Why did Rubens Minin lose half of his billionaire fortune

Billionaire from Minas Gerais Rubens Menin, patron of Atlético-MG, founder and CEO of construction company MRV, one of the innovators of Banco Inter and one of those responsible for bringing CNN to Brazil, appears in 28th place in the ranking of the richest people in Brazil in second place Forbes List.

In 2022, his fortune was estimated at $1.2 billion. What is remarkable is that despite holding the position last year, he had a much larger sum, in the order of $2.2 billion.

This is because Forbes uses the stocks that the rich hold on the stock exchange as a proxy for wealth measurement – not all billionaires’ assets are traceable. This year’s list relied on stock prices and exchange rates on March 5 to calculate net wealth.

As a result, fortunes can fluctuate greatly over the years or even days. So Minin became “poorer”, but this may be temporary – or not.

men’s empire

Rubens Minin has a degree in civil engineering, is 65, married and has three children – all of whom are responsible for his business.

At the end of the 1970s, he founded MRV Engenharia, a real estate development company that gained expression and became the largest in Latin America after partnerships with federal government programs, such as Minha Casa and Minha Vida.

At the age of 18, he worked as an apprentice, helping to supervise construction work in poor areas, an experience that shaped his future business model. In the early years of its existence, MRV was seen as the “ugly duckling” of civil construction; Today it has about 24 thousand employees.

In 1994 he founded Banco Inter, which started as a finance company and in 2017 became a digital bank. The Softbank It owns about 15% of Banco Inter, the clan’s most valuable company Boy.

In addition to bringing CNN into the country, Recently bought a Rádio Itatiaiaone of the most famous and traditional places in Minas Gerais.

He is Chairman of the Board of Directors at MRV, at Log Construction and developer, which operates warehouse logistics, at Urba, which develops smart neighborhoods, and at AHS Residential, which operates in the US affordable housing market.

invested nearly 400 million Brazilian riyals in football De Gallo, his favorite team, since 2020. Menin is also one of the responsible for the Atlético MG Stadium. Arena MRV relied on large donations from the entrepreneur to complete the project.

MRV Stocks and Banco Inter: Then and Now

MRV entered the stock exchange in 2007, and managed to raise 1 billion R$ in net funds. Today, it has a market capitalization of R$ 5.38 billion and earnings per share of R$ 1.87.

In September 2021, its market value was estimated at R$5.9 billion.

The current market value of Banco Inter is 14.27 billion Brazilian riyals, and it recorded the largest decline Ibovespa With the release of operational preview for the first quarter of 2022 – a decrease of 8.54% to R$16.70.

Exactly one year ago, shares were at R$63.30.