Egypt: Deposed Mubarak May Retain Vast Wealth

Feb. 11, 2011 — -- Though Egypt's Hosni Mubarak stepped down from the presidency, leaving Cairo for a resort town, experts say his personal wealth will likely remain intact in other countries.

Sources told ABC News that Mubarak left Cairo for a town called Sharm el-Sheikh, 250 miles away on the Red Sea. Mubarak, however, has vowed never to leave Egypt.

Protestors have long demanded that Mubarak be tried for his corruption, though it is too early to tell what will happen to him. Meanwhile there are reports that Mubarak is occupying an entire floor of one of the many hotels in Sharm el-Sheikh, according to Christopher Davidson, professor of Middle East Politics at Durham University in England.

Davidson said Sharm el-Sheikh, where Mubarak has at least one residence, is a small, wealthy area that attracts vacationers.

"This feels like a different country to Egypt in many ways," said Davidson. "It's relatively difficult to get there. There are police roadblocks you have to get through."