Zara founder to receive record $3.7B dividend this year
What's the story
Amancio Ortega, the billionaire founder of fashion giant Zara, is set to receive a record dividend of €3.23 billion ($3.7 billion) from Inditex SA this year. The payout will be split into two installments: one in May and the other in November. This is the largest dividend Ortega has ever received from Inditex since co-founding it over six decades ago.
Dividend details
Inditex announces 4% hike in dividend
Inditex, the world's largest clothing retailer, recently announced a 4% hike in its dividend to €1.75 per share. Ortega, who owns over 59% of the company through his family office Pontegadea Inversiones, is the biggest shareholder. Despite Inditex's share price climbing by 33% over two years and hitting a record high in February, Ortega remains its largest stakeholder with a market cap of €167.6 billion.
Wealth management
Ortega's net worth and investments
With a net worth of around $126.7 billion, Ortega is the 15th richest person in the world, according to the Bloomberg Billionaires Index. He usually invests most of his dividends in real estate, particularly high-end commercial and residential properties in major cities. His family office Pontegadea also invests in renewable energy projects as well as power, gas, and telecom infrastructure.
Real estate portfolio
Real estate portfolio and recent investments
Ortega's real estate portfolio includes some of the world's most iconic buildings such as New York's Haughwout Building, Southeast Financial Center in Miami, Toronto's Royal Bank Plaza and London's The Post Building. Last month, Pontegadea joined a consortium led by Macquarie Asset Management to acquire ports and rail operator Qube Holdings Ltd. for about A$11.7 billion ($8.3 billion).