| Full name | Nayib Armando Bukele Ortez |
| Age | 43 |
| Nationality | Salvadoran |
| Residence | Presidential House |
| Net Worth | $2 Million |
| Education | Central American University (no degree) |
| Source of Wealth | Politician |
Since the emergence of Nayib Bukele onto the Salvadoran political scene, this powerful politician has been celebrated and pilloried with equal intensity. For a year, he has held the post of president, having previously been mayor of Nuevo Cuscatlán and San Salvador. In fact, his presidency has been very popular with the mass of Salvadoreños because of an ambitious set of policies and reforms.
On the other hand, the Bukele presidency has raised several eyebrows concerning his style of governance: many accusing him of being autocratic, as on many occasions he resorts to police and military forces to get things done. Yet, as described above, he is very popular, so it can be said that Bukele’s term has many complicated factors.
Nayib Armando Bukele Ortez was born to a very interestingly composed family in San Salvador, El Salvador on July 24, 1981. His father was Armando Bukele Kattán of Palestinian descent, a well-known leader of the Muslim community in El Salvador, and president of the Arab Islamic Association of El Salvador.
His mother, Olga Ortez de Bukele, was a Roman Catholic hailing from a small town along the eastern border of El Salvador. His childhood was privileged compared to many Salvadorans. At one point, The Guardian referred to his upbringing as that of a “boy prince.”
Bukele attended the Central American University, studying law but leaving at age 18 to pursue business interests, founding his own company. He once owned Yamaha Motors El Salvador.
Early in his career, he managed the family’s business concerns, one of which was a public relations firm that had as a steady client the Farabundo Martí National Liberation Front, known in Spanish as Frente Farabundo Martí para la Liberación Nacional (FMLN). The FMLN is a major political party in post-civil war Salvadoran politics, which emerged after 1992.
Bukele has three younger brothers and six older half-siblings. All these factors of both a business and political environment would later serve to influence his career as a political leader.
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Nayib Bukel, initiated his political career when he was first elected mayor of Nuevo Cuscatlán in 2012. He trumpeted how he favoured progressive social programs as mayor, including giving out monthly nutritional packages to adults over 55 years old, and university scholarships to the best-performing students with GPAs above 3.5.
During his administration, homicides dropped in the municipality. In 2015, Bukele extended his political influence by winning the mayorship of San Salvador, defeating businessman Edwin Zamora. As the mayor of the capital, he focused on investing in modernizing the city’s physical infrastructure, including road expansion and upgrading telecommunications.
The turning point of his political career came in 2017 when Bukele was kicked out of the Farabundo Martí National Liberation Front, FMLN, after accusations of internal division and misconduct. Not one to give up easily, he threw his hat into the presidential ring after founding the political party Nuevas Ideas.
After the Supreme Electoral Court dissolved the party, Bukele joined the centre-right Grand Alliance for National Unity (GANA). In 2019, he won a historic presidential election, as for the first time since the 1980s, an El Salvadorian president was elected without affiliations to one of the two major parties that usually dominated the country’s politics.
Since his election in June 2019, Bukele took tough measures against high levels of crime in El Salvador, mobilizing both the National Civil Police and the Armed Forces. His administration had invested in modernizing their equipment, and the president boasted of a significant decline in homicides. However, according to critics, including U.S. officials, this decline flowed from secret negotiations with criminal gangs such as Mara Salvatrucha.
Bukele also established the International Commission Against Impunity in El Salvador and an anti-corruption unit of the National Civil Police.
During his administration, he was equally embroiled in controversies, one of them being when in 2020 he sent soldiers into the Legislative Assembly to pressure the legislators to pass military funding. His administration’s actions last year to remove the attorney general and judges of the Supreme Court were widely condemned as a power grab typical of an authoritarian regime.
Notwithstanding these criticisms, Bukele remained popular, not only nationally but throughout Latin America, with high job approval ratings. After the Supreme Court revised a constitutional ban on consecutive re-election in 2024, Bukele’s second-term bid won him more than 85% of the popular vote. Political analysts have described his leadership as populist and conservative, although Bukele has avoided identification with any political ideology since his presidency began.
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Since his inauguration on June 1, 2019, President Nayib Bukele of El Salvador has been consistently consolidating his power in the country, and with that move, it’s feared that democracy and the rule of law are definitely being whittled away.
At the start of this year, his party won a two-thirds majority in the Legislative Assembly, meaning it can pass legislation without bargaining with the opposition. This majority further enabled the party to pack the Constitutional Chamber, which had served as a check on the government’s power.
The new judges rapidly set about greasing the wheels for Bukele’s quest for re-election, against which the Constitution forbids consecutive presidential terms. The move has sparked heavy criticism because it runs directly contrary to established legal norms designed to rein in presidential power.
However, Bukele remained remarkably popular, and that fact had much to do with the court’s decision to clear the way for his re-election. His high approval ratings were used as justification for the change; one of the arguments was that such restrictions on presidential terms were designed to prevent unpopular presidents from clinging to office. Bukele-who has referred to himself online as “the world’s coolest dictator”-continues to enjoy broad public support.
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A bold step was taken by President Nayib Bukele, intending to make Bitcoin a legal means of paying in El Salvador, which drew both local and international attention. The plan faces much skepticism among the public, especially because the economy of this country is greatly dollarized and most residents do not have access to bank services and good internet.
Launched with bright hopes, the Bitcoin project faced immediate challenges since it had failed just hours after the presentation. In contrast to the optimism of its beginning, the majority doubted its feasibility and possible risks.
