Fashion, Retail Dominate Top 10 Eurozone Billionaire List - Wealth-X

Max Skjönsberg

12 July 2012

Spain may be one of the most struggling economies in the eurozone but the country nonetheless boasts the richest person in the monetary union.

Amancio Ortega Gaona, with an estimated net worth of $40.2 billion, is by far the wealthiest person in the eurozone, according to intelligence firm Wealth-X. The fashion icon is behind high street names such as Zara and Bershka.

Wealth-X named Germany's Karl Hans Albrecht as the second richest person in the eurozone. The founder of the supermarket chain Aldi has a net worth of $26 billion. Germany's two other people in the top 10 belong to the same family: Theo Albrecht Junior and Berthold Albrecht with a fortune of $11.2 billion each.

“The strength of families in wealth creation across Europe is clear with three members of the Albrecht family claiming their places among the top 10,” said Stephen Morison, vice president of global research at Wealth-X.

France dominated the list with four people, led by Liliane Bettencourt with an estimated fortune of $23.7 billion. The L'Oreal heiress is one the richest women in the world and the only female representative in the eurozone's top 10.

Wealth-X identified Bernard Arnault, chairman of Moet Hennessy Louis Vuitton, as the second richest French person with a $23.3 billion fortune.

Italy was represented by chocolate maker Michele Ferrero and Leonardo Del Vecchio, the founder of eyeglass frame manufacturer Luxottica, with $16.4 billion and $13.6 billion respectively.

“The dominance of luxury and fashion retail giants points to the mature nature of the economies in the monetary union and reflects the importance of the luxury industry to these economies," said Wealth-X chief executive, Mykolas Rambus.

It is worth noting that wealthy European countries such as the UK, Switzerland, Sweden, Denmark and Norway are not part of the monetary union.