J. Elías, businessman: “Forbes says I’m worth millions, but I have less than $350,000 in my personal account”

Appearing on the Forbes list might feel like the pinnacle for many people, but not for Spanish businessman José Elías. He says he was annoyed when he saw his name among the magazine’s billionaires, something he later explained on X.

“People don’t understand the difference between net worth and cash,” he wrote. “They think that if Forbes says you’re worth a certain amount, that must be what you have in your bank account. That’s not how it works. I own companies that have value. That is net worth. Forbes calculates it easily because some of my companies are publicly traded.”

“My salary goes into one bank account, like anyone else’s”

Elías says converting that net worth into cash would require selling the companies he built. That is not something he plans to do.

“To turn that into liquid money, I would have to sell my businesses, and I don’t want to sell them,” he explained. “It’s simpler than people think. I have one bank account where my salary is deposited, just like anyone else. I use that salary to pay my mortgage and my everyday expenses.”

Reinvesting instead of stockpiling cash

As for the money beyond that monthly paycheck, Elías says it goes straight into his family office.

“The rest is in the family office, and I use it to buy other companies,” he said. “That is why the Forbes thing bothered me at first. It creates an unrealistic picture. I don’t have piles of cash. I have the money I need to live. The rest gets reinvested.” He added that anyone with extra savings should consider doing the same.

Who is José Elías Navarro

Elías is a Catalan entrepreneur and the founder and president of Audax Renovables, a renewable energy company with operations in several European countries, including Spain, France and Poland. He started his business career at a young age after studying industrial engineering at the Polytechnic University of Catalonia.

In 2009 he launched Orus Energía, which later became Audax Energía. He is involved in companies such as La Sirena, Audax, Ezentis and Aspy Global Services. He also served as one of the guarantors of Joan Laporta’s 2021 campaign for the Barcelona presidency, contributing roughly 40 million euros, or about 46.5 million dollars.

A sprawling business empire

In 2022, Elías was ranked number 30 on the Forbes list. He acknowledged that he oversaw about 180 companies worth a combined 800 million euros, or roughly 930 million dollars. His businesses employ about ten thousand people and generate about 2.7 billion euros, or nearly 3.14 billion dollars, in annual revenue.

He also authored a book, “Billionaire,” where he recounts his journey from being chased by debt collectors to becoming one of the most successful entrepreneurs in Spain.

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