Jul 14, 2026 · 21 min · 10 segments
Episode 14 | How did Hugo Chávez’s socialist revolution create a new class of millionaires? This episode explains how CADIVI, Fonden, and Venezuela’s historic oil boom became engines of…
And then it created a new elite of its own.
[pensive music] They called themselves socialists.
They wore red.
They spoke endlessly about equality, justice, and the poor.
But they flew in private jets.
Some of them had been completely unknown before Chávez came to power.
Now, they were unimaginably rich.
They became known as the boliburguesía, the Bolivarian bourgeoisie, the millionaires of the revolution.
And they didn't become rich by inventing anything, building successful companies, or creating anything of value.
They became rich because Chávez gave them access to the largest oil boom in Venezuelan history [dramatic music] and permission to steal it.
And then it created a new elite of its own.
[pensive music] They called themselves socialists.
They wore red.
They spoke endlessly about equality, justice, and the poor.
But they flew in private jets.
Some of them had been completely unknown before Chávez came to power.
Now, they were unimaginably rich.
They became known as the boliburguesía, the Bolivarian bourgeoisie, the millionaires of the revolution.
And they didn't become rich by inventing anything, building successful companies, or creating anything of value.
They became rich because Chávez gave them access to the largest oil boom in Venezuelan history [dramatic music] and permission to steal it.
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