Moreira Salles Billionaires Oppose Flávio Bolsonaro in Presidential Runoff

Billionaires João and Walter Moreira Salles, scions of the Itaú Unibanco Holding SA fortune, have positioned themselves as opponents of right-wing presidential candidate Flávio Bolsonaro. The brothers, who hold a combined net worth of $17.6 billion, have supported progressive and left-wing congressional candidates and produced films and journalism critical of Bolsonaro's conservative positions.

Their opposition creates a divide within Brazil's business elite. While the Moreira Salles brothers align with the left, a significant portion of the country's wealthy class has actively sought to establish ties with Flávio Bolsonaro as he gains momentum in the presidential race. The conflict highlights a split in financial interests and political ideology leading into the runoff election.