Investment funds and managers from the United States, such as BlackRock and Vanguard, control nearly 50% of the market capitalisation of the Ibex 35, according to data from 2026. The index gained €65 billion in 2025, with banks accounting for half of the profits.
BlackRock and Vanguard, two of the largest fund managers in the world, now control almost half of the market capitalisation of the Ibex 35. This is reflected in the 2026 data, which positions US capital as the major owner of the main listed Spanish companies. This phenomenon is not new, but it has accelerated in recent years.
The Ibex 35 breaks profit records, but inequality grows
In 2025, the Ibex 35 recorded an aggregate profit of €65 billion, according to data from the index itself. The six major banks —Santander, BBVA, CaixaBank, Sabadell, Unicaja, and Bankinter— earned €34 billion, almost half of the total. Since 2019, the profits of the selective index have more than doubled.
The value of the banks and oligopolies in the Ibex 35 increased by 49% in 2025, the largest annual rise since 1993. The index ranked among the most profitable in the world, as highlighted by Larry Fink, president of BlackRock, in statements reported by the financial press.
However, the wealth generated has not translated into an improvement for the majority of the population. A report from Cáritas this year warns that Spain has one of the highest inequality rates in Europe, with a shrinking middle class and millions of impoverished families.
The hole in the pockets of Spaniards
Foreign capital, especially from the United States, owns more than half of the shares on the Spanish stock exchange. This means that a large part of the profits from Ibex 35 companies flows out of Spain to Wall Street. While citizens pay mortgages, rents, and skyrocketing bills, the owners of banks and oligopolies —many of them investment funds— pocket the profits.
Larry Fink, president of BlackRock, recently stated that "more wealth has been created in Spain than ever before" and that the country has done "great things to improve" over the last decade. His words were interpreted as support for the current economic model, but also as a warning: US capital wants to maintain its influence.
For the average citizen, the reality is quite different. Real wages have been cut by inflation, while the prices of housing, energy, and the shopping basket continue to rise. Cáritas points out that "rent has become a poverty trap" and that job insecurity affects nearly 12 million Spaniards.
The political and economic pulse
In this context, the struggle for Moncloa becomes a high-stakes game. The current left-wing coalition government faces elections in a climate of increasing polarization. The alternative, a PP government with Vox, is viewed favourably from Washington and the Ibex 35, according to sources in the financial sector.
A "Trumpist" government in Spain, as some analysts define it, could push policies that dismantle the welfare state and deepen inequality. The only way to avoid this, according to critics, is to promote redistributive measures that cut the profits of banks, energy companies, and oil firms to improve wages, pensions, and public services.
The main weakness of the current government, beyond corruption cases, is that the majority of the population has not noticed an improvement in their finances. With the economy growing but inequality also rising, social discontent has become a breeding ground for political change.
Meanwhile, US funds continue to buy shares in the Ibex 35. BlackRock and Vanguard already control significant stakes in all major banks and companies like Inditex, Iberdrola, or Repsol. The spoils, as some call it, fatten the accounts of Wall Street while Spanish households struggle to make ends meet.
The next move, both at the polls and in the markets, will determine whether this trend consolidates or if Spain seeks a more equitable distribution of its wealth. For now, the feast of profits remains served, and the main diners are on the other side of the Atlantic.
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