What is Rafael Correa's Net Worth?
Rafael Correa is a prominent Ecuadorian politician with a net worth of $2 million. Born as Rafael Vicente Correa Delgado on April 6, 1963, in Guayaquil, Ecuador, he served as the President of the Republic of Ecuador and the former president pro tempore of the Union of South American Nations.
Early Life and Education
Correa was an economist educated in Ecuador, Belgium, and the United States. He rose to political prominence when he was elected President of Ecuador in late 2006. He officially took office in January 2007 and immediately began implementing significant measures to redefine the country's economic and political landscape.
Political Achievements
In December 2008, Correa made headlines by declaring Ecuador's national debt illegitimate, arguing that the debt had been contracted by previous corrupt and tyrannical regimes. He announced that Ecuador would default on over $3 billion worth of bonds and pledged to combat creditors in international courts. His efforts culminated in reducing the price of outstanding bonds by more than 60%.
Correa's administration also brought Ecuador into the Bolivarian Alliance for the Americas in June 2009. Under his leadership, the country experienced notable reductions in both poverty and unemployment.
Controversies
Despite his achievements, Rafael Correa's tenure was also marred by controversies. He faced accusations of authoritarianism, nepotism, and curtailing freedom of speech. His administration was criticized for its approach toward attacking dissidents and limiting press freedoms.
Electoral Success
Originally, Correa's first term was to end on January 15, 2011. However, a newly approved constitution mandated general elections be held on April 26, 2009. In that election, Correa won decisively in the first round with 51.9% of the votes.
He secured his third term in the 2013 general election with an impressive 57% of the vote, solidifying his influence and continuing his policies aimed at improving Ecuador's socio-economic conditions.
