Tomás Olivo from the Costa del Sol ranked among Spain’s wealthiest top-10 individuals

Tomás Olivo, a Costa del Sol-based entrepreneur from Spain, has secured the 10th position on Forbes’ list of the wealthiest individuals in the country in 2023. He is the Proprietor of General de Galerías Comerciales Socimi, S.A., a publicly traded real estate investment company that ranks among the most significant players in the Spanish real estate sector.

Olivo, who boasts a staggering net worth of $2.6 billion, is originally from Murcia, but he’s forged strong ties with the Malaga province over several decades. Preceding Olivo on Forbes’ list of the wealthiest individuals in Spain are renowned names, including Amancio Ortega, the leader of the Inditex fashion empire, with an impressive fortune of $87.8 billion. 

Next to Ortega is Sandra Ortega Mera ($7.7 billion), followed by Rafael del Pino Calvo-Sotelo, the president of Ferrovial ($4.7 billion); Juan Roig, the president of Mercadona ($3.5 billion); and Daniel Francisco Maté Badenes (known as Daniel Maté), who owns approximately 3% of Glencore plc ($3 billion). 

Forbes also features another representative from Malaga on its list, Manuel Domínguez de la Maza. Serving as the managing director, chief executive, and sole administrator of Mayoral, a prominent fashion brand, Domínguez de la Maza occupies the 64th position in the rankings and boasts a wealth of 610 million euros.

Son of Rafael Domínguez de Gor, who in 2020 was ranked as the 40th richest individual in Spain, Domínguez de la Maza also holds ownership interests in the family holding company, Indumenta Pueri, which is Mayoral’s parent company. He also has shareholdings in companies such as Laboratorios Rovi, Adolfo Domínguez, and Unicaja Banco, among others. 

It is worth noting that Tomás Olivo ascended 11 positions on the Forbes list in the past year to secure his current position. In 2022, he was ranked 17th with 1.5 billion euros. 

Being able to more than double his wealth from the previous year helped Olivo to climb 11 positions in 2023 even if in 2021, Olivo held the 16th position with 1.3 billion euros. His last appearance in the top 10 was in 2020 when he secured the ninth rank.

Initially Olivo made his debut on the list of Spain’s wealthiest individuals in 2018, a year after his real estate company was publicly listed on the former Alternative Stock Market, which has since been renamed BME Growth. His fortune stood at 1.8 billion euros then.

This figure experienced a dip to 1.3 billion euros in 2021. But over the last two years, it has rebounded substantially, almost doubling the initial amount.

Olivio’s real estate company has designed and managed various commercial complexes in regions such as Andalucía, Catalonia, the Canary Islands, and Murcia and is said to have has plans for new projects in sizeable acquired land reserves and expansions of existing commercial centers in the coming years.

Olivo, who recently gained attention for becoming the second-largest shareholder of Unicaja Banco, holding a 9.12% stake in its capital, manages assets including the Parque Comercial La Cañada in Marbella, the Centro Comercial Mediterráneo, and the Parque Comercial Gran Plaza in Almeria, through his real estate entity. The company also operates the Catalonia-based Mataró Parc Shopping Centre.

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