Isidoro Alvarez, a Spanish-born entrepreneur, is worth $1.4 billion.
The current president of El Corte Ingles, who goes by the name Mr.
Alvarez’s involvement in the group has enabled him to become a billionaire.
With a turnover of just under $19 billion, El Corte Ingles is currently one of the biggest department store retailers in Spain.
The company was established in 1940 by Alvarez’s uncle, who was 18 years old when he was welcomed in. However, after Areces’ death in 1989, Alvarez became the chairman.
Alvarez, who has no children, is said to have unofficially named his nephew as the successor to the retail empire.
While El Corte Ingles is primarily focused on department stores, it also has a presence in supermarkets through Hypercor stores and in the travel industry through Viajes El Corte Ingles.