Born in Bogota, Luis Carlos Sarmiento is a native of Colombia. As a youth, he attended the University of Colombia. By the end of his years there, he had obtained a degree in Civil Engineering. Despite his degree field, Luis Carlos Sarmiento chose to work in real estate development. Throughout the 1950s, he bought and sold residential and commercial properties. His success in real estate encouraged him to create the Grupo Aval Acciones y Valores company. This business included real estate properties, financial derivatives and telecommunications. Even during the recent recession, his company managed to grow.
Sarmiento possesses a net worth that is estimated to be at $13.9 billion. By 2000, Saramiento owned 22 percent of local banking which was close to the most allowed by Colombian law. He remains the majority shareholder and president of the company, but has allowed his son to adopt a more active role in recent years. Luis Carlos Jr. is currently being groomed to take over the entire family empire. Sarmiento has a reputation for being one of the most astute and skilled entrepreneurs in Colombia and throughout the world. Although he has stepped back from an active business role in his 70s, Luis Carlos Sarmiento's net worth has continued to increase.
More : Richest People In Colombia