African Dictator's Son to Build $380M Yacht

Boat worth triple Equatorial Guinea's health, education spending
By Matt Cantor,  Newser Staff
Posted Feb 28, 2011 10:38 AM CST
Equatorial Guinea Dictator's Son Teodorin Obiang Plans $380 Million Yacht
The yacht would be the second-largest in the world, after this one, owned by Roman Abramovich.   (AP Photo/Dmitry Lovetsky)

The son of a West African dictator is having a boat built for himself with a price tag of $380 million—or nearly triple what his country spends on health and education every year, AOL News reports. Teodorin Obiang, Equatorial Guinea’s agriculture minister, makes much more than most in his country ($6,799 a month), but not enough for the boat (which would take him 4,600 years to pay for at that salary), raising suspicions he’s buying it with cash that should be in the citizens’ hands.

Obiang already has a $35 million mansion, a luxury car collection, and a private jet in California, where he lives much of the time. The boat, which an anti-corruption group says will reach 387 feet, would be the second-most expensive in the world. The US has investigated Obiang’s finances and found much of his wealth to be corrupt—but his oil-industry ties reportedly ease his frequent entry to the States. The extent of his corruption is “would not be possible or attractive if countries like Germany and the US were not safe havens,” says a watchdog. Click for more. (More yachts stories.)

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