Fidel Castro, The Dictator, The Womanizer And The Hypocrite Who Had A Private Island And Nearly $1 Billion In Wealth
There has been mixed reactions to the death of controversial Cuban dictator Fidel Castro. Days after the passing of the 90-year-old dictator, debate rages as to his place in history. However, it definitely appears that the Marxist leader who waged a war against capitalism was indeed a hypocrite. Castro financially benefited immensely from his socialist “utopia” while his own citizens suffered in extreme poverty.
In 2006, Forbes released the net worth of kings, queens and dictators. The magazine estimated Castro’s personal wealth to be $900 million, nearly double that of the $500 million of Britain’s Queen Elizabeth II. If you figure in inflation, Castro would be worth $1,081,669,207.32 in 2016.
“El Comandante,” The Commander, was said to be siphoning off the proceeds from state-run enterprises, including a small gold mine.
For another controversial dictator, Fidel Castro, we assume he has economic control over a web of state-owned companies, including El Palacio de Convenciones, a convention center near Havana; Cimex, retail conglomerate; and Medicuba, which sells vaccines and other pharmaceuticals produced in Cuba. Former Cuban officials insist Castro, who travels exclusively in a fleet of black Mercedes, has skimmed profits from these outfits for years. To come up with a net worth figure, we use a discounted cash flow method to value these companies and then assume a portion of that profit stream goes to Castro. To be conservative, we dont try to estimate any past profits he may have pocketed, though we have heard rumors of large stashes in Swiss bank accounts. Castro, for the record disagrees, insisting his personal net worth is zero.
Castro dismissed the Forbes article as CIA propaganda and said, “All this makes me sick.” The official Cuban media stated that Castro lived off a small salary of about $35 per month.
Juan Reinaldo Sanchez worked as Castro’s bodyguard for 17 years before being imprisoned for trying to retire in 1994. In 2014, he wrote a tell-all book about the secret life of Castro titled “The Hidden Life of Fidel Castro,” where he estimated Fidel’s worth was at least $100 million.