Zara founder Amancio Ortega, 84, unveiled a $17.2 billion global real estate empire. After making a fortune in clothing, Ortega, Spain's richest man, turned his attention to real estate. He has diversified his fashion fortune to preserve his sizable wealth—investing more than $3 billion in U.S. real estate in recent years, including notable properties in
Belmont, MA.
This is the largest real estate portfolio among Europe’s super-rich.
Investing through various subsidiaries of his holding company Pontegadea, Ortega’s real estate portfolio climbed last year by 2.1 billion euros. $3 billion of which is invested in U.S. real estate. Some to note are, Manhattan’s historic Haughwout Building, Miami’s tallest office tower, a downtown Chicago hotel, two Seattle office buildings, a building in Washington’s central business district, and properties in Belmont, MA. These make him the landlord to notable companies like Amazon, Facebook, and Gap.
According to Bloomberg Billionaires Index, Amancio Ortega’s net worth is $58.5 billion however due to the Coronavirus that has decreased more than a 5th this year.
For more on Ortega catch this story over on
Bloomberg.
