Asgaroladi was born to a merchant family. His ancestors converted from Judaism to Shia Islam. Asgaroladi was amongst the world's wealthiest Iranians, and was named the third richest Iranian in the world and was the second wealthiest in Iran, with an estimated wealth in excess of $10 billion. His business empire dates back to the 1970s and, since then, Asgaroladi became one of the leading exporters of dried fruits, nuts and spices from Iran. Asgaroladi was the president of Hasas Co. which is the leading exporter of nuts and pistachios from Iran since 1953. Asgaroladi increased his wealth dramatically in the 90's when there were two official exchange rates for the US dollar. Those with trade license could obtain the lower exchange rate of 1750 rials but the market value of US dollars was at 8000 rials. During this period his brother Habibollah Asgaroladi was the commerce minister responsible for handing out trade licenses to obtain the lower exchange rate. He used his connections to obtain large quantities of US dollars at low exchange rate and resold them at the market value price for a profit of more than 300%. Asgaroladi was a well known member of the Iranian business community and he held the Presidency of several international Chambers of Commerce including the Iran-China, Iran-Australia, Iran-Russia and Iran-Canada Chambers of Commerce. Asgaroladi was reported as being in negotiations to purchase Iran Air / "Homa", Iran's heavily national carrier and was quoted in media sources as wishing to acquire the Tehran International Trade and Exhibition Centre, a vast conference and exhibition centre in northern Tehran. He also owned a majority stake in three retail Chinese banks. Asgaroladi on numerous occasions proposed setting up an Iran-China bank. According to Forbes Magazine, Asgaroladi was the secretbusiness partner of Swiss-based US-i billionaire and fugitive Marc Rich in helping bypass U.S. sanctions against Iran after the Iranian revolution. On 13 September 2019, Asgaroladi died because of a brain injury.
