Alvaro Noboa Net Worth: How Much Money Does the Ecuadorian Businessman and Politician Have?

Known as the richest man of Ecuador, Alvaro Noboa comes from a prominent family, and he is known to expand his business further by inheriting money from his father. Along with managing the biggest plantation of the country’s cash crop, he has a keen interest in politics. Even though he is considered a successful politician, he could not get through the presidency despite several bids, but his dream was achieved by his son Daniel Noboa, who is the newly elected president.

Currently, he is staying active and running Noboa Corporation and Noboa Group of Companies, which have about 128 companies in the country, as well as different parts of the world. Apart from his success, he also had his share of struggles, and to acquire his father’s business, he had to deal with his own siblings, and in the court hearings, he had various allegations made on him about bribery and others. Let’s dig deeper into his life and other details.

Early Life

Noboa was born on 21st November 1950 in Guayaquil, Ecuador, and was named Álvaro Fernando Noboa Pontón. His father, Luis Noboa Naranjo, was one of the most influential industrialists of the country and the founder of the largest banana exporter of Ecuador, while his mother, Isabel Pontón Ávila, came from an influential family. Noboa had 5 more siblings, and one of them passed away in childhood.

Noboa had exposure to the business from an early age, and he adapted and developed the entrepreneurial skills that later helped him expand the business. He went to San José La Salle Catholic School for his early education, and for his secondary education, he went to Switzerland and attended Institut Le Rosey, a school known to have students from royal backgrounds. 

He excelled at education, and to pursue his higher education, he returned to Ecuador. In the early 1970s, he was admitted to the University of Guayaquil, where he got a degree in Legal Science.

While studying, he also started working at the age of 19, helping his father manage the business.

Evolution of Career

Noboa’s career started when he was 19 years old and studying, and in 1973, he founded a real estate company, Promandato Global S.A, which marked the beginning of his entrepreneurial journey. He continued with ventures and in 1977, he founded Fundación Cruzada Nueva Humanidad, stepping into philanthropic work. He also expanded his niche and broke into media and finance, and launched a monthly magazine, La Verdad, in 1986. In 1990, he founded Banco del Litoral, a banking institution in Ecuador.

After the demise of his father in 1994, Noboa took control of the family’s banana export business, and in 1997, he acquired shares and leadership of the company managing the family enterprise. In 1996, he took a route of public service and was appointed the president of Ecuador’s Monetary Board (the Junta Monetaria del Ecuador) and continued serving the post until February 1997, and helped to raise the country’s foreign reserves. 

He took a keen interest in politics further and ran for the president post in 1998, and launched his own part Partido Renovador Institucional de Acción Nacional (PRIAN) in 2002. He stood as a presidential candidate several times, including 2002, 2006, 2009, and 2013, but couldn’t find success

While standing for presidential candidate, he never stopped focussing on his business and continued expanding and founding several companies including finance, international investment, and finances. At present, he is running Noboa Corporation and Noboa Group of Companies with about 128 companies under their operations in the country as well as different parts of the world.

Shot to Fame

Noboa came into the limelight after his father’s demise in 1994, though he was actively working form an early age. As he took much of his family’s business stake, he gained media attention and was involved into legal battles with the rest of his siblings.

Relationship

Noboa is married to Annabella Azín, who is a physician and politician form Ecuador, and they have been reportedly married for 25 years now. The couple has 4 children.

Major Sources of Income and Net Worth

Noboa has multiple businesses running, and he earns lavishly from most of them, but he majorly earns from his banana export company and today he has a net worth of about $1 billion.