA, Technology

States Lebanon (Apple, Nest)

1172 Najib Mikati $3.1 billion Lebanon Lebanon, Telecom,

Cyprus Investments

1172 Taha Mikati $3.1 billion Lebanon Lebanon, Telecom,

Cyprus Investments
N/A David $3.5 billion Monaco Monaco, Art Dealing
Nahmad Lebanon

N/A Ezra $3.5 billion Monaco Monaco, Art Dealing

Nahmad Lebanon

N/A Alvaro Saieh $2.4 billion Chile Chile, Banking,

Lebanon Finance

N/A Alec Gores $2.1 billion United USA, Private

States Lebanon Equity

1763 Bahaa Hariri $2.0 billion N/A Lebanon, Real Estate,

Saudi Arabia, Investments
France

N/A Manuel $2.0 billion United USA, Logistics,

Moroun States Lebanon Transportati
on

N/A Joe Jamail $1.7 billion United USA, Law

(d. 2015) States Lebanon

2233 Robert $1.5 billion Bahrain Lebanon Jewelry, Real

Mouawad Estate

N/A Alfredo Harp $1.5 billion Mexico Mexico, Banking,

Helú Lebanon Finance

2356 Ayman Hariri $1.4 billion UAE Lebanon, Technology,

Saudi Arabia, Construction
France

N/A Maloof $1.3 billion United USA, Hospitality,

family States Lebanon Sports

2623 Fahd Hariri $1.2 billion United Lebanon, Real Estate,

Kingdom Saudi Arabia, Investments
France

N/A Philippe $1.15 billion Switzerland Switzerland, Hedge

 Jabre Lebanon Funds

N/A Thomas J. $1.1 billion United USA, Private

Barrack States Lebanon Equity

Sources: 7

Note: Net worth figures and rankings are based on the latest available data, primarily from
2024 and 2025 reports. Some historical figures are included for context. The Saadé family
members are listed individually as per recent reporting.7

The Titans (>$10B): Slim and Safra

At the pinnacle of global Lebanese wealth are two families whose fortunes were built
in the Americas.
●​ Carlos Slim Helú & Family: With a fortune estimated as high as $82.5 billion,
Carlos Slim is by far the wealthiest person of Lebanese descent.7 Based in Mexico,
he was the richest person in the world from 2010 to 2013.40 His wealth is primarily
derived from his control of América Móvil, the largest mobile telecommunications
operator in Latin America, and his story of dominating a newly liberalized telecom
market mirrors that of the Mikati brothers, but on a national and continental
scale.7
●​ The Safra Family: This Jewish-Lebanese dynasty is a global force in banking,
known for its discretion and influence.41 The late patriarch, Joseph Safra, was
considered the world's richest banker, with a fortune of over $20 billion.40 After
his death in 2020, his widow,​
Vicky Safra, and their children inherited the empire, now valued at an estimated
$20.7 billion.7 The family controls a vast network of financial institutions, including
Banco Safra in Brazil and the Safra National Bank of New York, managing the
fortunes of the ultra-wealthy.41

The Global Power Brokers ($2B - $10B)

This tier consists of families and individuals who have achieved dominant positions in
major global industries.
●​ The Saadé Family (France): The late Jacques Saadé founded the container
shipping company CMA CGM in Marseille in 1978. Under the leadership of his son,
CEO Rodolphe Saadé, and his siblings Tanya and Jacques Jr., it has become
the world's third-largest container shipping company. The family's wealth has
surged, with each sibling now estimated to be worth around $7.8 billion.7
●​ Gilbert Chagoury (Nigeria): An industrialist and diplomat with a net worth of
$7.4 billion, Chagoury has built a vast business empire in Nigeria, spanning
construction, real estate, and manufacturing.9
●​ The Gores Brothers (USA): Born Tewfiq and Alec Gergious, the Gores brothers
are titans of the American private equity industry.40​
Tom Gores ($3.3 billion) founded Platinum Equity and is the owner of the NBA's
Detroit Pistons. Alec Gores ($2.1 billion) founded The Gores Group after they
pursued separate careers in 1995.9
●​ The Nahmad Brothers (Monaco): David and Ezra Nahmad, each with an
estimated net worth of $3.5 billion, are arguably the most powerful art dealers in
the world.9 The Lebanese-Jewish family is known as the "single biggest buying
force in fine arts," possessing a vast stockpile of modern and impressionist art,
including an estimated 300 Picassos worth over $1 billion, stored in a duty-free
warehouse in Geneva.40
●​ Nicolas Hayek & Family (Switzerland): The late Nicolas Hayek is credited with
saving the Swiss watch industry by founding the Swatch Group. His family
continues to control the company, with a fortune of $4.1 billion.9
●​ Tony Fadell (USA): Representing new-economy wealth, Tony Fadell ($3.2 billion)
is a technologist and investor known as the "father of the iPod" for his work at
Apple. He later co-founded Nest Labs, which he sold to Google for $3.2 billion.9

