A Chilean billionaire named Maria Luisa Solari Falabella was worth $2.8 billion.
Maria’s ownership of SACI Falabella shares enabled her to join her daughter Cecilia Karlezi Solari on the list of Chile’s wealthiest individuals.
The largest retail company in Chile by market capitalization is SACI Falabella, which was founded by Maria’s great grandfather in 1889.
In the 1930s, the company underwent significant expansion under the leadership of Alberto Solari, who joined the company after being married to the original founder’s grandchild. Solari expanded Falabella’s business ventures into clothing and household goods, as well as bringing in family members who contributed to the company’s growth.
Falabella has evolved into a Latin powerhouse with a workforce of more than 80,000 across Colombia, Peru, Chile, and Argentina.
The Solari family has the majority of the company’s ownership, but the del Rio Goudie family also holds significant positions in the company.
In 2008, a fine was imposed by Chilean authorities on Maria Luisa, a relatively unknown player in the company, for trading on privileged information in a merger that was unsuccessful in 2007.