The Fortunes of Argentina’s top 50 entrepreneurs equal that of the IMF bailout.

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While their wealth decreased by USD 12 billion, as a result of the devaluation, it is still USD 58 billion, according to Forbes magazine. The list consists of Paolo Rocca (Techint), Alejandro Bulgheroni (PAEG) and Gregorio Pérez Companc.

The fortunes of Argentina’s top 50 entrepreneurs and families decreased USD 12 billion from 2018 and reached USD 58 billion, according to the list published this Saturday by Forbes Argentina magazine. The final figure is equivalent to the the amount asked by the country from the IMF.

The year-on-year comparison shows a 17.1% drop from the USD 70 billion that reflected that select group last year. The top spot was led by Paolo Rocca with USD 8 billion, USD 1,700 million less than last year.

Paolo Rocca

The tycoon, originally from Italy, runs the Techint group, which controls the companies Ternium and Tenaris, and the oil company Tecpetrol.

Forbes mentions the cause of the “notebooks” ( a corruption scandal which allegedly pointed to the Kirchners and their allies stealing at least 10 USD Billion ), in addition to the devaluation, as one of the reasons why his wealth has declined. “Whilst in April the Federal Chamber overturned, for lack of merit, the processing of Paolo Rocca, the effect was felt on Wall Street on the actions of its two main companies: Tenaris (seamless tubes, of which Paolo Rocca is CEO) and Ternium (flat steel), which has more than 40,000 global employees,” he says.

The second place was held by Alejandro Pedro Bulgheroni and family, with USD 6,200 million, compared to USD 7.3 billion last year.

Alexander Peter Bulgheroni

Bulgheroni and the family control the oil company Pan American Energy Group, a company with a presence on the Vaca Muerta farm in Neuquén. The firm is the result of the merger of PAE (exploration and production, the former Bridas following the entry of China’s CNOOC) with Axion Energy (refining and marketing) in partnership with BP.

The third position, with USD 3 billion, is occupied by Gregorio Pérez Companc and family, which controls, amongst a wide portfolio of companies, the food company Molinos Río de la Plata.

His fortune shred 23% from what he had last year (USD 3.9 billion).

Gregorio Pérez Companc

“While the stumbling of the Argentine economy liquefied the value of the shares of Molinos Río de la Plata and Molinos Agro, its two flagships in the local stock market, the family has a very sophisticated family office based in New York that allows it to bypass the fluctuations of the domestic economy,” the magazine says.

Fourth place is occupied by Alberto Roemmers (USD 2.8 billion), whose fortune grew by $1 billion. It was the only one among the first places whose wealth showed an uplift (55.5%).

The sale, at the beginning of last year, of the 50% of the family’s stake in Mega Pharma is the reason for this jump.

Alberto Roemmers

Today it continues to operate through another company, called Siegfried, with presence in Mexico, Colombia, Peru and Ecuador, according to Forbes. In the local market, the family still has control over five of the ten best-selling medicines and retains 44% of the shares of another company, Gador, the fourth largest laboratory in the country.

The Top 5 close to the top is Jorge Pérez (USD2.6 billion), founder and CEO of Related Group, one of the largest real estate companies in the United States.

Jorge Perez

Argentine-Cuban, “the king of the condos” of Miami has a portfolio of residential developments in that city valued at least USD 10 billion, that is comprised of 100,000 homes during the last four decades. He also invested in recent years in Puerto Madero in Buenos Aires.

Those who follow

  • Marcos Galperín (USD 2.5 billion);
  • Hugo Sigman and Silvia Gold (USD 2.4 billion);
  • Edith Rodriguez (USD 2 billion);
  • Werthein family (USD 2 billion);
  • Eduardo Eurnekian (USD 1.5 billion);
  • Luis Alejandro Pagani and family (USD 1,100 million);
  • Francisco De Narváez (USD 970 million);
  • Julio Alfredo Fraomeni (USD 920 million);
  • Alfredo Coto (USD 870 million);
  • Héctor Pedro Poli and family (USD 850 million);
  • Javier Santiago Madanes Quintanilla (USD 830 million);
  • Juan Carlos Bagó and Sebastián Bagó (USD 800 million);
  • Alfredo Román and family (USD 800 million);
  • Felipe and Marcela Noble Herrera (USD 800 million)
  • Eduardo Costantini (USD 790 million).
  • Enrique Eskenazi (USD 750 million);
  • Samuel Liberman Falchuk (USD 720 million);
  • Lilia Neumann of Sielecki (USD 700 million);
  • Jorge Horacio Brito (USD 690 million);
  • Jorge Ezequiel Delfín Carballo (USD 690 million);
  • Urquía Family (USD 690 million);
  • Federico Braun and family (USD 670 million);
  • Wenceslas Casares (USD 660 million);
  • Claudio Fernando Belocopitt (USD 620 million)
  • Wood Staton (USD 580 million).
  • Lionel Messi (USD 420 million).

Source: The Chronist / Forbes

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