Ecuadorean President's Father Alvaro Noboa Ran for Office 5 Times but Failed; Here's His Net Worth

Ecuador's richest man and the father of its newly elected president Daniel Noboa, banana baron Álvaro Noboa holds a net worth of almost $1 billion, and remains an active politician himself. He inherited the biggest plantation of Ecuador's cash crop and eventually became a successful politician, but could not secure the presidency despite several bids. Presently he runs the Noboa Group of Companies and also Noboa Corporation which has more than 128 companies in Ecuador and around the world. His son Daniel Noboa won the presidential election and fulfilled his father's dream of becoming the president. But all of that didn't come easy as Noboa had to go head to head with his siblings to acquire the business after his father's death. During the court battles that often got ugly, he was also accused of bribery and tactics that led to his father's early death. Noboa who had already made a fortune in real estate, won a 50.1% controlling stake in the fruit business in 2002.

What are Álvaro Noboa's sources of income?

With real estate to begin with and then a fruit business as well as a conglomerate of 128 firms, entrepreneurship, remains Noboa's main source of income. In the 1980s he established a monthly magazine called Revista La Verdad and he is also the founder of one of Ecuador's most reliable banks called, Banco del Litora.

Business ventures

Noboa was one of the best students in high school and entered Guayaquil State University from where he graduated as a lawyer. He also reportedly took business administration courses at the American Management Association in New York. After his father's death, he rightfully owned a 50.1% stake worth $300 million in Fruit Shippers Ltd. After inheriting the business, he later established Promandato Global S.A. which is a firm that united several real estate companies.

In the year 2006, he founded a Museum called the Luis A. Noboa Naranjo Museum to honor his father's memory and to exhibit the important collection of paintings Luis Noboa Naranjo collected over his lifetime. Noboa has companies all over the world including Japan, Europe, New Zealand, the United States, and Argentina, and claims that he is one of the businessmen in the countries to have generated the most employment.

Political career

Noboa is the leader of the Institutional Renewal Party of National Action which is a party that he founded himself after leaving the center-right Ecuadorian Roldosist Party. He unsuccessfully ran for office in 1998, 2002, 2006, and 2009, but was elected the national assemblyman in 2007. He was fined more than $2 million for exceeding his campaign spending limits in the year 2002 when he ran for office for the second time.

Philanthropy

He is the founder of the foundation Fundación Cruzada Nueva Humanidad which means Crusade for a New Humanity Foundation one English. The organization is currently chalking out a plan to implement permanent medical services and assistance in remote areas. The organization is based on beliefs of love, unity, and self-love.

FAQs

Who is the owner of Bonita bananas?

The plantations of the Bonita brand are owned by Alvaro Njoboa who is Ecuador's richest man and serial presidential candidate, as per Culture Unplugged.

How Rich Is Álvaro Noboa?

He is Ecuador's richest man who is worth close to $1 billion.