Luis Carlos Sarmiento[table border=”0″]Net Worth, $12.5 Billion,,,
Source of Wealth, Grupo Aval Acciones y Valores, SA,,,,
Luis Carlos Sarmiento is Colombia’s richest person. This business tycoon has an estimated net worth of $12.4 billion. He is the president and founder of Grupo Aval Acciones y Valores, SA. When he started Grupo Aval, it was so he could have a central place to manage all of his interests across multiple industries. Today, Sarmiento is the majority shareholder for the multinational banking corporation. The Colombian conglomerate Grupo Aval owns multiple subsidiaries, with financial institutes making up the bulk of its subsidiaries.
Sarmiento’s success comes from his conservative business practices. Grupo Aval was able to rise above Colombia’s most devastating recession, thanks to his watchful and restrained management style. His personal net worth continues to rise and his company gained significant traction in the early 2000s. Although Aval Grupo was going to go live on the New York Stock Exchange during this time, Sarmiento held off on joining Wall Street due to its unstable issues. As Colombia’s stock market began to perform well, so did Sarmiento’s holdings in 2005. Grupo Aval will eventually be taken over by Sarmiento’s son, Luis Carlos Jr., who is currently helping his father run the conglomerate.