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Ernest Garcia II
#113

Ernest Garcia II

Source of wealth: Used cars

Net Worth

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Earnings per second

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Modules

Biography

Ernest Garcia, II is the biggest shareholder of Carvana, an online platform for selling used cars and making auto loans that conducted an IPO in 2017.

Garcia II also owns and runs DriveTime Automotive, the nation's fourth-biggest used car retailer.

Garcia's son, Ernest Garcia III, founded Carvana as a subsidiary of DriveTime and later spun it out.

In 1990 when he was 33, Garcia pleaded guilty to a bank fraud charge related to his dealings with Lincoln Savings & Loan.

Financial Assets

Exchange
NYSE
Ticker
CVNA-US
Company
Carvana

The Great Lie of Mega-Fortunes: The Case of Ernest Garcia II

Billionaires are often presented under the romantic myth of the 'self-made person': a narrative designed to justify opulence as the natural reward for hard work, effort, or ingenuity. However, when confronting such extreme volumes of wealth with macroeconomic reality, the meritocracy narrative completely breaks down. No individual can legitimately generate through personal effort a fortune equivalent to millions of times the average working-class salary. Capital at the top does not grow because of exceptional talent; it expands through an implacable dynamic where accumulated money works exponentially faster than people, devouring the wealth generated by productive labor.

The immense fortune of Ernest Garcia II, linked to Automotive and 'Used cars', has not been built in a free-market vacuum, but through rent-seeking, the use of exclusive elite influence, the consolidation of monopoly positions, or inherited wealth. Far from taking real private risks, billionaire empires structurally depend on state support through direct subsidies, infrastructure use, exploitation of R&D, public contracts, and offshore tax engineering. While this wealth is equivalent to the physical weight of 166 tons of pure gold, the rest of the planet suffers from an artificial scarcity of basic resources. The fact that this wealth is enough to fully fund the public health system of DR Congo, a country with more than 105800000 million inhabitants for 10.5 years, proves that unlimited accumulation is not an entrepreneurial achievement, but the hijacking of democratic sovereignty.

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