Jose Llado Fernandez-Urrutia, a Spanish politician and businessman, has a net worth of $1.6 billion.
Fernandez-Urrutia, who is new to the list of billionaires, is the founder of Tecnicas Reunidas, a contractor in Spain that specializes in engineering, procurement, and construction of industrial and power generation plants, particularly in the oil and gas field.
The company, which was founded in 1960, has grown to a multibillion-dollar business with estimated $3.6 billion in revenues by 2012. In February 2013, it won the bid to construct a refinery for Lukoil in Russia, while its ongoing projects include three petrochemical plants in Saudi Arabia.
Llado’s net worth increases with every successful project completion and stock increase, given his 37% ownership in the company and role as chairman.
Shares saw a rise of approximately 30% in the last year.