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Rich List, said: “The amount of wealth on the list shows the extraordinary attraction of the London commercial and residential market to overseas billionaires.” This compares with a total of £547.1bn for the 1,000 names on the For 10 years the Duke of Westminster reigned supreme.Then, in 2013 the duke was toppled by Chinese property entrepreneur Wang Jainlin of Dalian Wanda with his fortune of £10.4bn – pushing the duke into fourth place.
Three months previously, Ortega acquired Rio Tinto’s headquarters in St James’s Square, SW1, for £225m.Amancio Ortega’s desire for London property shows no sign of diminishing.The founder of Spanish clothing empire Inditex, Ortega has the cash to splash on prime assets.This year, Ortega holds on to the number one spot with an increase of £10bn, while Jianlin’s wealth increase of £12bn from 2013 to 2015 puts him in the number two position. What this shows is property in the UK, and London in particular, is continuing to be viewed worldwide as a safe haven for investment from the financial storm clouds that continue to threaten internationally – particularly in the Asian markets.
The Chinese stock market crash in June has everybody worried.The Ponte Gadea investment vehicle now has assets of .5bn (£3.5bn) and develops real estate projects in cities including Madrid, Barcelona, Paris, New York City and London.