[5][6][7][8] He was the son of banker Ernesto Michelsen Mantilla, director of the Banco Central Hipotecario, and his wife María Uribe Portocarrero.

[11] He founded the most important business system in Colombia, the Grancolombiano Group, created on September 14, 1972, due to the appearance of the Housing Savings Corporations, during the government of President Misael Pastrana.

[12] In 1974, Michelsen founded the National Association of Financial Institutions (ANIF), which was chaired by the liberal politician Ernesto Samper.

In addition, speculative operations were carried out using false properties as collateral, so clients were left without backing for their savings, and shareholders ran the risk of losing their contributions.

[30] However, the strongest company resulting from the group's collapse was Banco de Colombia, which was renamed Bancolombia, today one of the most important business entities in the country.

[20][33][34] Upon his return to Panama, Michelsen arrived sick and was admitted several times to the Country Clinic in Bogotá, which worsened his health until his death.

His funeral was held in the Chapel of Gimnasio Moderno, on July 5 and was buried in the Central Cemetery of Bogotá, in the family crypt.

He was the grandfather of the lawyer and politician Cristina Plazas Michelsen, High Advisor for Women's Equality in the government Santos, Bogotá councilor, presidential secretary of Santos and former director of the ICBF[37][38] Alfonso López's son, Felipe López Caballero, tried to get Michelsen Uribe to invest in his journalistic project, revista Semana, recently acquired by him from Alberto Lleras Camargo.

[39] His daughter Camila Michelsen Niño, a young woman at the time of the events,[40] She was kidnapped by the April 19 Movement (M-19) on September 24, 1985.