Net worth: $12.4 Billion as of March 2012

Source of Wealth: banking, self-made

Age: 79 , Citizenship: Colombia

Residence: Bogota, Colombia

Marital Status: Married ,Children: 5

Education: BA/BS, National University of Columbia

Colombian billionaire and the richest man in Colombia with a net worth of $12.4 billion as of March 2012, according to FORBES. Luis Carlos Sarmiento, once Colombia's top builder, parlayed his construction fortune into a financial services empire, Grupo Aval Acciones y Valores. Over the years Sarmiento bought up stakes in four Colombian banks, a leasing company and a pension fund. His son, Luis Carlos Sarmiento Gutierrez, is the chief executive officer of Grupo Aval. In 2008, he announced plans to bid for a new Colombian television network license with Venezuelan billionaire Gustavo Cisneros, but the deal eventually fell through. This year, Sarmiento donated 400 apartments to families affected by Colombia's torrential rain and landslides. In association with Grameen Bank, Grupo Aval is extending credit to micro-entrepreneurs. Sarmiento holds a bachelor's of science degree in civil engineering from National University of Colombia, and has five children and 11 grandchildren.