Originally published Friday, June 4, 2010 at 4:22 PM

Uruguay president's wealth: 23-year-old VW Beetle

Uruguay's new president may be one of the world's poorest sitting leaders: Jose Mujica formally declared that his entire wealth amounts to a 1987 Volkswagen Beetle.

The Associated Press

MONTEVIDEO, Uruguay —

Uruguay's new president may be one of the world's poorest sitting leaders: Jose Mujica formally declared that his entire wealth amounts to a 1987 Volkswagen Beetle.

The 23-year-old car is valued at about $1,900. Since the former leftist guerrilla leader has no bank accounts or other assets and put his small flower farm in his wife's name, the car is all he owns, according to his sworn declaration, which appeared in Thursday's official bulletin.

Mujica's only reported income is his presidential salary, about $11,000 a month. He gives 20 percent of this to his political movement.

At 75 years old, Mujica is used to an austere lifestyle. Not so his vice president, Danilo Astori, whose declared wealth of $250,000 includes a house and car worth nearly 10 times Mujica's Beetle.

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