Pablo Escobar was one of the richest drug lords in history. He was in charge of more than 80% of the cocaine in the world. In the 1970s, he started getting involved in a lot of illegal acts. But he started doing small crimes when he was still in his teens. For example, he sold fake papers and other things.
The drug boss has a lot of money that keeps getting bigger. He used to pay for sports teams, help with community projects, and build houses. So, people in his area helped him get away from the US and Colombian governments and hide. Here’s everything you need to know about the “king of cocaine” and how much money he made from his illegal business.
Pablo Escobar Net Worth
At the time of his death, Pablo Escobar was worth $37 billion USD. People think that Pablo Escobar was one of the most powerful people who sold drugs in the world. At the height of his business in the late 1980s, Pablo Escobar was worth more than $37 billion, making him one of the richest people in Colombia and South America. During this time, Pablo Escobar had more than 40 tons, worth more than $10 billion, of drugs ready to be shipped to Mexico and then to the US.
Pablo Escobar Assets and Money Laundering
Pablo Escobar used the banking systems in the United States and Europe with the help of lawyers. Pablo Escobar’s most common way to hide money is to deposit amounts less than $10,000 to escape the Bank Secrecy Act (BSA) rules that require banks to report deposits over $10,000.
“Trade-based money laundering,” a method that Pablo Escobar turned into an art form, is one of the best ways to clean big amounts of cash. Pablo Escobar did this by buying clothes or electronics from a legal company in the United States that were easy to sell and then selling them for pesos on the other side of the border.
How much did Pablo Escobar make a day?
It is said that Pablo sold illegal drugs every day and made more than $50 million in cash every day. His drug cartel, called the Medellin Drug Cartel, was very powerful. At its height, it provided about 80% of the illegal drugs in the United States. Every day, his group brought 15 tons of illegal drugs into the United States of America.
He was always on the run because the police were after him. At one point, he offered to pay $10 billion to the Republic of Colombia if they would forgive all of his crimes.
He once burned $2 million to keep warm when he was on the run, and every year he wrote off $500 million as waste. At its busiest time, the gang made more than US$70 million every day. He traded illegally and made about $420 million every week.
How did Pablo Escobar launder money?
There are three steps to money laundering. The first step is placement. Here, Pablo Escobar gave the money they got from their illegal deals to a legal finance company. Pablo Escobar also traded stocks on a foreign market to hide where his money came from. Pablo Escobar hired a whole army of people to put small amounts of cash in banks in towns big and small all over the country.
Pablo Escobar hired teams of computer experts to break into computer networks and smart, skilled lawyers to help them avoid the law. Once Pablo Escobar’s illegal money is in a U.S. bank, it is much easier to move it and hide it behind the cover of a business that seems to be legal.
Money of Pablo Escobar
When Pablo was living and his drug cartel was doing well, he hired ten accountants to help him hide illegal money worth hundreds of millions of dollars. He allegedly spent $2500 a month just on rubber bands to wrap the money. That’s enough money every month to buy 250,000 rubber bands. Pablo apparently had to write off $500 million in cash every year because it went bad because so much of the money was kept in basements and walls. Water damage and fires could ruin money, but rats that were hungry and thought the money was food were more likely to do it. When Pablo was on the run, he once offered to pay off all of Colombia’s debt, which was more than $10 billion, if they made it illegal to extradite people.
In 1987, Pablo’s wealth was first estimated by Forbes Magazine to be more than $1 billion. This was part of their first list of foreign billionaires. In that profile, Pablo’s revenues were put at $3 billion up to that point. Taking inflation into account, that’s the same as about $8 billion in dollars today. Every year for the next seven years, he was on the list of the world’s billionaires.
In the early 1980s, Pablo paid Panama’s leader, General Manuel Noriega, about $350 million to hide billions of dollars in the country’s banks. When that relationship went bad and Pablo’s money was frozen, the cartel allegedly put a $1 million contract on Noriega’s life.
Personal Life of Pablo Ecsobar
In March 1976, when he was 26 years old, Escobar married 15-year-old Maria Victoria Henao. Her family didn’t like the relationship, so the two of them ran away together. They had a boy named Juan Pablo, whose name was later changed to Sebastian Marroquin, and a daughter named Manuela. Pablo may have had more than one fling while he was married.
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