Argentine President’s Personal Wealth Growing During his Mandate

RIO DE JANEIRO, BRAZIL – The wealth of Argentina’s President Mauricio Macri, key ministers, and political friends has increased substantially since the last Anti-Corruption Authority (OA) audit.

Despite the difficult economic situation, they have been able to increase their declared capital by up to 100 percent since the last audit. While most of the country is struggling financially through the economic crisis and the continued high inflation rate, political leaders do not seem to be affected.

In his last sworn statement to the OA, Macri reported 151 million Argentinian pesos (US$3.3 million) as assets. This represents an increase of approximately 50 percent. A year ago, he had declared almost 100 million pesos. Macri’s private wealth, therefore, continued to grow despite a 45 percent inflation rate in the country, principally because he has assets outside Argentina.

However, not only did the president’s wealth increase, but important ministers and political confidants of his Cambiemo alliance are also experiencing financial good times.

Gustavo Arribas, the head of the Argentinian intelligence service AFI and football entrepreneur, declared assets of some 280 million pesos in 2018, which is almost 100 percent more than in 2017.

Finance Minister Nicolás Dujovne declared approximately 218 million pesos, an increase of 80 percent over the previous year. The list of politicians in the Macri circle untouched by inflation is much longer.

This growth must also be viewed in the context of the country’s recent dramatic increase in poverty rates. More than 14 million Argentinians have been affected by poverty in the first half of this year. These are 35 percent of the population and three percentage points more than at the end of 2018. Extreme poverty afflicts seven percent of the country’s population.

The president’s relatively modest wealth should be considered in light of the fact that the Macri family is one of the wealthiest in the country. Their assets have most recently been valued at approximately US$560 million.

This wealth originates mainly from the time of the military dictatorship, as national deputy Alcira Argumedo impressively described in 2017 in parliament. The Macri family, large-scale landowners, and entrepreneurs from Italy, have lived in Argentina since the late 1940s.

The president’s father, Franco Macri, was head of the Macri-SOCMA group until his death in March this year. It is made up of companies primarily in the construction (SIDECO), automotive (Sevel), aircraft (Macair Jet), toll system (Pago Fácil), waste collection (Manliba) and food industries and has subsidiaries in Brazil and Uruguay.

During the dictatorship (1976-1983), the Macri-SOCMA Group grew enormously through the acquisition of companies, public works and various concessions by the Argentinian government. Its companies grew rapidly and are among the largest holding companies in America.

The president himself had to face inquiries during the so-called Panama Leaks. However, despite the relatively clear evidence pointing towards him, he has succeeded so far in denying his involvement in offshore companies and shifting responsibility for it onto his family.

Since offshore companies are not illegal under the current legislation, there have been no consequences, not even for the president himself.