What is "boliburguesia"

Boliburguesía (, a portmanteau of the words Bolivarian and Bourgeoisie) is a term describing the new bourgeois created by the Venezuelan government of Hugo Chávez and Chavismo, made up of people who became rich under the Chavez administration. The term was coined by journalist Juan Carlos Zapata, to "define the oligarchy that has developed under the protection of the Chavez government".

Corruption among the Boliburguesía and Chavez-administration sympathizers has moved millions of dollars with the complicity of public officials, with some becoming rich under the guise of socialism. Henry Ramos Allup, general secretary of opposition party Acción Democrática, has said corruption in the financial industry and other sectors of Venezuela is tied to government officials of the Chávez administration.