Completing the Top 25: The Billionaire Diaspora

The remainder of the top 25 list is populated by a diverse group of individuals who
have succeeded in various sectors across the globe, including Chilean banker Alvaro
Saieh ($2.4 billion), American logistics magnate Manuel Moroun ($2.0 billion), and
Mexican financier Alfredo Harp Helú ($1.5 billion).9

The industries dominated by the diaspora—global shipping, private banking,

technology, private equity, and the international art market—are notably more
diversified, knowledge-intensive, and globally integrated than the core sectors of the
resident elite's wealth, which are primarily telecom, real estate, and construction. This
divergence is not accidental. It suggests that escaping Lebanon's politically captured
and constrained domestic economy was a necessary precondition for building
globally scalable businesses in dynamic, competitive sectors. The domestic model of
wealth accumulation is predicated on controlling state-adjacent or rent-seeking
sectors within a weak state, whereas the global model is based on competing in
productive sectors within stable, international markets.

Section 3: Dynasties of Power and Capital

Wealth and power in Lebanon are not merely correlated; they are fused within the
institution of the family. The nation's political and economic landscape is dominated
by a handful of dynasties that manage their political influence and financial assets as
a single, integrated enterprise. This system of "familism" is the core organizing
principle of the Lebanese state, treating public office not as a service but as an
inherited asset to be leveraged for private gain.42 This structure is not a modern
anomaly but a continuation of historical feudal arrangements, adapted for the
post-colonial era.

Table 3: Major Political-Business Dynasties of Lebanon

Dynasty Patriarch/Fo Primary Key Political Notable Era of

Name under Business Roles Current Wealth
Sectors Leaders Origin

Hariri Rafic Hariri Construction Prime Saad, Bahaa, Post-Civil

, Banking, Minister Ayman, Fahd War (1990s)
Telecom, Hariri
Real Estate,
Media

Mikati Taha & Najib Telecom, Prime Najib, Taha, Post-Civil

Mikati Investments, Minister Azmi Mikati War (1990s)
Fashion, Real
Estate
 Jumblatt Fouad Feudal Land Minister, Walid, Ottoman Era
Jumblatt Holdings, Party Leader Taymour / Feudal
Politics Jumblatt

Gemayel Pierre Politics, Law, President, Amine, French

Gemayel Business Minister, Samy, Nadim Mandate
Party Leader Gemayel (1930s)

Sursock Dimitri Land, Ottoman Tax N/A Ottoman Era

Sursock Banking, Collectors, (Dispersed) (17th-19th
Manufacturi Financiers C.)
ng,
Transportati
on

