Rafael Vicente Correa Delgado Net Worth

What Is Rafael Vicente Correa Delgado Net Worth?

Rafael Vicente Correa Delgado, an Ecuadorian politician and economist who served as President of Ecuador from 2007 to 2017, has an estimated net worth of between $2 million and $5 million. While some sources mention a specific $2 million figure, others provide a range up to $5 million.

Rafael Correa’s Income Sources

Correa’s primary income sources include pensions from his presidency and investments. While specific details about his assets remain private, it is believed he maintains a modest lifestyle compared to other political figures. His career began as an economics professor at San Francisco de Quito University. In 2005, he briefly served as Ecuador’s Minister of Economy under President Alfredo Palacio, where he criticized neoliberal economic policies and advocated for increased public spending on health and education.

Rafael Correa’s Early Life and Career

Born on April 6, 1963, in Guayaquil, Ecuador, Rafael Correa experienced a challenging upbringing. His father faced imprisonment when Rafael was just five years old. He obtained a PhD in Economics from the University of Illinois. Before his presidency, Correa taught economics at the University of San Francisco in Quito and served as an economic advisor to state and international agencies. He entered politics in 2005 as the Minister of Economy.

Rafael Correa’s Presidential Milestones and Policies

Elected president in 2006, Correa implemented sweeping reforms, including a new constitution in 2008 that expanded presidential powers over monetary policy. His administration significantly increased public spending on healthcare, education, and infrastructure. Economically, he defaulted on $30.6 million in foreign debt payments deemed “illegitimate” while reducing reliance on international financial institutions like the IMF. Poverty rates fell from 38% in 2006 to 29% by the end of his tenure. In December 2008, Correa declared Ecuador’s national debt illegitimate, based on the argument that the debt was contracted by corrupt prior regimes. He announced that the country would default on over $3 billion worth of bonds and succeeded in reducing the price of outstanding bonds by more than 60%.

Controversies and Criticisms Surrounding Rafael Correa

Despite his successes, Correa’s administration faced accusations of authoritarianism, nepotism, attacking dissidents, and curtailing freedom of speech. In 2020, the Ecuadorian National Court of Justice sentenced Rafael Correa to eight years in jail for corruption. Correa and 19 former public officials were found guilty of receiving USD 7 million in bribes from private firms in exchange for state contracts between 2012 and 2016. He has been living in exile in Belgium since 2017.

Rafael Correa’s Post-Presidency

Although barred from holding public office due to legal convictions in Ecuador, Rafael Correa continues to influence politics through endorsements and commentary. After leaving office in 2017, Correa has resided in Belgium. In April 2020, the Ecuadorian National Court of Justice sentenced Correa to eight years in prison for corruption. The sentence also suspends Correa’s participation in politics for 25 years, barring him from running for the presidency in 2021.