Luis Carlos Sarmiento Angulo (born 27 January 1933) is a Colombian billionaire and the wealthiest man in Colombia with a net worth of USD$11.6 billion as of 2016 that derives from the banking conglomerate Grupo Aval Acciones y Valores, SA, of which he is the majority shareholder and president.
Career
Sarmiento’s career began during the 1950s, building residential and commercial developments. After making his name in the construction business, Sarmiento initiated an acquisitions campaign that has persisted for decades, concentrating on banks and financial service companies. By 2000, he was widely acknowledged as Colombia’s top banking mogul, holding an estimated 22 percent of the local banking assets, close to the maximum allowed by law.
Sarmiento founded Grupo Aval as a holding company to gather his banking, telecommunications, and real estate interests. Four major banks, as well as other financial service corporations, form the core of the organization. He is considered one of Colombia’s most prudent entrepreneurs, known for his conservative management. This cautious approach helped his financial empire survive the worst recession in Colombia’s history. In 2000, plans to list Grupo Aval on the New York Stock Exchange were postponed due to Wall Street’s unfavorable climate for emerging market funds. Sarmiento’s net worth increased significantly from 2005 to 2006, thanks largely to Colombia’s booming stock market, Bolsa de Valores de Colombia, the world’s second best performing in 2005. As of 2006, he continues to run Grupo Aval with help from his son Luis Carlos Jr., whom he is grooming to eventually take over.
Luis Carlos Sarmiento net worth: Luis Carlos Sarmiento is the richest person in Colombiawho has a net worth of $12.6 billion. Born in Bogota, D.C., Colombia, Luis Carlos Sarmiento Angulo graduated from the National University of Colombia with a degree in Civil Engineering. His work in real estate development for both residential and commercial buildings during the 1950s, established him as one of Colombia’s most successful real estate entrepreneurs. His acquisition of banks and other financial properties has resulted in him owning 22% of Bogota’s banking assets. He founded, and serves as CEO, of Grupo Aval Acciones y Valores, SA, a holding company that controls numerous telecommunications, real estate, and banking interests. Unlike many large corporations around the world, Luis Carlos Sarmiento’s company has managed to grow in worth throughout the 2000s, as Colombia’s stock market has been quite strong. Now in his late 70s, he is grooming his son to take over his massive business empire.
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