SPAIN’S rich are getting richer with the country’s wealthy elite increasing their fortunes by 14% in the last year.
Amancio Ortega, the founder of Inditex, home to Spanish brands including Zara, Massimo Dutti and Oysho, continues to lead the charge.
His fortune has risen by 4.9% this year to reach a staggering net-worth of €127.4 billion.
Since 2018, Ortega has nearly doubled his fortune, with his wealth rising by 98.9% over the past eight years, driven largely by his burgeoning real estate portfolio channelled through investment firm Pontegadea.
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The Ortegas are keeping their wealth in the family, with his daughter Sandra Ortega increasing her fortune by 43.7% over the same period to reach a net-worth of over €10 billion.
Beyond the Ortegas, the total fortunes of Spain’s richest 100 individuals swelled by 14.3% over the past year to reach an unprecedented combined net-worth of €373.5 billion, marking a rise of 62% in five years.
Among the most notable are Rafael de Pino, founder of construction company Ferrovial, who has seen his fortune skyrocket by 173.5% between 2018 and 2026 to €19.3 billion.
Meanwhile the Puig family, who own an extensive portfolio of fashion and beauty brands, including Jean Paul Gaultier and Charlotte Tilbury, has seen its wealth increase by almost 500% over the past eight years.
Much of the country’s wealth is concentrated in Madrid, with 28 of Spain’s wealthiest individuals running their operations from the capital.
Furthermore, the tourism industry has proved extremely lucrative for the financial elite with approximately 50% of Spain’s rich list owning hotels.
Amancio Ortega owns 30 hotels across Spain and Portugal.
Wealthy Spaniards are also moving their fortunes abroad to ensure maximum profits.
Ortega manages his property investments in the US, UK and Ireland through Luxembourg, while the Puig family base their assets in Switzerland.
The explanation for the skyrocketing fortunes of Spain’s wealthiest people largely lies in the excellent performance of the Spanish stock market – the IBEX 35.
The IBEX 35 – which charts the 35 most lucrative companies in Spain – has risen by 50% in the past year.
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