Bassam Alghanim Family Business Net Worth and Biography

Bassam Alghanim net worth: Bassam Alghanim is а Kuwait businessman who has a net worth of $1.6 billion dollars, which makes him the richest person in the country – though he lives much of the year at an incredible compound in LA’s Bel-Air neighborhood.

Born in Kuwait, Bassam Alghanim and his brother Kutayba both benefited from the company started by their father, Alghanim Industries. The multinational conglomerate operates in forty countries. It has grown exponentially over the years, as it has partnered with such companies as General Motors, Xerox, American Express, Whirlpool, British Airways, and Hitachi, among other corporations. Bassam Alghanim ran the company throughout the 70s, 80s, and 90s.

In 2012 Bassam and his brother were involved in a lengthy court battle over the division of assets associated with the company. The case recently took a nasty turn when Bassam sued his brother and nephew for allegedly hacking into his email and reading about his personal affairs. It was revealed that this did in fact occur. The case eventually moved to the Kuwaiti court system.

Bel-Air Mansion: In November 2002, “Girls Gone Wild” founder Joe Francis paid $5.5 million for a 6,500 square-foot mansion in Bel-Air. The next decade was not kind to Joe personally, professionally and financially. He served time in jail, was sued over and over and ultimately retreated to Mexico to avoid large debts owed to the US government and Casino magnate Steve Wynn. The debt owed to Wynn started out as a $2 million gambling debt and grew to a $40 million judgement with late fees and charges of defamation after Joe announced on several TV shows that Steve was trying to have him killed. The total judgment was reduced to $19 million. Joe still refused to pay so he abandoned the United States and his Bel-Air mansion. In 2018 the home was seized by the department of justice who immediately sold it to Steve Wynn for $6.7 million. Four months later, Steve flipped the property to Bassam Alghanim for $8.65 million, earning a nice little $2 million profit in the process. Over the years Bassam has acquired a difficult-to-comprehend TEN lots from neighbors . The result is a mind-boggling 10-parcel, seven-home, compound over 21 contiguous acres. The total value of the unprecedented Bel-Air estate easily tops $100-150 million by virtue of its sheer uniqueness.

64-year-old Bassam Alghanim is a Kuwaiti billionaire and brilliant businessman. According to Forbes, he is the 1712^th richest billionaire in the world and the 4^th richest man in Kuwait. His major source of wealth is diversified. Bassam along with his brother had inherited Alghanim Industries from their father, which is what made these enterprising brothers billionaires.

Childhood

Not too much is known about Bassam’s childhood years. However we do know that he was born in Kuwait. Bassam completed his graduation from the University of California, Berkley. He has a degree in Bachelor of Arts/Science.

Early Career

After completing his education from the University of California, Berkley Bassam took over and managed the family business set up by his father from the 1970’s to the 1990’s.

Career

After completion of his education, Bassam joined the family business, Alghanim Industries. Alghanim Industries was set up and founded by his father Yusuf. The company grew to become a multi-national conglomerate and currently has operations in over 40 countries globally. Alghanim Industries has partnered with famous international brands like General Motors, Hitachi, British Airways, Whirlpool and many more.

Bassam Alghanim Family Business Net Worth and Biography Bassam Alghanim Family Business Net Worth and Biography