Luis Carlos Sarmiento
Date of Birth: Jan 27, 1933
Net Worth: View Luis Carlos Sarmiento Net Worth
What is Luis Carlos Sarmiento's net worth? Luis Carlos Sarmiento's net worth is $12.4 billion dollars which makes him the richest person in Colombia. 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.
Luis Carlos Sarmiento Angulo (born 27 January 1933) is a Colombian billionaire and the wealthiest man in Colombia with a net worth of USD$10.5 billion as of 2011 that derives from the massive banking conglomerate Grupo Aval Acciones y Valores, SA, of which he is the majority shareholder and president.
Sarmiento's career began modestly 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 institutions. 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 backbone of the organization. He is considered one of Colombia's most prudent entrepreneurs, known for his conservative management techniques. This cautious approach helped his financial empire ride the storm generated by 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 between 2005 and 2006, thanks largely to Colombia's blistering 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 son Luis Carlos Jr., whom he is grooming to eventually take over the family empire.
