Sebastián Piñera, a 74-year-old former president of Chile, passed away tragically on Tuesday afternoon, the 6th of May, in a helicopter accident in Lago Ranco, a city in Chile’s central region. As one of the wealthiest individuals in Chile, Forbes magazine estimated his net worth to be US$2.7 billion, or R$13.3 billion. However, the question arises: How did he amass such wealth?

Piñera served as the president of Chile from 2010 to 2014 and again from 2018 to 2022. His time in office marked a significant milestone in Chilean history, as he became the first right-wing representative to hold the presidency since 1958. Forbes magazine credits his substantial wealth to his personal investments, as well as his academic background in economics, holding a Ph.D. from Harvard University.

Throughout his career, Piñera managed numerous assets. For example, after the 2010 elections, he received US$1.5 billion (R$7.4 billion) for his 26% share in the Chilean airline Lan. Lan has since become part of the multinational corporation Latam. Additionally, Piñera gained a significant sum from the sale of the Chilevision TV channel, which he acquired in 2005, to the Time Warner company for US$150 million (R$744 million). He also divested his shares in Blanco & Negro, a prominent regional football club in which he had ownership stakes.

Tragically, Piñera’s life was cut short in a helicopter accident. Reports from La Tercera state that he was returning from a visit to his friend José Cox when the accident occurred. The helicopter crashed into a lake, resulting in the loss of all four individuals on board, including Piñera’s sister. While the other passengers survived and were safely rescued, Piñera did not.

In an official statement, Piñera’s office expressed gratitude for the outpouring of affection and concern during such a difficult time. Details regarding the funeral arrangements were to be announced later. The Navy promptly located Piñera’s body, according to the Minister of the Interior, Carolina Tohá. The helicopter had carried a total of four people, with three managing to reach the shore safely. Unfortunately, Piñera was not among them. Tohá confirmed that the Navy had recovered Piñera’s remains at the accident site.

The accident occurred shortly after 3 pm local time. Reports suggest that Piñera may have been unable to release his seat belt, leading to his demise. The helicopter sank approximately 40 meters underwater. Photos taken just before the tragedy depict a cloudy and rainy day with limited visibility.

As a former president of Chile who tragically lost his life, Sebastián Piñera’s passing deeply saddens the nation. To honor his memory, the current president, Gabriel Boric, has declared a state burial, and the entire country will observe a period of national mourning. Our sincerest condolences go out to Piñera’s family, friends, and all Chileans. Tohá stated, “We will remember President Piñera as the one who governed us,” and he will undoubtedly be remembered with the utmost respect and recognition by the Republican Party.