Billionaire Zara Founder Races to Spend His Ever-Growing Bounty
Spain is the only European Union country with a full-on wealth tax, forcing Ortega’s family office to rapidly invest dividends in order to skirt the levy.
Photographer: Iago Lopez/AP Photo
This article is for subscribers only.
Spanish billionaire Amancio Ortega has a problem most of the world’s super-rich don’t.
Every year, the biggest shareholder of Zara owner Inditex SA has to rapidly invest the billions of euros he receives from the world’s largest retailer of affordable fashion — or face the prospect of handing over a chunk of those proceeds in wealth taxes.