Spanish Gold
Spain’s economy is booming. Personal wealth, certainly for a few, has soared over recent years and there is a growing number of seriously rich individuals in Spain. The number of Spanish billionaires on the Forbes annual ranking doubled between 2005 and 2006 (from ten to twenty) and these twenty count between them an estimated fortune of nearly €88 billion. Running in tandem with the growth in individual net worth has been an explosion in private philanthropy. No less than fifteen of the Forbes 20 have established foundations and all twenty have numerous links to non-profit organisations and initiatives. Philanthropy in Europe took a more detailed look.
Amancio Ortega Gaona
Estimated wealth: €17.7 billion
The world’s eighth richest individual thanks to his Zara fashion business, which Ortega started with his then wife Rosalia Mera (see below). Today his Inditex Group owns over 3,000 Zara retail outlets in 64 countries. Also invests in gas companies, tourism, banks and property, reportedly owns a horse-jumping circuit and part of a soccer league.
Founded the Fundacion Amancio Ortega with an initial contribution of around €60 million, shortly after the first public offering of shares in his company, to promote activities in the fields of culture, education, research and science, with a specific focus on developing innovative solutions to specific problems in society. Key projects include Ponte dos Brozos and the Centre for Development and Technology. Vice-President of the Foundation, Flora Pérez Marcote is Ortega’s second wife. A former employee at one of his factories, Marcote represents Gartlet SL on the board of directors of Inditex. Gartler SL is the largest shareholder in Inditex, holding 59.29 per cent of its share capital.
Rafael del Pino & family
Estimated wealth: €6.34 billion
Founded construction company Ferrovial in 1952 which he ran until his retirement in 2000. Son Rafael Jr. now runs the group, which is of Spain's largest construction companies and one of the world's leading infrastructure groups. The group makes donations in excess of €2 million a year (see corporate special). Founder and President of the Fundaction Rafael del Pino, which awards scholarships to Spanish and Spanish-American students, funds research projects and management training for non-profit organisations. Also awards grants to projects aiming to protect and develop Spain's cultural heritage; and distributes prizes in recognition of Spanish literature, dissertations in the fields of economy, law, business, politics, international relations, mass media and education. Daughter Maria is the foundation’s vice-president.
Enrique Bañuelos
Estimated wealth: €5.7 billion
Founded real estate company Astroc in 1995, which he took public in May 2006, although Bañuelos remains chairman. He owns over 50 per cent of the stock, which has risen in recent months from rose from €6.40 to €71.50. Also has a 5 per cent stake in Banco Sabadell. Makes personal donations to, amongst others, the Valencian Institute for Modern Art, a centre for cardiovascular research and a women's handball team. His Fundacion ASTROC, headquartered in Valancia, aims to promote knowledge of Spain’s cultural heritage. Opening an office in Nezw York in 2006, the foundation held a paella evening in Central Park, feeding 20,000 people. Also has offices in Madrid and Mallorca.
Fundacion ASTROC
www.fundacionastroc.org
Esther Koplowitz
Estimated wealth: €4.12 billion
Esther Koplowitz is Spain’s richest woman, ranking 137 in Forbes 2007 rich list. Together with sister Alicia (see below) inherited construction company Fomento de Construcciones y Contratas from their late father. They ran it together from 1989 to 1997, when Esther bought out her sister for €587.5 million. She now owns 38 per cent of the company and sits on the supervisory board. She is a prominent philanthropist and a patron of the Asociación Española de Fundaciones. Established the Fundacion Esther Koplowitz in 1995. It has recently announced an increased focus on medical research with a €15 million investment in a biomedical research centre, which is scheduled for completion in 2010. Other projects include funding the construction of a residential centre for adults with physical and mental disabilities in Valencia and the development of a day centre for people with cerebral palsy in Madrid. The foundation has made donations in excess of €60 million since it was established, with all revenue donated personally by Esther Koplowitz.
www.fundacionestherkoplowitz.org
Alicia Koplowitz
Estimated wealth: €3.7 billion
Following the sale to her sister of her inherited stake in Fomento de Construcciones y Contratas invested the proceeds in numerous companies, including Enagos, Endesa, Inditex and Banco Sabadel, as well as a number of hotels in Spain, Italy and Portugal, and property in the United States. Together with her financial advisor Oscar Fanjul, former chief executive of Repsol, she is in the process of creating one of Spain's first hedge funds. Founded the Fundación Vida y Esperanza in 1994 to help children and young people, which she has since fused with her Fundacion Alicia Koplowitz. The foundation supports medical and scientific research projects, programmes helping children with mental health problems receive an education, as well as a number of other initiatives promoting the improved welfare of children and young people. Special foundation projects include a Centre for Multiple Sclerosis, names after Koplowitz.
www.fundacionaliciakoplowitz.org
Luis Portillo
Estimated wealth: €2.7 billion
Holds a 38 per cent stake in property company Inmobiliaria Colonial where he is also Executive Director and Chairman. An alumni of ESADE, Portillo through his company funds the business school, although aside from this both Portillo and his company appear to have scant interest in philanthropy. Instead he is reputed to love the countryside and boating.
