Alvaro Saieh, 62, became a billionaire after his shares of Corpbanca (CORPBANC), Chile’s sixth-biggest lender, jumped 63 percent in 2009, more than doubling the following year. His 63 percent stake is now worth more than $2.1 billion.
Saieh, who earned a doctorate at the University of Chicago and traces his roots to Palestine, formed his company by leading the takeover of century-old Banco de Concepcion in 1995 and using it to buy up rivals.
In December, Saieh oversaw the $1.16 billion acquisition of Banco Santander SA (SAN)’s Colombian unit, helping Corpbanca become the first Chilean financial institution to own a foreign bank.
A press official representing Saieh, who asked not to be named due to internal policy, said his closely held retail, insurance and media assets are worth $2.6 billion not including debt. SMU SA, his chain of supermarkets and retail stores, reported 2010 sales of $2.2 billion.
The number of billionaires that remain uncovered is difficult to quantify. “It’s hard to give you a number. You should question anyone who claims they can,” said Anthony DeChellis, head of Private Banking Americas for Credit Suisse in New York. “It is a very difficult thing to know.”
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