Surging economic growth in Latin America is minting a new wave of wealthy tycoons. Booming consumer demand in Brazil has made Samuel Klein, an 88-year-old Polish immigrant and Holocaust survivor, and his son Michael, billionaires. In 2009, Klein sold his chain of home-appliance stores, Casas Bahia Comercial Ltda., to retail billionaire Abilio Diniz.
The Klein family received a combined 47 percent stake in Via Varejo SA (GLOB3), as the unit of Diniz’s flagship Cia. Brasileira de Distribuicao Grupo Pao de Acucar is now known. The stake is worth $2 billion today, with Samuel Klein owning 54 percent. Michael Klein, 59, who is Casas Bahia’s chief executive officer and Via Varejo’s chairman, controls the rest.
The Kleins also have cash. As part of the sale to Diniz, the family kept Casas Bahia’s property holdings. Diniz pays them 140 million reais ($78 million) a year in rent. Casas Bahia’s press office said the family was unavailable to comment.
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