The 100 most wealthiest people in Spain have a combined fortune amounting to almost 20% of the country’s GDP, new figures show. Placed in first position on the 100 rich list is the founder of Zara, Amancio Ortega, who alone is worth €71 billion. The textile businessman’s fashion house Inditex is also home to brands Massimo Dutti and Pull & Bear.
Two of Spain’s state owned banks, Bankia and Banco Mare Nostrum (BMN), are currently considering merging together. The merger would take place in mid 2017 once an analysis of the operation is complete, Bankia's Chairman, Jose Ignacio Goirigolzarri, said last week.
Business tycoon Carlos Slim purchases around 100 million euros of shares in Caixabank through his financial firm Inbursa. Caixabank, Spain’s third largest lender launched its €1.3 billion share sale last week, with Grupo Financiero Inbursa and another financial institution buying €380 million between them, reported Reuters.
Banco Popular will try to reduce its toxic property assets by floating a real estate unit worth around €6 billion, reported Spanish newspaper El Pais. The plan, announced in May, is part of an attempt to reduce property assets by €15 billion by 2018.
Last year Spain spent €25.3 million per month paying pensions to people that were no longer alive, according to a National Audit Office report. The report claims that a total of 30,000 deceased pensioners received pension payments in 2015, totalling €300 million over the course of the year, due to ‘holes and deficiencies’ in the governments system.