Bukele’s administration faced growing pressure to ink funding deals amid caution from creditors that the Central American nation’s foray into cryptocurrency was a worrying prospect. The sovereign tries to navigate complicated geopolitical dynamics with its significant debt in the meantime.
Since power has been concentrated under the leadership of the president, Bukele has chosen unconventional means in dealing with critical national problems, placing El Salvador at the forefront of the adoption of cryptocurrency.
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On June 5, 2021, President Nayib Bukele announced the historic proposal of adopting Bitcoin as a legal tender during the Bitcoin Conference 2021 in Miami. In an English-language video, Bukele underlined that this would make it easier for Salvadorans who lived abroad to send home remittances and noted that the underbanked could now more easily make digital transactions.
Just four days later, the Legislative Assembly of El Salvador voted in favour of the Bitcoin Law on June 9. The result is that 62 out of 84 deputies voted in favour of such an initiative. In support of such a law, the government designated $150 million in cash.
Despite the hype surrounding the law, however, the World Bank refused to request the Salvadoran government to help implement it. For one, the organization pointed out a lack of transparency in its operations, as well as the environmental impact connected with Bitcoin mining.
The Bitcoin Law went into effect on September 7, 2021, which made El Salvador the first country in the world to adopt Bitcoin as a form of legal tender.
Bitcoin supporters include Salvatore President Nayib Bukele, who created economic freedom with it and provided progress for the unbanked. According to supporter theory, Bitcoin ultimately supports the reduction of poverty in El Salvador.
Down in the coastal town of El Zonte-aka “Bitcoin Beach”-crypto enthusiasts and corporations lured by the idea of a Bitcoin-friendly zone have been buying up properties. Many have invested in local land and patronized the high-class hotels, helping build the town’s growing reputation as a cryptocurrency tourism centre. This shift was the primary reason for the 95% rise in tourists to El Salvador in 2023.
The move by El Salvador to adopt Bitcoin as legal tender has met criticism from all corners of the country and abroad. On 7th September 2021, thousands filled the city of San Salvador, protesting against the implementation of the cryptocurrency, along with the wallet Chivo supported by the state.
One of the more important issues has been the lack of transparency over the creation of the Bitcoin Law and the expenditure of taxation dollars on buying Bitcoins. Besides, critics cited the fact that very poor internet infrastructure in El Salvador will prevent a majority of citizens from accessing or effectively using cryptocurrency.
International financial experts sounded an extremely loud warning against the volatility of Bitcoin, saying unstable digital money may bring evil consequences to the already fragile economy of El Salvador.
In July 2021, Moody’s Investors Service downgraded the credit rating for El Salvador owing to a number of financial policy reasons pursued by President Nayib Bukele, including the adoption of Bitcoin. In Panama, a day later, Congressman Gabriel Silva proposed a similar bill: one that aimed at regulating the use of digital assets, to follow in the steps of El Salvador in exploring cryptocurrency for national use.
Other critics rang alarm bells about its use in criminal enterprises because Bitcoin is relatively anonymous. Particular concerns were made about the evasion of taxes, and its use in illegal transactions, including those involving transnational gangs and human trafficking.
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The Office for Transparency in El Salvador says the president’s annual salary and expenses come to some $60,000. Modest compared to that of leaders in the West, but well in excess of the earnings of minimum wage earners in El Salvador.
Although Nayib Bukele does not directly hold Bitcoin or disclose it, according to Nayib Bukele Portfolio Tracker, the president currently holds 5,878 Bitcoins as of September 20 and the amount increases by 1 unit every day.
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Bukele has also made personal real estate investments in various properties within El Salvador. His other major company is the Corporación Logística de Servicios, operating coffee plantations.
Sure enough, it has received loans against large expanses of land, reflecting Bukele’s status as a landowner within El Salvador’s coffee industry. The implications are that Bukele’s family is part of a small elite that owns large shares of the country’s coffee production.
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Nayib Bukele is the president of El Salvador, drawing a monthly salary of approximately $5,181 from his presential functions in 2019, which also included a base salary and representation expenses.
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Bukele has made substantial investments in cryptocurrency, majorly Bitcoin. He has spoken out loud about his belief in the potential of Bitcoin, even announcing the plan for the construction of Bitcoin City, which was to be funded with cryptocurrency bonds.
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Besides political earnings, Bukele gets a considerable part of his income from his businesses. He invested in the real estate and automotive sectors by establishing companies like Yamaha Motors El Salvador.
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Nayib Bukele has pushed for El Salvador to embrace Bitcoin as a new future. Despite this goal, some academics and opposing leaders have expressed concerns about the risks related to trading cryptocurrencies. However, it is likely that in the future, we will see Nayib Bukele’s net worth increase as Bitcoin becomes more recognized and popular.
According to Celebrity Net Worth, Nayib Bukele net worth is estimated at about $2 million.
Bukele aims to provide banking services to millions of unbanked Salvadorans. Bitcoin, as a decentralized currency, can facilitate easier access to financial services without relying on traditional banking institutions, especially for those who lack access to banks.
Nayib Bukele has faced scrutiny regarding transparency in his finances. Bukele has been known for his unconventional approach to governance and has often used social media to communicate with the public, but specific financial disclosures, such as asset declarations, have not been thoroughly vetted or independently verified.
Supporters tend to view him as a successful entrepreneur who has brought innovative ideas to governance, particularly with his promotion of Bitcoin and digital currency initiatives.
Conversely, critics express concern over the lack of transparency regarding his financial status. Allegations of corruption and misuse of public funds have fueled scepticism about his wealth and the potential for conflicts of interest.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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