Manuel Jove
Estimated wealth: €2.6 billion
Developed his business into one of Spain's leading property companies, Fadesa Inmobiliaria, taking it public in April 2004. In September 2006 agreed sold a 55 per cent stake in the company to property group Martinsa for €2 billion, catapulting him into the group of the mega-rich. Co-founder, along with other members of his family of the Fundación María José Jove, based in the family’s home region of Galicia. Established in 2002, the foundation concentrates its resources on the fields of education, culture and health, with a specific focus on the needs of children.
www.fundacionmariajosejove.org
Isak Andic
Estimated wealth: €2.5 billion
Head of the Mango group, known for making reasonably priced, trendy women's clothing, with more than 800 outlets in 81 countries. Also has shares in Banco Sabadell, one of Spain's largest banking groups and sits on its board. Family came to Spain from Turkey in the 1960s. On the philanthropy front takes part in foundation organised events, including one held by the Fundación Encuentros BCN and sits on various prize juries, including ones for the Fundacion Principe de Asturias and ESADE business school. The Mango group has also funded the establishment of a design centre in Barcelona.
www.fundacionencuentrosbcn.org
Rosalía Mera
Estimated wealth: €2.5 million
Ex-wife of Amancio Ortega (see above) and co-founder of the Zara chain of clothing retailers and she still holds a 7 per cent stake in the holding company. Mera also received over €440 million at the time of Inditex's public offering. Has since invested in a Spanish film production company, marine fish farming group, a company that looks for cancer treatment in compounds found in the sea, and a manufacturer of a fingerprinting identification system for newborn babies. She is also the founder and president of the Paideia Foundation, which funds projects and initiatives aimed at favouring integration, socially and in the workplace, for society's most vulnerable groups; and undertaking initiatives aimed at local, economic, cultural and environmental development of areas with little access to resources.
Jesús de Polanco
Estimated wealth : €2.2 billion
Founded the Grupo Prisa media company in 1976, whose publications include El País, one of Spain's leading dailies, financial paper Cinco Dias, and film magazine Cinemania. Also holds a 18 per cent stake in French newspaper Le Monde. Passionate about the preservation and promotion of Hispanic culture and has been awarded a medal by the Hispanic Society of New York for his work. De Polanco is a member of the European Academy of Arts and Science, a patron of the Fundación de Ayuda contra la Drogadicción, co-president of the donors’ committee of the Fundación Escuela de Periodismo EL PAÍS/ Universidad Autónoma de Madrid. In addition, in 1979 he founded the Fundación Santillana, which seeks to promote co-operation in the fields of education, media and culture. The foundation funds experimental educational projects; conducts conferences and studies on educational policies; organises cultural exhibitions; publishes educational materials; and conducts projects on the mass media in both Spain and Latin America.
Juan Abelló
Estimated wealth: €2 billion
Sold his family pharmaceutical business in 1985 and invested proceeds in several businesses, from banking to textiles, as well as a 10 per cent stake of construction giant Sacyr Vallehermoso, of which he is a vice president. Known for his valuable art collection, enthusiasm for hunting, bullfighting and football. In 1986 he established the Fundación Juan Abelló Pascual (FJAP) with the aim of promoting research in the area of arteriosclerosis. The foundation also funds cardiovascular and biomedical research.
349 Gabriel Escarrer
Estimated wealth: €1.9 billion
Opened his first hotel aged just 21 in Palma de Majorca. Runs the Sol Meliá group, which now has more than 350 hotels and resorts in 30 countries, including 20 in Cuba, and a number of others in Latin America and Caribbean. Has been named the Tourism Personality of the Century. Philanthropic involvement include the Premio Internacional de Estudios Turísticos Gabriel Escarrer at the University of the Baleriac Islands, where his company also funds the Sol Meliá Chair in Tourism Studies. The company has also made a donation of around €40,000 to the Society of Incentive and Travel Executives and provides funds for disaster and emergency relief. The Group is a member of the Fundacion Empresa y Sociedad.
