Santa Catarina Weg is the company with the largest number of shareholders in Santa Catarina classification from the list Forbes Brazilian billionaires 2023. The seizure of the privileged position results from a change in the valuation methodology, which now takes into account the wealth of mothers and children together, after the change in Forbes USA.
According to the magazine, family members and descendants of the founders together own more than R$85 billion.
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The company is also responsible for making Santa Catarina stand out in another list: the states with the most billionaires. There are 35 in all, second only to Sao Paulo, which has 111, and Rio de Janeiro, with 40.
What does WEG do?
With revenues of about R$ 30 billion in 2022, Weg is known as one of the largest manufacturers of electrical equipment in the world.
The company was founded in 1961 by Werner Ricardo Voigt, Igon João da Silva and Geraldo Ferninghaus, in Jaragua do Sul, Santa Catarina, and started with a capital of 3,600 Cruzeiro. The name is the intersection of the first letter of the three.
At first, its production was mainly electric motors. However, in the 1980s, new products joined the catalog, such as electronic components, industrial automation products, power and distribution transformers, liquid and powder paints, and electrical insulating varnishes.
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And it wasn’t just the expansion of the variety of commodities. At that time, its exports had already reached 20 countries, such as Guatemala, Uruguay, Paraguay, Ecuador and Bolivia.
The company’s first billion came in 2002.
Today, the multinational company is present on five continents, with subsidiaries in 37 countries and factories in 15 countries. It has 39,000 employees, including more than 4,300 engineers. All of which represents a portfolio of more than 1,500 product lines.
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Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.