What is Jeronimo Arango's Net Worth?
Jeronimo Arango is a Mexican businessman who has a net worth of $4.4 billion. Jeronimo Arango, along with his two younger brothers, Manuel and Placido, founded Aurrerá chain of supermarkets in 1958 after a trip to New York, where he witnessed people standing in long lines to obtain discounts at stores. Starting with only one discount store, the Arango's business flourished, eventually turning into Grupo CIFRA that not only encompassed the largest supermarket chain in Mexico (including Aurrerá and Superama stores), but also restaurants (VIPs and El Portón) and fashion stores (Suburbia). By 1991 Arango made a partnership with Sam Walton's Wal-Mart empire, a game-changing move which eventually brought the Wal-Mart retail stores to Mexico.
Six years later, the trio made their fortune after they sold their stake in retailer Cifra to Wal-Mart's Mexican arm, a deal worth over 2 billion dollars. Nowadays, Jerónimo's brother Manuel is the president of the Mexican Center for Philanthropy, in addition to other 10 different non-profit organizations. While Jeronimo is said to live a quiet life in Los Angeles with his wife, who is the president of the Mexican Folk Art Museum. Apart from his business, he is also an Academy Awards' winner for the production of a well-known documentary about pre-Hispanic life in the 1970s.
