The richest Spaniards saw their wealth increase by as much as 16.1%. This increase is mainly due to successful investments in the stock market and the flourishing tourism sector.
Spain is a great investment opportunity.” Larry Fink, master of ceremonies at Blackrock, the largest fund in the world, said it in April 2023. And so it was. With combined assets now at a record high of €320.54 billion, these figures show a clear trend of wealth growth among Spain’s wealthy. ”
Year of exceptional growth
This significant capital growth is recorded in the 18th edition of the annual overview ‘The 200 Richest in Spain’ by El Mundo. It marks an unprecedented increase of 81% over the past decade. Particularly striking is the performance of 84 fortunes that grew by double digits. Of these, 36 even recorded a growth of 20% or more. Only 30 of the richest saw their wealth decline, the lowest decline in the history of the list.
Trade fair and tourism as driving forces
The Spanish stock market, with an impressive increase of 21%, was one of the main drivers of capital growth. A full recovery of the tourism sector, with record figures for Spanish hoteliers, also contributed significantly. Inditex, Spain’s largest company, saw a spectacular share price increase of 53%. That significantly increased the fortunes of Amancio Ortega and his family. Together they account for 32% of the total wealth of the richest Spaniards and the three Ortegas grew by more than 30%
Top assets and new faces
Amancio Ortega now has a fortune of almost €94 billion. This means he remains the undisputed leader among Spanish billionaires. It was also a good year for the Del Pino family in the first year that Ferrovial was listed in the Netherlands. The company rose by 41%. That was less than the increase of ACS (43%), the largest Spanish construction company, where Florentino Pérez is the first shareholder.
Juan Roig, owner of Mercadona, also added up the figures with an increase of 50%. Three weeks ago he announced a bonus of €600 million for Mercadona’s more than 100,000 employees. Roig fell to third place, but Mercadona continues to take market share from the competition. The supermarket chain already accounts for 27% of food distribution activities.
These names are followed by 12 newcomers and established names that are strengthening their position in the top 10 or are newly entering. Of the 12 new names, four come from the Valencian Community. This underlines the dynamic economic growth in this region.
Economic dynamics
This growth reflects not only the resilience of the Spanish economy, but also the attractiveness of Spain as an investment destination. The influx of investment funds into family businesses combined with the low number of IPOs shows a shift in the way wealth is created and increased in Spain.
Also read: Spanish tourist magnates shine in Forbes’ richest list
