Europe’s heavily indebted countries are infamously recognized by the financial acronym “PIIGS.” While financial experts namely mention Portugal, Italy, Ireland, Greece, and Spain for bringing the EuroZone crisis to the forefront of the world’s finances, it is not only these nations that are in crisis. Countries such as Argentina and the Ukraine may not be included in the “PIIGS” group, but they have suffered their own economic problems, and financial collapse. It is fact, however, that even within these indebted states, there exists extraordinarily wealthy families who feel nothing of the economic demise, sustaining a lavish lifestyle. Some financial experts have cited that these wealthy families could bail out their indebted homelands at the drop of a hat, and while the reality is they could, the world has witnessed nothing of the kind. Behold, the world’s wealthiest families in some of the most indebted countries in the world.
10 Bjorgolfur Thor Bjorgolfsson, Iceland: $1 Billion Net Worth
9 Carlos and Alejandro Bulgheroni, Argentina: $5.5 Billion Net Worth
8 Américo Amorim, Portugal: $5.8 Billion Net Worth
7 Spiros Latsis & Family, Greece: $7.5 Billion Net Worth
6 Pallonji Mistry, Ireland: $9.7 Billion Net Worth
5 Rinat Akhmetov, Ukraine: $11.1 Billion Net Worth
4 John Fredriksen, Cyprus: $ 11.9 Billion Net Worth
3 Henry Sy & Family, Philippines: $11.9 Billion Net Worth
2 Michele Ferrero & Family, Italy: $22 Billion Net Worth
1 Amancio Ortega Gaona, Spain: $65 Billion Net Worth
Spain’s wealthiest man Amancio Ortega, may be responsible for the global fashion revolution. While he had humble beginnings, today the Spanish entrepreneur is responsible for an abundance of chic designs, and affordable fashions around the world. As the founder of the Inditex Group (Massimo Dutti, Bershka, Oysho, Pull and Bear, Stradivarius, Zara, Tempe, and Uterqüe) Ortega’s presence can be felt in literally every major mall and shopping district in the world. Ortega’s concept of cheap and cheerful fashion altered the habits of shoppers globally, especially in a time of financial crisis. With Spain’s youth unemployment at an astounding 50%, frozen or cut salaries for those humbly employed, Spaniards continue their plight for recovery out of a crisis and the group of “PIIGS.”
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