
Luis Carlos Sarmiento is a Colombian businessman born on January 27, 1933, in Bogotá, Colombia. He is 90 years old, father of five children, and as of March 2023, he was named the richest man in the country thanks to Grupo Aval, the company that catapulted him to success.
Unlike many other entrepreneurs, Sarmiento studied in Colombia. Grupo Aval was formed in the 1990s, but before that, the civil engineer gained experience in various companies and brands, launching himself into the market as a billionaire who, at 90, continues to make waves with his enterprises.
The early years of Luis Carlos Sarmiento
The story of the Colombian businessman began unusually early, making it quite different from most accounts of powerful men.
By age 14, Luis had already graduated from high school, and at 15, he began his university studies and started working.
While studying civil engineering, Sarmiento entered the construction sector in his hometown. That field gave him the necessary experience, and by 1955, he founded his first company focused on construction.
Residential buildings and real estate developments became the cornerstone of his success in Bogotá. Over the years, his company gained traction in the market, and by the 1970s, he had established a stable and secure fortune that allowed him to keep investing.
Shifting to the financial sector
After thriving in construction, Luis Sarmiento decided to acquire Banco de Occidente, a strategic and favorable move at the time. After several business dealings, he secured a majority stake in the bank.
Simultaneously, he expanded his construction business, building residential communities and villas in Bogotá. By the late 1970s and early 1980s, he strengthened his position in Banco de Occidente and acquired shares in Banco de Bogotá.
Through a series of acquisitions and minority stakes in smaller companies and banks—particularly during the 1990s—Sarmiento founded Grupo Aval, the business group that made him the most powerful man in Colombia.
The birth of Grupo Aval
Grupo Aval is a Colombian conglomerate led by Luis Carlos Sarmiento, who holds about 70% of its shares. It is dedicated to financial services and stands as one of the most important groups in Colombia and Latin America.
This holding, which evolved over time and acquired shares in various companies, officially emerged in 1998, although it had operated under a different name before. That year marked Sarmiento’s full commitment to finance and banking.
In parallel, Sarmiento ended his work in construction—the foundation of his first fortune—to focus entirely on the financial sector.
By the early 2000s, Grupo Aval held shares in almost every major bank in Colombia, placing both the group and Sarmiento’s reputation at the top of the corporate ladder.
Between 2000 and 2005, the group attempted to go public on the New York Stock Exchange, but market conditions delayed the move. Despite that, Grupo Aval remained strong in the Colombian market and, by 2005, achieved record performance in the business sector.
Following in his father’s footsteps, Luis Carlos Sarmiento Jr. joined the company by the late 2000s. During those years, the firm increased its stakes in various organizations and expanded into telecommunications.
Between 2010 and 2015, the company entered a new phase of growth in Central America—buying banks in Costa Rica, building relationships with Panama, and even reaching into Mexico—creating a near-monopoly in Colombian banking.
Seven business units in Central America, one in the United States, and its core operations in Colombia defined Sarmiento’s final years actively involved in the company.
Present day
Today, after years at the top, Luis Carlos Sarmiento’s fortune is estimated at around 7 billion USD, slightly down from over 9 billion in 2022. Last year, he ranked just inside the top 200 on Forbes’ list of global billionaires.
Grupo Aval’s equity alone yielded approximately 2 billion USD last year—another chapter in what Sarmiento described as a great success story, now being passed on to his son.
In one of his most recent interviews, Sarmiento stated that 2023 would be an economically challenging year, as was evident in Colombia. However, he emphasized that his focus is now on a smooth and strong transition of his legacy to his son, Luis.