5 Richest People in Central and South America

4.  Luis Carlos Sarmiento

       Net Worth: $11 billion

Luis Carlos Sarmiento is the owner of Group Aval, the banking conglomerate based in Colombia. In the 1950s, Carlos Sarmiento focused on building residential and commercial structures. Then, Carlos Sarmiento invested in the banking industry.

He acquired commercial banks and other financial companies. By 2000, Sarmiento held 22% of the assets of the banking industry in Colombia. He established the holding company, Group Aval, to control his real estate, banking and telecommunications interests. He is still the Chairman of the holding company. Luis Sarmiento also acquired El Tiempo, Colombia’s leading newspaper, in 2012.