Bukele’s Inner Circle Sees Wealth Surge Up to 700% as El Salvador Faces Growing Poverty

Original article: Fortuna del círculo de Bukele se dispara hasta en 700% mientras El Salvador se empobrece

El Salvador has witnessed the emergence of a new economic elite in recent years, thriving under the protection of state power. While Nayib Bukele’s close allies see their fortunes multiply by up to 713%, the general population grapples with increasing impoverishment.

The most notable case is that of Ernesto Sanabria, Bukele’s Press Secretary, whose wealth skyrocketed from $269,884 in 2019 to over $2 million in 2026, marking a 700% increase. Sanabria is not an isolated case but rather the forefront of a phenomenon that has turned the President’s associates into millionaires almost overnight.

The far-right leader, who rose to power portraying himself as a messiah promising to uplift the poor, has seen his personal wealth grow by 363% over the same period: from $964,546 in 2012 to a current total of $4,466,478.

Journalistic investigations reveal that during the first seven years of his presidency, Bukele and his family acquired 34 new properties, expanding their landholdings twelvefold. These assets are valued at over $10 million.

Former Economy Minister Héctor Dada explained to El País that «Bukele does not come from an affluent background; in fact, their businesses were in ruins. Once in power, he became an elite figure and displaced old millionaires to make way for new players,” such as bitcoin enthusiasts and artificial intelligence agencies.

However, the most alarming data comes from an analysis of the financial declarations of 75 public officials, which shows that at least 21 of them increased their wealth by as much as 713% in seven years or less. Among the beneficiaries are Cabinet Chief Carolina Recinos; Secretary of Commerce and Investments Miguel Kattán; and Central Reserve Bank President Douglas Rodríguez, along with ruling party legislators like José Robles Sorto, Kaleb Navarro, and Suecy Callejas. Kattán, identified as the President’s uncle, raised his wealth from $403,620 to $3.9 million, while Recinos increased from $182,945 to $1.3 million, and Rodríguez from $153,130 to $1.3 million.

Historian Héctor Lindo from Fordham University pointed out to El País that the Bukele family’s method of amassing wealth is eerily similar to that of the old Salvadoran oligarchies. «They changed the rules at will, creating laws that favored their own interests. They placed relatives in key positions. They sought re-election when it suited them,” he noted.

Despite this, he clarified that Bukele has not eliminated the old elite; rather, he coexists with them, although he has particularly targeted the Simán family due to their longstanding political rivalry.

IMF Exposes New Oligarchy in El Salvador

The pressure from the International Monetary Fund (IMF) forced the government to slightly lift the veil of secrecy it maintained for years regarding the wealth of its officials. The financial institution conditioned a $1.4 billion loan on fiscal reforms and transparency measures. However, the website set up is hard to navigate and offers minimal, incomplete information. Two officials admitted anonymously that the form is so lenient that “anyone can write whatever they want.” Additionally, the Ministry of Finance refused to provide the complete database to the cited media outlet, arguing that information must be reviewed on a case-by-case basis.

According to an article by El País, the wealth of Bukele’s circle has also benefited from questionable financing from the Housing Bank, which granted million-dollar loans to loyal officials who lack repayment capacity, while the historic center of San Salvador has become the crown jewel of the Bukele project and a lucrative business for his associates.

The ultraright Government evicted tens of thousands of informal vendors under threats of imprisonment during the emergency regime, making way for chains like Starbucks, Pizza Hut, and Marriott. This revaluation has driven property prices up, and the President’s brothers, Karim and Yuseff Bukele, have purchased properties worth millions of dollars, along with four prominent bitcoin investors.

Bukele’s Prosperity Amid Record Extreme Poverty

While a few close to Bukele amass wealth, extreme poverty in El Salvador continues to rise in a country where the president promised safety and prosperity.

According to data from the Central Bank, between 2019 and 2024, a total of 241,927 Salvadorans fell into extreme poverty.

«It is an island of wealth surrounded by a sea of poverty,» stated Dada. “In the end, when they leave power, only Bukele and his family will remain as part of the oligarchy,” concluded the former minister.