All the ways Zara's founder is running away from taxes Between real estate investments around the world and dividends
It seems that sales have not only arrived at Zara, but also for its founder, Amancio Ortega. The Spanish billionaire, founder and majority shareholder of the Inditex group, has embarked on a shopping spree to ease the burden of wealth taxes imposed by Spain—the only European country to directly tax large fortunes rather than just income. According to Bloomberg, over the past three months his private investment firm, Pontegadea, has made real estate acquisitions worth more than $500 million. Recent deals include a five-star hotel in Paris, a residential complex in Florida, and a property on Barcelona’s prestigious Avinguda Diagonal. But that's not all—according to some sources, Pontegadea is also in talks to acquire an office building in Miami valued at around $275 million. A deal that would further expand the real estate empire of a man who already owns the largest private property portfolio in Europe.
These acquisitions don’t appear to be random, but rather part of a calculated tax avoidance strategy: Ortega, who owns 59% of Inditex, received this year his highest-ever dividend from the fast fashion giant—about 3.1 billion. According to Spanish law, if this money remains unused or simply deposited, it could be subject to a levy of up to 2.5% on net wealth as of December 31, with even higher rates possible depending on the region. The fastest workaround? Immediate reinvestment—avoiding the risk of losing tens of millions of euros each year in taxes. But it’s not just about collecting trophies. As Marc Debois, founder of consulting firm FO-Next, explained, «for Pontegadea the choice is simple: reinvest every euro of the Zara dividend or watch millions evaporate each year.» More than luxury hunting, this is a clear exercise in fiscal risk management. Over the years, this strategy has turned Pontegadea into one of the most active and influential family offices in the world, with assets totaling 34.3 billion by the end of 2024—a 10.6% increase from the previous year. In addition to properties in key cities like New York, London, Toronto, and Seoul (rented to tech giants like Amazon and Meta, as well as competitors like H&M), Pontegadea also invests in energy and infrastructure. Behind all of this is still Ortega, who at 89 years old remains the thirteenth richest man in the world, with a fortune estimated at $115.2 billion, according to Forbes.