Luis del Rivero
Estimated wealth: €2.3 billion
Chairman of Spanish construction company Sacyr Vallehermoso, which he founded in 1986 with José Manuel Loureda; owns nearly 14 per cent. Former director of Real Madrid football club, along with fellow billionaire Juan Abelló. Also a director of Europistas SA and Testa Inmeubles en Renta SA. Sacyr’s community involvement has been recognised by the Fundacion Codespa’s annual awards recognising corporate involvement; initiatives include a partnership with the Morroccan Fundación Forja XXI, to provide training and emàployment opportunities, support for the Fundación Universidad Alfonso X el Sabio, and funding for a training centres established by the Fundacion ONCE and Fundación Juan XXIII. Rivero is a supporter of the Fundación Eduardo Barreiros and a trustee of the Fundacion Silos, which work respectively in the fields of technological innovation and art and cultural heritage He is also a trustee of the Fundación Carlolina, headed by King Don Juan Carlos, which aims to promote educational, cultural and scientific cooperation between Spain and the rest of the world, with an emphasis on Latin America.
www.sacyr.com
www.fundacionbarreiros.org
www.fundacionsilos.com
www.casareal.es
José Manuel Loureda Mantiñán
Estimated wealth: €1.7 billion
Co-founder of construction company Sacyr (see above); became president of Sacyr Vallehermoso when the two companies merged in 2003 and retired in November . He remains a director of the company. A founding member of the New Economic Forum, Loureda’s personal philanthropy is hard to trace, although his involvement with Sacyr linked him to a number of philanthropic projects (see above).
Emilio Botín
Estimated wealth: €1.6 billion
Fourth-generation banker who became head of Banco Santander in 1986, now built into Santander Central Hispano, the world's tenth-largest bank by assets (see corporate special). He is President of the Fundacion Marcelino Botin, established in 1964, which makes grants totalling around €11 million a year, in the fields of science and technology, social sciences, arts and creativity, heritage and social development. Also founded the Fundacion Emilio Botin in 1964 to support projects in the areas of social welfare, medical research, education and culture.
www.fundacionmbotin.org
Fundacin Emilio Botin, Telephone: +34 (942) 226072
Florentino Pérez
Estimated wealth: €1.4 billion
The former president of Real Madrid football club, holds a nine per cent stake in A.C.S. (Actividades de Connstrucción y Servicios S.A.), Spain’s largest construction company, which he has headed since 1993. ACS provides support in a number of areas and claimed 750,000 people benefited from its services in 2006. A total of €2.43 million was distributed within the areas of the environment, accessibility, promotion of culture and education, heritage promotion and preservation, and institutional development. The company has also established the Fundacion ACS, with Perez as president, which operates in three areas; restoration of cultural and historical artefacts, the environment and social solidarity. Pérez is also president of Down Espana, Spain’s non-profit representing people with Down Syndrome.
www.fundacionacs.com
www.grupoacs.com
José Maria Aristrain
Estimated wealth: €1.3 billion
Hit the headlines last summer for backing Lakshmi Mittal in his successful attempt to merge pan-European steel group Arcelor with Mittal Steel to form Arcelor Mittal, now the world's largest steel company. The deal netted Aristrain a 2.6 stake of the new company, making him the third-biggest shareholder after Mittal and Romain Zaleski. Founder of the Fundación José María Aristrain, which supports scientific research in a number of fields, including physics.
Fundación José María Aristrain,
c/o J. M. Aristrain SA, Barrio de Yurre s/n, Olaberria, Spain.
Joaquín Rivero Valcarce
Estimated wealth: €1.25 billion
Heads up the Metrovacesa construction company, which was founded by his father. Has a huge collection of Spanish art, spanning four centuries which he houses in Jerez, on the grounds of his sherry company, Bodegas Tradición. The Fundación Rivero, presided over by his wife Helena Rivero, regularly exhibits the collection, which includes works by Velázquez, Zurbarán and Goya. Rivero is also a trustee of the Fundacion de Estudios Financieros Metrovacesa’s corporate involvement focuses on social welfare initiatives, particular where support is given to disadvantaged people. Specific initiatives include collaboration with the Fundación San Francisco de Borja, which works with people with intellectual disabilities and a donation to the Sala Snoezelen, which provides sensory stimulation to people with disabilities.
Manuel Manrique
Estimated wealth: €1.2 billion
Joined Sacyr in 1987 (see above). Manrique is now the company's managing director and first deputy chairman. Holds a nine 9 per cent stake, making him its fourth-biggest shareholder. Manrique is a trustee of the newly founded Fundación Juan XXIII
Juan Bautista Soler Luján
Estimated wealth: €1 billion
Property developer operating through his eponymous Grupo Juan Bautista Soler, primarily in Southern Spain. Partners with fellow developers Enrique Buñuelos and Joaquín Rivero. His company’s community involvement focuses on supporting sporting events, including fishing and boating competitions as well as UNICEF and a Valencian non-profit promoting social solidarity. Bautista is a patron and member of the strategic council of thefoundation governing the Estema Business School, supporter of an arts centre in Valencia and a patron of the Fundacion de la Comunidad Valenciana Bienal de las Artes. President of Valencia CF since 2004, Bautista also presides over the football club’s Fundacion VCF.
Extracted from Philanthropy in Europe – Issue 26