25 people, hold 10% of the country’s GDP. Who are the wealthiest Portuguese businessman?

  • ECO News
  • 1 August 2018

The Amorim family, is at the top, followed by Alexandre Soares dos Santos, owner of Jerónimo Martins. Belmiro de Azevedo's heirs are the third wealthiest, accordingly to Exame magazine's ranking.

€17.9 bn is the equivalent of 10% of the country’s GDP. The ranking was developed by the Portuguese business magazine, Exame, and it was released this Tuesday.

Amorim family holds their leading position, followed by Alexandre Soares dos Santos, and Belmiro de Azevedo’s heirs, whom have overtaken Guimarães de Mello family’s podium position.

This was the 15th release of Exame’s report, and it revealed that the 25 wealthiest people in the country have a fortune of €17.9bn, which has decreased from the prior analysis from the same magazine, which had shown the 25 richest had accumulated €18.9bn last year.

Cork, food distribution & retail

These are the three areas from which the wealthiest three in Portugal have built their fortunes. The reduction to €17.9bn, in comparison to last years’ €18.9 bn sums, is mostly motivated by the losses Jerónimo Martins’ owners have registered this year.

The ranking analyses hundreds of official documents, reports, press releases, in order to identify who are the 25 richest in Portugal.

Amorim was once again the family standing out in the ranking, with an estimated fortune of around €3.8 bn, as a result of the capital they hold in Galp and Corticeira Amorim. The oil company’s market value is up to €13bn, whilst the cork production company’s stock market value is €1,5 bn. The group also holds shares in Bank Carregosa, Banco Único de Moçambique, and the Luso-Brazilian Bank, even though it has been strategically disinvesting in the financial sector.

Alexandre Soares dos Santos is second at the podium, and his fortune has suffered a great blow last year, falling towards the €1.8bn figure. Jerónimo Martins’ shares depreciation was the main reason behind the losses and subsequent reduction of the businessman’s fortune. Soares dos Santos’ patrimony encompasses, in the retail sector, around 3.677 supermarkets worldwide (Pingo Doce, and Recheio in Portugal, Biedronka in Poland, and Ara in Colombia). Jerónimo Martins also holds a partnership with Unilever, and detain the bestseller olive oil brand, Azeite Gallo. The groups’ total revenue is around €16.2bn.

The heirs of Belmiro de Azevedo’s Sonae empire have jumped from the fourth to the third place at this year’s ranking. Their fortune amounts to around €1.4bn (€1.463bn), and the family’s recovery is mostly due to Sonae’s reinvigoration which fostered the valuation of the company’s shares.

The family Guimarães de Mello, whose fortune has been built with the development of CUF clinics and hospitals. This family’s businesses are run by Vasco de Mello, and it is still amongst the richest, coming in fourth, with a total fortune of €1.456 bn. Right after, António da Silva Rodrigues from Simoldes comes up with a €1.050bn fortune.