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  • This will be former President Sebastian Piñera

    This will be former President Sebastian Piñera's third bid for the office. | Photo: EFE

Published 9 May 2017

According to Forbes, the billionaire businessman and his wife, collectively, had the country's third-largest fortune last year.

Chile's former right-wing President Sebastian Piñera estimated his fortune to be about US$600 million, according to a declaration he handed to authorities last week. A recent electoral change made the procedure compulsory for all presidential candidates.

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This amount contrasts greatly with Forbes magazine's March estimate of US$2.7 billion, which reportedly included his wife's fortune. According to the daily Cooperativa, Piñera's tax declaration is more than a hundred pages and will require several days to be more accurately assessed.

The 60-year-old former senator, who made a fortune from credit card and airline businesses, launched his new bid for the Chilean presidency in last month. This will be Piñera's third run, following a failed bid against current president Michelle Bachelet in 2006 as well as a successful campaign in 2010. Piñera was president between 2010 and 2014, but was unable to immediately offer himself up for re-election, as Chilean law forbids it. 

The upcoming election is slated for November. But, the former president's candidacy first needs to be ratified through a primary election, which is scheduled to take place on July 2.

Piñera and some of his affiliates are currently facing an investigation related to cases of alleged corruption, which he denies.

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