Sources: 29

The Modern Dynasties: Hariri and Mikati

The Hariri and Mikati families are the quintessential examples of the fusion of
immense wealth and political power in post-civil war Lebanon.
●​ The Hariri Dynasty: Rafic Hariri built his fortune in Saudi Arabia with his
construction firm, Saudi Oger, and then leveraged this immense wealth to
become Prime Minister and dominate Lebanon's post-war reconstruction, which
was financed by massive public debt.29 The family's interests are vast, spanning
banking (with a significant stake in Arab Bank), telecommunications (Oger
Telecom), media (Future TV, Al-Mustaqbal newspaper), and real estate.29 This
empire operates as a family enterprise with a clear division of labor: Rafic's son
Saad followed him into the premiership, while his other sons, Bahaa, Ayman, and
Fahd, manage the family's diversified business holdings.45
●​ The Mikati Dynasty: The Mikati brothers followed a similar trajectory, building
their fortune in telecommunications during and after the civil war.3 Najib Mikati
then translated this financial power into political capital, becoming Prime Minister
three times. His political success has often relied on the support of Hezbollah, a
key rival of the Hariri family, illustrating the fluid, interest-based alliances that
characterize the Lebanese elite.8 Succession is clearly planned, with Taha's son,
Azmi Mikati, now serving as the CEO of their core holding company, M1 Group.24
 The fact that their wealth originated in Tripoli, one of Lebanon's poorest cities,
underscores the extractive nature of this politico-economic model.28

The Feudal and Historic Dynasties

The modern politico-business dynasties are a new iteration of a much older pattern of
feudal power in Lebanon, where influence is derived from land, sectarian leadership,
and inherited status.
●​ The Jumblatt Family: A leading Druze family that has been the dominant power
in the Chouf region for centuries, their influence is rooted in historical land
ownership and their role as za'im (feudal leaders).49 While their liquid net worth is
not publicly listed on billionaire rankings, their power is immense, derived from
vast land holdings and a political legacy passed down through generations. Kamal
Jumblatt founded the Progressive Socialist Party (PSP), his son Walid led it for
decades, and his grandson Taymour is now his designated political heir.45
●​ The Gemayel Family: A prominent Maronite Christian family, the Gemayels'
power is primarily political and military in origin, having founded the Kataeb
(Phalange) party in 1936.46 While the family oversaw extensive business interests,
their primary influence came from their political machine.48 Pierre Gemayel
founded the party, his sons Bachir and Amine were both elected president, and
the subsequent generation, including Samy and Nadim Gemayel, remain active
members of parliament.45 Their direct business holdings are less transparent but
include long-standing enterprises like Gemayel Freres, a paper and cardboard
manufacturer established in 1929.55
●​ The Sursock Family: This aristocratic Greek-Orthodox Christian family
represents the pre-modern model of elite wealth. Their fortune dates back to the
Ottoman era, when they served as tax collectors and financiers, earning them the
moniker "the Rothschilds of the East".47 They owned vast tracts of land across the
Levant, including over 90,000 acres in Palestine's Jezreel Valley, which they later
sold to Zionist organizations in a series of landmark transactions.47 They were key
financiers of major infrastructure projects like the Suez Canal and the
Beirut-Damascus highway.47 Though their direct political power has waned, their
legacy endures in Beirut's urban landscape, with landmarks like the Sursock
Museum and Rue Sursock testifying to their historical influence.47

The Lebanese political system is not merely a power-sharing arrangement among

religious sects, but rather among a handful of dominant families within those sects.42
These families control key state institutions when in power, using them for patronage
and personal enrichment.43 They also control large segments of the private sector,
including banking and media.5 Succession is hereditary, with sons and grandsons
inheriting both political roles and business leadership positions.45 This system is not a
modern capitalist economy but a neo-patrimonial one where the lines between public
office and private wealth are deliberately and systematically blurred. Understanding
this structure is essential to comprehending why Lebanon is so resistant to reforms
that would establish a more transparent, meritocratic, and functional state.

Section 4: Wealth Amidst Ruin: Navigating the Lebanese

Economic Collapse

The financial crisis that began in 2019 has not been a universal calamity for all
Lebanese. Instead, it has created a starkly bifurcated reality, devastating the middle
and lower classes while leaving the fortunes of the elite largely intact, and in some
cases, even enhanced. The mechanisms of the collapse reveal a system designed to
protect the wealthy at the expense of the general population.

