More than half of the 12 self-admitted billionaires in the National Assembly are members of the ruling coalition. However, there are undoubtedly several more on either side of the aisle. This is because many parliamentarians, including Prime Minister Imran Khan, used a legal loophole to understate their wealth by declaring assets at purchase cost rather than market value. This is also why former prime minister Shahid Khaqan Abbasi, who is known to be among the highest taxpayers in parliament, and thus, one of the highest earners, is missing from the list of self-declared billionaires.
In Imran’s case, this means that the declared cost of his palatial Bani Gala property is zero, since he got it as a gift from his ex-wife. Similarly, his inherited Zaman Park property in Lahore is valued at zero even though he admitted to spending over Rs400 million on construction there in his filing last year. Declaring the value of just these two properties would make him one of the richest men in parliament. One interesting detail is that the prime minister says he does not own any vehicles. Imran also listed over $300,000 in foreign currency accounts.
Meanwhile, PPP chief Bilawal Bhutto Zardari did make the list. Bilawal lists most of his assets as being in the UAE. Similarly to the prime minister, he has not placed a value on the luxurious Dubai villas he inherited, or his ancestral lands. He does own Rs3 million worth of weapons. Asif Zardari said his total assets were Rs676 million, with several valuable items listed as inherited. PML-N’s Shehbaz Sharif listed houses in Lahore, Murree, and London, but also posted significant liabilities, leaving him with a net worth of roughly Rs100 million. Interestingly, according to the declaration, his first wife, Nusrat, is worth about twice as much as him. In contrast, his second wife, Tehmina, is worth just Rs5.76 million.
This just goes to show the weaknesses in our accountability system. Hereditary billionaires can easily hide their real wealth while staying in compliance with the law. Meanwhile, the actual professional class sees inflation and devaluation eat away at the value of their hard-earned wealth.
Published in The Express Tribune, November 13th, 2020.
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