Amancio Ortega has been the greatest fortune in Spain for decades. However, the founder of Inditex is getting closer to regaining the throne as the richest European according to the list of Forbes.
In recent years, the Leonese magnate’s assets have grown thanks to the good stock market performance of Inditex but, above all, due to the profitable real estate investments of his second billion-dollar empire: Pontegadea.
Race for the European Throne
According to Forbes data, Bernard Arnault currently holds the title of the richest person in Europe and occupies the seventh position in the global ranking with an approximate fortune of $158.3 billion, attributed to LVMH, the luxury fashion and beverage empire he founded.
In contrast, Amancio Ortega occupies the tenth place on the Forbes list with a net worth of $148.9 billion, leaving a difference of about $9.4 billion between the two magnates.
An Increasingly Smaller Difference
The $9.4 billion gap might seem daunting, but it’s essential to consider that even a minor fluctuation in the stock market can change everything. Ortega commands nearly 60% of Inditex, amplifying the impact of its stock price increases.
Back in 2024, the gap between both millionaires was staggering. Bernard Arnault ranked as the richest person globally, with a difference of $130 billion in his favor. However, the fortunes reversed when Inditex’s robust growth contrasted sharply with LVMH’s declining sales in Asia.
Weakness in Luxury vs. Stability of Inditex
The diverging trends between LVMH and Inditex heighten Ortega’s chances of claiming the title of the largest fortune in Europe. LVMH reported a 13.3% decrease in profits and a 5% drop in turnover in its latest annual results, resulting in a more than 8% market drop on the first day and a staggering 19.4% drop over the last month.
This instability in the luxury market, particularly impacting brands like Louis Vuitton, Moët & Chandon, and Tiffany & Co., has weakened the equity of LVMH shareholders.
Conversely, Inditex has experienced consistent growth, recently reaching a record high of €58 per share and achieving a capitalization of €177.8 billion. This divergence clearly illustrates why Ortega’s fortune is now just a heartbeat away from Arnault’s.
Pontegadea: The Key to Growth
Aside from the fluctuations in Inditex’s stock prices, Pontegadea—Amancio Ortega’s investment holding company—stands as the most solid pillar of the billionaire’s assets.
Ortega’s investments in real estate, energy, and logistics are less vulnerable to stock market volatility, which contributes to a more stable fortune compared to that of his French counterpart. Recently, Pontegadea acquired the Australian group Qube for €6.895 billion alongside Macquarie, bolstering over €9 billion in logistics investments since 2022.
These ventures in key ports like PD Ports and assets in major cities such as Vancouver and Miami diversify Ortega’s portfolio, securing steady income from developed or rising sectors.
As the competition heats up between these two magnates, the world watches closely, eager to see who will ultimately claim the title of Europe’s wealthiest.