Anatomy of a Collapse

The pre-crisis Lebanese economy functioned as a state-sanctioned Ponzi scheme. It

was fundamentally reliant on a continuous inflow of US dollars, primarily from the
large Lebanese diaspora, deposited into the local banking sector. The central bank,
Banque du Liban, used these inflows to maintain an artificially strong exchange rate
for the Lebanese pound and to finance a perennially indebted state. To attract these
dollars, banks offered unsustainably high interest rates, a system that generated
enormous profits for bank shareholders—who are often intertwined with the political
elite—and their clients.60

In October 2019, as capital inflows slowed, the scheme collapsed. Fearing a bank run,
commercial banks imposed informal, illegal capital controls, trapping the US dollar
deposits of ordinary citizens.1 In March 2020, for the first time in its history, the
Lebanese state defaulted on its sovereign debt.1 The consequences have been
catastrophic: the currency has lost over 98% of its value, hyperinflation has taken
hold, and the United Nations estimates that over 80% of the population now lives
below the poverty line.1

Two Tiers of Money: "Lollars" vs. "Fresh Dollars"

The crisis created a dual-currency system that institutionalized the expropriation of

savings.
●​ The "Lollar": A term coined by economist Dan Azzi, the "Lollar" refers to a US
dollar that is trapped in the Lebanese banking system.63 These dollars cannot be
withdrawn in their original form or transferred abroad. They can only be
withdrawn in Lebanese pounds at punitive exchange rates set by the central
bank, which amount to a fraction of their real market value. This policy effectively
erased the life savings of a generation of Lebanese.63
●​ Weaponizing Lollars: The existence of this phantom currency has created a
distorted internal market. Depositors with trapped Lollars have scrambled to
convert them into tangible assets to preserve some value. This has led to a
massive speculative bubble in certain assets, most notably the shares of Solidere,
the real estate company responsible for rebuilding downtown Beirut. The
company's stock price has skyrocketed as depositors use their devalued Lollars
to purchase shares, creating artificial wealth for the company's major
shareholders, who are members of the elite.1
●​ "Fresh Dollars": In stark contrast, the elite, expatriates, and anyone receiving
funds from abroad operate in a "fresh dollar" economy. These are real US dollars
held outside the Lebanese banking system or transferred into it after 2019. They
retain their full international value and can be used for imports, travel, and luxury
goods, creating a system of economic apartheid between those with access to
real money and those trapped with Lollars.1

Insulating Elite Wealth: Bypassing Capital Controls

While ordinary depositors found their accounts frozen, there is substantial evidence
that politically connected individuals and bank owners managed to transfer billions of
dollars out of the country, bypassing the very capital controls their institutions were
imposing on others.65
●​ The Capital Flight: An initial investigation by Lebanon's Banking Control
Commission found that $2.3 billion was moved to banks in Switzerland alone in
the first two and a half months of the crisis (October 17 to December 31, 2019).66
More comprehensive data from the Bank for International Settlements (BIS)
reveals that deposits held by Lebanese residents in offshore financial centers like
Switzerland and Luxembourg grew by $3.5 billion between the summer of 2019
and the fall of 2021.66
●​ Sabotaging Reform to Protect Private Fortunes: The ability of the elite to
secure their wealth offshore is a primary driver of their resistance to a viable
economic rescue plan, particularly one sponsored by the International Monetary
Fund (IMF). A credible IMF program would require a "bail-in," a standard
procedure where bank shareholders and large depositors absorb the financial
sector's massive losses, estimated to be over $70 billion.2 Because the political
and banking elites are the primary shareholders, they have actively blocked and
sabotaged negotiations with the IMF to avoid this outcome. Their "shadow plan"
is to offload the entirety of the losses onto the general public (through currency
devaluation and the Lollar system) and the state's remaining assets, such as its
gold reserves.61

The Lebanese economic crisis is therefore not a shared national tragedy but a
deliberate and massive transfer of wealth. The catastrophic losses of the banking
sector, which were generated by a system that enriched the elite for decades, are
being socialized onto the general population. Meanwhile, the private fortunes of the
system's architects have been successfully moved offshore and insulated from the
very collapse they engineered. Their opposition to reform is a rational, self-interested
act to protect their offshore wealth from being used to recapitalize the country they
bankrupted.

Section 5: Strategic Analysis and Outlook

This concluding analysis synthesizes the report's findings to provide a

forward-looking assessment of the structure of Lebanese wealth, its vulnerabilities,
and its likely trajectory. This assessment is critical for any entity seeking to engage
with or operate within the complex Lebanese environment.

