Photo: Wikimedia Commons
Earlier today BI had a post on Hussein Kamal El Din Salem, an oil and hotel magnate who fled Egypt for Dubai with $500 million.One of our readers, Greg S., decided he’d try and plot out how Egypt’s wealthiest businessmen looking to escape the civil unrest at home could get their cash or gold out of the country.
We’ve edited the message and highlighted the most interesting bits. Greg figured a G-5 (a popular business jet) couldn’t take off with ‘tons of gold’. He estimated that $1 million fits in a small duffel bag and about 100 of those would fill a G5’s overhead storage bins. Here’s what he came up with:
“Business is slow here, so just for fun I calculated the dollar value of gold and currency that you can stuff into a G5 and still take off with 18 passengers. The useful load of a G5 is 6500lbs and the baggage compartment is listed at 226 cubic feet.
Gold in a G5: [6,500lbs – 18*165 lbs passengers]*16oz/lb*$1300/oz = $73.4 million worth of gold (with no passengers you can roughly double the amount of gold)
Currency in a G5: 226 ft3 * 1728 in3/ft3 / 0.06891 in3 * $100USD = $566.7 million USD (you could still put more in the cabin).
No surprise that it makes sense to leave the gold at home. If you figure that 10-15% of the volume is going to go toward the actual suitcases this means that the entire baggage compartment of that jet was packed full of US cash.”
If that’s not enough, perhaps Egypt’s wealthy could take bigger flights or find alternate ways of taking their money out.