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EFTA01104074 | EFTA01104076 Setad's total worth is difficult to pinpoint because of the secrecy of its accounts. Reuters estimates it at around $95 billion, made up of about $52 billion in real estate and $43 billion in corporate holdings. The estimate is based on an analysis of statements by Setad officials, data from the Tehran Stock Exchange and company websites, and information from the U.S. Treasury Department. The amount is roughly 4o percent bigger than Iran's total oil exports last year, which totaled $67.4 billion, according to the International Monetary Fund. There is no evidence that Khamenei is tapping Setad to enrich himself. But Setad has empowered him. Through Setad, Khamenei has at his disposal financial resources whose value rivals the holdings of the shah, the Western-backed monarch who was overthrown in 1979. As Iran's top cleric, Khamenei has final say on all governmental matters. His purview includes his nation's controversial nuclear program, which was the subject of intense negotiations between Iranian and international diplomats in Geneva that ended Sunday without an agreement. It is Khamenei who will set Iran's course in the nuclear talks and other recent efforts by the new president, Hassan Rouhani, to improve relations with Washington. The investigation into Setad shows that as well as political power and military force there is a third dimension to Khamenei's power: economic might. The revenue stream generated by Setad helps explain why he has not only held on for 24 years but also in some ways has more control than even his revered predecessor. Setad gives him the financial means to operate independently of parliament and the national budget, insulating him from Iran's messy factional infighting. 3IPage of 3 EFTA01104076 Epstein Web iOS app on the App Store.
May 9, 2026 at 1:58 PM