Concentration, Interdependence, and Systemic Risk

The Lebanese economy is not a diversified, free-market system but a deeply

entrenched oligarchy. Wealth and power are concentrated in the hands of a few
interconnected families whose business interests are mutually reinforcing. The
dominance of the Hariri and Mikati families in sectors like banking,
telecommunications, and real estate creates a landscape where political decisions
directly impact their corporate bottom lines, and corporate strategies are designed to
secure political advantage.

This extreme concentration, however, creates unique vulnerabilities:

●​ International Regulatory and Sanctions Risk: The deep entanglement of
business and politics exposes these fortunes to international scrutiny. The
political alliances of key figures—such as the reliance of Najib Mikati's
government on support from Hezbollah—and the opaque financial dealings of
others create significant risks of being targeted by international sanctions or
anti-money laundering investigations.8 The global nature of their assets makes
them particularly susceptible to such actions.
●​ Regional Instability: While their wealth is largely held offshore, their political
power base remains in Lebanon. An escalation of regional conflict involving
Lebanon could threaten the domestic assets and, more importantly, the political
influence that serves as a protective shield for their global status.
●​ Succession Risk: Many of these family empires are still led by their founding
patriarchs or their immediate heirs. The transition of leadership to the next
generation, while often planned, carries the inherent risk of internal family
disputes, strategic shifts, or a dilution of the focused control that has defined
their success.

The Future of Lebanese Wealth: Evolution or Stagnation?

The trajectory of Lebanese wealth appears to be diverging along the lines of the
resident versus diaspora divide.
●​ The Diaspora Model: The success of figures like Tony Fadell in technology
represents a paradigm shift toward modern, knowledge-based wealth creation,
completely detached from Lebanon's patronage-driven economy.9 This model is
based on innovation and competition in global markets, not on controlling
domestic fiefdoms.
●​ The Resident Heirs' Pivot: The younger generation of the resident elite appears
to be attempting to emulate this global model. Ayman Hariri's venture into
technology with the social media platform Vero and Fahd Hariri's focus on
international real estate and finance demonstrate a clear strategy to diversify
away from the politically fraught and reputationally damaged construction and
domestic sectors of their father's era.19
●​ Outlook: The long-term trend is likely to be a continued globalization and
financialization of the wealth held by Lebanon's richest families. This will further
detach their fortunes from the fate of the Lebanese domestic economy. For these
elites, Lebanon will increasingly serve as a political base of operations and a
source of symbolic identity rather than the primary engine of their wealth
creation.

Conclusion and Strategic Recommendations

The defining characteristic of the Lebanese system is the fusion of state power and
private capital within a handful of dynastic families. Any strategic engagement with
Lebanon—whether diplomatic, financial, or commercial—must proceed from the
understanding that the country does not operate according to conventional rules of
market economics or a clear separation of public and private spheres. It is a system of
elite-run, family-based enterprises that treat the state as a resource.

Based on this analysis, the following strategic recommendations are offered:

●​ Risk Assessment: The primary operational risk in Lebanon is not standard
economic volatility but political risk stemming directly from the rivalries, alliances,
and commercial interests of the key families profiled in this report. A thorough
understanding of these dynamics is essential for forecasting policy, stability, and
regulatory changes.
●​ Key Player Identification: The individuals and families detailed herein are the
ultimate beneficial owners and decision-makers in the country. Any significant
 investment, transaction, or policy initiative will require their explicit or implicit
approval to succeed. They control the critical levers of both the formal state
apparatus and the informal power structures that govern the economy.
●​ Enhanced Due Diligence: Extreme caution is imperative. The lines between
legitimate business, political patronage, and systemic corruption are intentionally
blurred. Any potential local partner or investment target requires deep,
forensic-level due diligence to trace ultimate beneficial ownership and political
connections. This is critical to avoid entanglement in international sanctions
regimes, corruption investigations, and a legal system where the rule of law is
selectively applied to protect elite interests, making legal recourse for outside
actors highly uncertain.

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