Álvaro Noboa's father amassed the greatest fortune ever in Ecuador, that is, USD 1.200 million reported as belonging to Alvaro Noboa by forbes magazine from 1997 to 1999 even though he has not been included since. This could be due to the share distribution agreements even though Alvaro Noboa`s estimated net worth was USD 1.000 million according to the aforementioned publication in 2003

After years of litigation, which according to Forbes magazine cost $20 million, Alvaro Noboa is finally at the helm of the business.

According to Guillermo Arosemena, ecuadorian economic analyst, family businesses tend to split up after a certain amount of time has elapsed. In Alvaro Noboa's case, he has traced his father's strategy of "vertical integration", that is to depend as little as possible on third parties in order to wield greater decision - making power in the business.

The Noboa Group controls the whole gamut, that is all the way from banana cultivation, to the manufacture of cardboard boxes for packing purposes, to the shipping facilities in which the goods are exported. Besides, he is the owner of Industrial Molinera, Corporation Automotriz and another 114 companies all established by Luís Noboa.

However, Alvaro Noboa, already an early candidate for the 2006 Presidential race, does not consider himself a millionaire by inheritance "even though my opponents have referred to me as "the heir" I have only inherited 1% of my wealth, the rest I have either created or acquired through hard work" as Noboa's web page clearly states.

Taken from Expreso newspaper of Guayaquil - Saturday, October 15th 2005.