Lorraine Williamson
Spain is heading towards one of the largest intergenerational wealth transfers in its modern history. A new UBS study reveals how fortunes at the very top are expanding at remarkable speed — and how much of this concentrated wealth will soon pass to a new generation of heirs. The findings highlight a structural shift that could reshape the influence of Spain’s most powerful families and the businesses they control.
UBS confirms Spain now has 32 billionaires, a tiny fraction of the population, yet collectively holding 213 billion dollars, 21% more than last year. Eight newcomers joined the list in 2025, while three previously wealthy individuals dropped below the threshold, leaving a net gain of five.
The report underlines a defining trend: wealth is becoming more consolidated among a small circle of families linked to fashion, retail, real estate and infrastructure. These sectors have long been cornerstones of the Spanish corporate landscape and remain the driving forces behind the country’s wealthiest fortunes.
Ortega’s dominance and the legacy of family empires
At the centre of this concentration stands Amancio Ortega. The founder of Inditex added 21 billion dollars to his fortune in just one year, reaching 124 billion dollars. He now controls more than half of Spain’s total billionaire wealth.
UBS describes this dominance as emblematic of Spain’s economic structure, where family-controlled companies carry significant weight. Many of these firms have been shaping national business life for decades, creating an ecosystem where established fortunes grow faster than new ones emerge.
An unprecedented inheritance wave
While present-day wealth is rising, the most consequential figure in the report points to the future. UBS estimates that 162 billion dollars will be passed on through inheritance in the next 15 years — a figure comparable to the entire annual GDP of Greece.
This looming wealth transfer could have profound implications. Much of Spain’s billionaire wealth is tied to large family firms, meaning inheritances affect not only private assets but also ownership structures in companies central to the national economy.
As younger generations take control, investment strategies may shift, business priorities may be reshaped, and long-standing approaches to risk could change. UBS stresses the importance of “disciplined succession planning” to ensure stability during this transition.
A global rise in the super-rich — and Spain’s unique position
Spain’s trajectory sits within a wider global boom. Worldwide, there are now 2,919 billionaires, nearly 9% more than last year. Self-made fortunes drove much of this growth, contributing over 386 billion dollars to global wealth. Technology, genetics, LNG, and infrastructure are leading global expansion, marking a contrast with Spain, where wealth continues to grow from traditional business sectors.
Even within this global rise, the Spanish pattern stands out. In countries such as the United States, Germany and South Korea, rapid-scale innovation has propelled new entrants into billionaire status. In Spain, by contrast, the newcomers tend to be heirs or stakeholders in long-established empires rather than founders of emerging technologies.
Women also feature more prominently on the global stage. The world now counts 374 female billionaires, with their average wealth growing at more than twice the rate of their male counterparts.
Why Spain risks falling behind
Economists warn that Spain’s reliance on legacy industries could widen wealth disparities. Without strong growth in innovation-led sectors, the country risks limiting the creation of new fortunes and new opportunities. As a result, the concentration of wealth in inherited family businesses may deepen.
This differs sharply from regions where tech entrepreneurship or biotechnology are creating new pathways into high-value markets. Spain’s challenge lies not only in maintaining stability within its established firms, but also in nurturing industries capable of generating future wealth more widely across society.
A silent shift that will redefine economic power
The next decade and a half will shape Spain’s economic landscape in ways that may unfold quietly but decisively. Ownership of major companies will transition to younger heirs. Investment strategies could move away from traditional areas. Legal and fiscal frameworks will come under pressure from the scale of inheritances.
The Spain billionaire wealth transfer highlighted by UBS signals not just the growth of fortunes, but a profound change in who controls them. As more than 162 billion dollars prepares to change hands, the country stands on the threshold of a new era in economic leadership — one that will influence markets, corporate governance and strategic decision-making long into the future.
Source: El Español