Chile’s Swing to the Right Is a Boon for Battered Billionaires
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The victory of a conservative candidate in Chile’s first-round presidential election Sunday is handing some of the country’s wealthiest families a welcome reprieve from two years of political upheaval.
Take the case of retail and real-estate billionaire Horst Paulmann. Shares of Chilean retailer Cencosud SA, in which his family owns 53%, jumped 15% Monday, among the best performers in the nation’s benchmark index. That made the Paulmanns $336 million richer in the span of hours, with their fortune totaling $2.74 billion, according to the Bloomberg Billionaires Index.