Zara Founder Worth $66 Billion Is Spending Big to Avoid Tax Hit

Spanish billionaire Amancio Ortega has a problem most of the world’s super-rich don’t.

Every year, the biggest shareholder of Zara owner Inditex SA has to rapidly invest the billions of euros he receives from the world’s largest retailer of affordable fashion — or face the prospect of handing over a chunk of those proceeds in wealth taxes.

Amancio Ortega

Photographer: fotopress/Getty Images

As the continued success of Zara swells Ortega’s coffers with ever-increasing flows of dividends, deploying that money quickly is becoming a challenge. Just last week, Inditex announced a 29% jump in its payout, handing the 86-year-old tycoon close to €2 billion ($2.2 billion).

Ortega, who controls 59% of Inditex, has to invest that amount within the ...