How Sebastián Piñera rose to Chile’s highest office
Sebastián Piñera is best known as the twice-elected president of Chile. In addition to his political career, he built a successful business that made him the third richest man in the country. His net worth was US$2.7 billion at the time of his death.
Piñera was born in Chile in 1949. His father was an ambassador, so the family moved around a lot. The future president had time to live in Belgium and the United States before returning to Chile in 1955. After graduating from high school, Sebastian entered the prestigious Pontifical Catholic University. He graduated in 1971 with a bachelor’s degree in commercial engineering. Piñera decided to continue his studies in economics at Harvard University.
Business activities
After graduating, Sebastian decided to pursue a career in teaching. Between 1971 and 1988, he taught economics at universities. He then decided to try his hand at business. Piñera also managed several funds. Together with partners, he founded the Foundation for Women Entrepreneurs in 1989. The organisation helped young women with low incomes. He also ran the Banco de Talca company.
However, Sebastian made his fortune through several significant projects. For example, he participated in the distribution of credit cards in Chile. In 1994, Piñera and his partner participated in the purchase of shares in Scandian Airlines. Before his political career, he owned shares in various companies, including:
– 90% stake in Chilevision TV;
– 27% of LAN Airlines;
– a 13% stake in the Colo Colo football club.
Piñera also held shares in Quiñenco, Enersis and Soquimich. At the start of his political career, the businessman had to sell a number of assets. In 2010, he sold his shares in LAN Airlines and Chilevision, which Time Warner acquired. The transaction amounted to 160 million dollars.
Political career
From 1990 to 1998, Piñera was senator for East Santiago. However, his ambitions went beyond this position. Unexpectedly for his opponents, he decided to run for president in 2005. Sebastián invested around US$13.6 million in his campaign, which paid off. He was elected president of Chile in 2009. Piñera became the first billionaire to lead the country. After announcing the results, the shares of his companies, Axxion and LAN, rose to a record level. However, the presidency has also involved the sale of assets. In addition to the companies mentioned above, Sebastian had to sell his stake in the Clinica Las Condes hospital and other projects.
After his first term, Piñera took a break but returned to the presidency in 2018.
The politician and businessman died in a plane crash in 2024.
