26 January, 2018 |Ahmadoff Research & Insights
Spain has seen remarkable growth with the number of billionaires in the past two decades both from multigenerational family businesses and entrepreneurial wealth. The number of billionaires doubled after 2010 reaching a peak of 25 billionaires. Interestingly, globally rising gap between the numbers of self-made wealthy and inheritors in favor of entrepreneurship levels off with equality amongst Spanish billionaires.
However, wealth levels follow the global trends differently from the number of billionaires, where self-made capital dominates in fact, billionaire entrepreneurs hold 80% of ten-digit assigned wealth in Spain. Sharp rise of entrepreneurial wealth throughout the period from 2010 to 2015 has made a substantial impact to the overall wealth levels of billionaires, though it has stabilized after 2015. Average wealth per billionaire has stood at $5.0bln in 2017 up from $3.3bln of 2005.
The rise of business magnate, founder of Inditex Group, Amancio Ortega brought an unprecedented wealth concentration to Spain in the last decade. Approximately, two-third of the Spanish billionaires’ wealth is controlled by Ortega family. In contrast, peer countries with the same economic size saw a gradual decline in the share of the richest person among the other billionaires.
Now, the private wealth of the richest person in Spain is equal to 7% of the GDP in the country, the situation places Spain to the second place after Hong Kong, where billionaire Li Ka Shing’s capital is just above 10% of the local economy of island-nation.
Construction is the best industry to become a billionaire after spending some time in politics in Spain. In fact, all three Spanish billionaires with political background found themselves in love with development projects and heading largest firms of the country.
The data shows that the first marriage in Spain is riskier than other parts of the world, in fact 28% of Spanish billionaires divorced and one in five have got married second time, which consists of 15% and one in ten, respectively. Another family indicator, average number of children in rich families is 3.3 in Spain well above of 2.8 average children per billionaire family globally, according to our research.
Spanish women are trusted figures of their families — half of the billionaires from the multigenerational family businesses are women. Currently, 6 female billionaires are part of the Billionaires list and four of them had inherited from their fathers and the rest from husbands.
• Both number and wealth level of the Spanish billionaires have doubled though national GDP contracted 18% since 2009;
• Real estate remained as the main billionaire breeding industry with approximately 40% of all newcomers during the last two decades;
• Generational family business owners saw a marked growth after 2010, almost half of the billionaires inherited large firms from their families;
• Zara’s bold expansion movement brought both economic growth and wealth inequality to the country;
• All of Spanish billionaires with political background sourced their wealth in construction industry;
• Spanish family businesses trust in their woman leaders: exact half of the billionaires from family firms are women;
• Rich families in Spain tend to have more children than other parts of the world;
• Almost three in ten billionaire families get divorced which is twice more than global average figure for billionaires.