Mallorca’s Rich List

IN the top 100 list of Spain’s richest people, seven of them are from Mallorca.

Despite global economic challenges, the wealth of Spain’s richest magnates has surged by 37 per cent this year. Their combined assets have reached a staggering £196.13 billion, as reported by Economia de Mallorca, with Inditex‘s founder, Amancio Ortega, leading the charge.

Ortega’s Fortune Soars

Ortega, the entrepreneurial force behind Inditex, which includes clothing chains such as Zara and Bershka, has seen his fortune grow by 53 per cent to £81.8 billion. This remarkable increase has propelled him eight places up in the global ranking, securing him the 13th spot. The rise came about despite the ongoing war in Ukraine and rampant inflation, which reinforces his business resilience. In 2015 he was the richest man on earth for a while, when he very briefly overtook Bill Gates.

Mallorcan Tycoons

The success stories extend to Mallorca where seven business figures have made the list. Miquel Fluxa, the executive chairman of the Iberostar hotel group, holds the 11th position with an estate valued at £2.5 billion. His wealth saw a decline of £200 million, resulting in a drop by three ranks. Iberostar has lately been expanding in Latin America, with Fluxa holding a 51 per cent stake in Sayglo Holding SL.

In the 20th place is Simon Pedro Barcelo Vadell, heading a family-owned enterprise. The Barcelo Group boasts 278 hotels across 25 countries and is valued at £4,873 million as of 2021. ‘Forbes’ notes that their valuation has climbed more than 21 per cent in the last year, now reaching £1.6 billion.

Siblings Carmen and Luis Riu, CEOs of RIU Hotels & Resorts, are positioned at 38th with a combined fortune of £960 million. The Riu family’s business, dating back to 1953, showed resilience by doubling its income in 2022, recovering well from the pandemic-induced downturn.

Juan March Delgado finds himself at 39th with £950 million and is closely followed by his brother Carlos in 40th place with £930 million. The brothers are principal shareholders of Banca March, with Juan holding 18.73 per cent of the company. They both have significant stakes in Corporacion Financiera Alba also.

Gabriel Escarrer and family are at 52nd with £720 million. The founder of the Melia Hotel chain suffered losses during the pandemic, but recent months have seen a 25 per cent uptick in the company’s fortunes. The Escarrer family retains a 54.3 per cent share in the business, ensuring their continued control over the conglomerate.

Concluding this elite group at 73rd is Isabel Garcia, the presiding figure of the Piñero hotel group, boasting a fortune of £500 million. The Piñero legacy, shared with her daughters Encarna, Lydia, and Isabel Piñero, began in 1975 in Murcia. Originally a travel agency initiated by the late Pablo Piñero and Isabel García, the venture relocated to the Balearic Islands in 1985, eventually expanding into a notable hotel group within Spain and Latin America.