President Mauricio Macri declared his assets to the Anti-corruption office for the second time as Argentine President this year and informed that the ones he has access to increased by AR$ 16 million in 2016.
Now, you’re probably wondering why I just said “the ones he has access to”.
Turns out that in early 2016, Macri declared assets for AR$ 110 million. But in order to avoid any potential conflict of interest during his time in office, he placed a substantial percentage of them — worth AR$ 44.5 million — in a blind trust, which (at least officially) administers part of his private businesses without his involvement. In other words, he may have made money out of this, but he won’t find out until he leaves office.
The blind trust is run by the former head of the Buenos Aires City’s Notaries’ bar, José María Fernández Ferrari, who is tasked with declaring the state of Macri’s assets to the tax collecting agency and has to run all potential investments by the Anti-Corruption office.
Macri also reported that the AR$ 65.5 million that weren’t in that trust increased to AR$ 82 million — about 25.5 percent. According to La Nación, the President invested AR$ 30 million in Argentine bonds, purchased AR$ 3 million in state-run oil company YPF stock and declared that he owns a plot of land in the province of Salta that is worth AR$ 3.1 million.
The President’s statement also declares that he donated assets worth AR$ 2.1 million to his youngest daughter, Antonia, because he had already transferred equal amounts to his other children and apparently he wanted to even things out.
Taking this information into consideration, Macri is the fourth richest person in the current Cabinet with AR$ 82 million in personal assets. Right above him on that list are the Director of the Federal Intelligence Agency (AFI) Gustavo Arribas with AR$ 126 million, Finance Minister Luis Caputo with AR$ 124 million and Treasury Minister Nicolás Dujovne AR$ 95 million.
And in case you’re wondering, Cabinet Chief Marcos Peña only made it to the bottom of the list with assets worth AR$ 600,000.