Panama’s economic landscape is shaped by several prominent families whose wealth stems from diverse industries, including finance, real estate, and manufacturing. Here are some of the wealthiest families in Panama:
1. Motta Family
The Motta family, led by Stanley Motta, is a significant force in Panama’s business community. Stanley Motta’s net worth is estimated at $1.1 billion as of January 2025. His business interests span aviation, banking, property, insurance, and duty-free retail. Notably, the family owns Copa Airlines, Banco General, and ASSA Compañía de Seguros. Their investments also include high-end real estate and the Panama Canal shipping terminal at Colón.
2. Varela Family
The Varela family is renowned for its ownership of Varela Hermanos S.A., Panama’s largest liquor producer, established in 1908. Juan Carlos Varela, a member of this family, served as Panama’s president from 2014 to 2019. Before his presidency, he was the executive vice president of the family business. The Varela family’s influence extends beyond business into the political sphere, reflecting their significant role in Panama’s economic and social development.
3. Gilinski Family
Jaime Gilinski Bacal, a prominent figure in the Gilinski family, is considered one of the wealthiest individuals in Panama. His net worth is estimated at $2.4 billion. Bacal studied in the United States and worked for Morgan Stanley before establishing his own banking empire. His family’s wealth is primarily derived from banking and finance, with significant investments in various sectors.
4. Waked Family
The Waked family has amassed wealth through various business ventures, including retail and real estate. Their influence in Panama’s economic landscape is notable, with investments spanning multiple industries. The family’s business activities have significantly contributed to the country’s economic development.
5. Yaafar Family
The Yaafar family is recognized for its substantial contributions to Panama’s business sector. Their wealth is derived from investments in various industries, including retail and real estate. The family’s business activities have played a significant role in shaping Panama’s economic landscape.
6. Varela Family
Another influential family in Panama is the Varela family, distinct from the previously mentioned Varela family. This family has made significant contributions to the country’s economic development through various business ventures. Their wealth is derived from investments in multiple industries, including retail and real estate.
7. Gashem Family
The Gashem family is known for its substantial wealth and influence in Panama. Their business activities span various sectors, including retail and real estate. The family’s contributions have significantly impacted Panama’s economic landscape.
8. Emroue Family
The Emroue family has established itself as a significant entity in Panama’s business community. Their wealth is derived from investments in various industries, including retail and real estate. The family’s business activities have played a crucial role in shaping Panama’s economic development.
9. Salmen El Wasir Family
The Salmen El Wasir family is recognized for its substantial wealth and influence in Panama. Their business ventures span multiple sectors, including retail and real estate. The family’s contributions have significantly impacted Panama’s economic landscape.
These families have played pivotal roles in shaping Panama’s economic landscape through their diverse business ventures and investments.