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Islamic State named world’s wealthiest terror network

November 12, 2014, 16:05 UTC+3 TEL AVIV

The IS which seized key oil fields and refineries in Syria and Iraq has an estimated net worth $2 billion

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© AP Photo/Lefteris Pitarakis, File

TEL AVIV, November 12. /TASS/. The Islamic State (IS), which has declared a caliphate stretching across Syria and Iraq, has been placed on top of the list of the world’s wealthiest terror networks by Forbes Israel.

The IS, previously known as the Islamic State of Iraq and the Levant (ISIS), which has seized key oil fields and refineries in both countries, has an estimated net worth $2 billion, leaving its rivals behind.

The Iraqi Sunni group reportedly earns around $2 million by selling crude oil a day. The price for oil ranges from $25 to $50 per barrel and extremists sell almost 30,000 barrels a day.

The Palestinian movement Hamas has an annual turnover of $1 billion, which is mainly due to sponsor support from the Persian Gulf states and charity funds and organizations.

Among the world’s top ten wealthiest extremist organizations are Colombia’s Revolutionary People’s Army ($600 million), Lebanon’s Hezbollah ($500 million), Afghanistan’s Taliban ($400 million) and global militant Islamist organization Al-Qaeda and affiliates ($150 million).

Many these organizations are involved in the smuggling of humans, drugs, weapons and ancient artifacts. Extremists often attack local citizens and rob state enterprises and banks.

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