Paraguayan businessman and politician, Horacio Cartes has an estimated net worth of $20 million. He made his fortune through Grupo Cartes, a business conglomerate. Born Horacio Manuel Cartes Jara on July 5, 1956 in Asunción, Paraguay. Cartes is the current president of Paraguay and owns dozens of businesses, held under his Grupo Cartes conglomerate, including businesses in the tobacco, soft drink, meat production and banking industries. From 2001 until 2012 he was president of Club Libertad football club and was the president of the national team department of the Paraguayan Football Association during the 2010 FIFA World Cup qualifying campaign. Cartes attended widely-recognized private schools in Asunción and studied in the United States at the Spartan School of Aeronautics (now Spartan College of Aeronautics and Technology). He came back to Paraguay at age 19 and started a long career as an entrepreneur, finally making him one of the wealthiest men in the country. He was the target of an investigation in the mid-1980s by the dictatorial regime of Alfredo Stroessner thanks to his currency exchange company, one of his early business ventures. In 1989, Cartes returned to Asunción and was briefly imprison but released when charges of currency fraud were dropped. His principal opponent in the presidential election was Efraín Alegre (Liberal Party). As a member of the Colorado Party, Cartes won the election and became the President of Paraguay in 2013.