Building boom creates new class of billionaires

9th March 2007, Comments 0 comments

9 March 2007, MADRID – Spain’s seemingly unstoppable building boom has made a record number of Spanish multi-millionaires, according to a report published on Friday.

9 March 2007

MADRID – Spain’s seemingly unstoppable building boom has made a record number of Spanish multi-millionaires, according to a report published on Friday.

Forbes magazine, in its annual rich list, said 20 Spaniards are now members of this exclusive club.

Amancio Ortega, reclusive owner of the Inditex empire which includes Zara, Massimo Dutti  among fashion retail group,  was number eight in the list of the world’s wealthiest people.

In the previous edition of the magazine’s rich list, were just 10 Spanish multi-millionaires.

But now Spanish richest are thought to have a combined fortune of USD 88 billion.

Forbes said the Spanish rich may not stay rich forever as they earned from the volatile building industry which is experiencing a slow downturn.

Forbes nicknamed the Spanish billionaires ‘Los senores del ladrillo’ – the brick men, literally.

Eight of the top ten millionaires were involved in construction.

The fastest risers in the list were Enrique Banuelos, president of Astroc (95) and Luis Portillo, head of Inmocaral (237).

There were only three woman among Spain’s super-rich list: Esther Koplowitz, head of construction giant FCC, her sister Alicia Koplowitz, head of Omega Capital, and Rosalía Mera, co-founder of Zara.

[Copyright EFE with Expatica]

Subject: Spanish news

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