Trustee at the Brazilian Center for International Relations (CEBRI). Arminio Fraga is a founding partner of Gávea Investimentos - founded in August 2003 -  and Chairman of the Board of the Institute for Health Policy Studies (IEPS), - founded in 2019 - both based in Rio de Janeiro.

He was a Professor at the Pontifical Catholic University of Rio de Janeiro (PUC-Rio), the Brazilian School of Economics and Finance (EPGE-FGV), the School of International Affairs at Columbia University and Wharton School. Dr. Fraga is a member of the Group of Thirty and of the Council on Foreign Relations, as well as a board member of other philanthropic entities. He was a trustee of Princeton University. He has published extensively in the areas of international finance, macroeconomics and monetary policy.

Dr. Fraga received his Ph.D. in Economics from Princeton University in 1985, as well as his B.A. and M.A. in Economics from PUC-Rio in 1981.