Two Malaga businessmen featured on Forbes’ list of the richest Spaniards

Olivo and Domínguez.
Olivo and Domínguez. / SUR
  • The biggest fortune in Spain belongs to Inditex boss, Amancio Ortega, with 57 billion euros

Forbes’ list of the wealthiest Spaniards in 2020 once again includes two businessmen closely linked to the province of Malaga: Rafael Domínguez de Gor, president of the children’s clothes company Mayoral; and Tomas Olivo, representative and principal shareholder of General de Galarias Comerciales (GGC), which owns shopping malls including La Cañada in Marbella.

Olivo has gone from being 7th on the list to 9th, as his accumulated wealth has been reduced from 2.1 billion euros to 1.7 billion in the last year. In comparison, the textile manufacturer has gone up 10 positions in the list, moving from 50th to 40th, despite the fact that his level of wealth has remained the same between 2019 and 2020.

Domínguez de Gor has gone up the rankings of the most powerful people in Spain without increasing his fortune due to the fact that the wealth of the majority of people on the list has reduced in the last year.

The economic crisis caused by Covid-19 has also affected the 100 richest people in Spain whose wealth has reduced by 12% in total to 130.5 billion euros according to the list in Forbes magazine.

La Cañada boss

Tomas Olivo is an entrepreneur from Murcia, although the largest parts of his business are in Madrid and Andalucía. Among these businesses is the Marbella shopping centre La Cañada. According to Forbes, he has built up an empire which is listed on the Alternative Spanish Equity Market with a capital of 3.6 billion euros.

This great leap in the ranking of the wealthy was made two years ago thanks to the compensation of more than 168 million euros received from the Junta de Andalucía. A judgement by the Supreme Court ordered the independent government to pay this sum to the business man, in view of the damage caused during the years in which the Nevada shopping centre in Granada was closed.

Nonetheless, part of the fortune he amassed has diminished from last year to this year; in 2019 Forbes reported an amount of 2.1 million euros compared to today’s amount of 1.7 million euros.

Mayoral success

On the other hand, Domínguez de Gor is the owner of the children’s clothing company Mayoral and also a very active investor with shares in firms such as the pharmaceutical companies Rovi, Renta 3, CAF, General de Alquiler de Maquinaria etc. This year he sold a great number of shares in the company Masmovil.

Domínguez de Gor started to weave his own textile empire from his parents' hosiery factory he took over in 1965. The family business had expanded to Malaga from Yunquera and was going through a difficult time due to the nylon boom. It is now impossible to recognise this small business in the large company this industrial engineer has built, based on his policy of continuous improvement and an early commitment to internationalisation.

Mayoral had a turnover of more than 360 million euros in 2019 and is one of the most profitable companies in the region; in 2018 (the last time the tax return was reported) the business earned 50.8 million. These recurring benefits combine with the dividends earned by the shares owned by Domínguez, increasing the family fortune to earn its place on the Forbes list.

Unicaja link

The two men from Malaga included on the Forbes list have something else in common, aside from their large portfolio: they are both shareholders in Unicaja Banco.

Tomas Olivo has recently increased his share in the bank to 5.76% after a further investment of 50 million euros. For his part, Rafael Dominguez de Gor owns 5% through his holding company Indumenta Pueri.

Zara boss in first place

This year Forbes has placed Amancio Ortega, the owner of Inditex, the textile firm that includes several high-street stores, including Zara, at the top of the list of wealthy Spaniards. His fortune of 57 billion euros, six billion less than in 2019, is equal to that of the next 45 richest people in Spain, reported the Efe news agency.

Sandra Ortega, daughter of the founder of Inditex, continues to occupy second place in the rankings with a fortune of 5.6 billion euros, followed by Juan Roig (owner of Mercadona), with 4.1 billion, 1.4 billion more than in 2019. Roig moves up the list from 5th to 3rd place due to the earnings of his company and its management during the pandemic.

Rafael del Pino (Ferrovial), with a fortune of 3.2 billion euros and Juan Abelló (Torreal) with 2.7 billion, complete the top five places on the list.

To sum up, the top five wealthiest people on the list are worth as much as 72.6 billion euros, which makes up 55.6% of total wealth.

Coronavirus effect

According to Forbes, the coronavirus crisis has affected all sectors, but particularly the tourism industry, which is reflected in cases such as Miguel Fluxà, president of Iberostar, who has dropped from fourth to tenth position with 1.5 billion, 50% down on 2019.

In addition, the president of the Meliá hotel chain, Gabriel Escarrer, has also been affected, dropping from 27th place to 52nd, going from 1 billion in 2019 to 425 million in 2020.

The motor industry is another of the sectors affected by the Covid-19 crisis. Francisco Riberas and Juan María Riberas (Gestamp) have fallen from 22nd to 23rd, since the value of their share capital has reduced from between 1.4 and 1.5 billion to 1.1 billion.


However, the 2020 list of the 100 richest people in Spain has also gained 17 new names, such as the owners of Inveravante, Felipa and Manuel Jové Santos, (42nd place), with 500 million each; the Solaria shareholder Dolores Larrañaga (59th place), with 375 million and Juan, Javier and Iván López Belmonte of Laboratorios Rovi (71st), with 300 million.

Julio Iglesias continues to lead the rankings of wealthiest people in the world of culture, music and sport, with 800 million euros and goes up from 37th place to 29th, although this year Carmen Thyssen stands out, taking up 37th place with 600 million.