“Madrid has become the place to invest and the place to be."
Interview with José María Michavila
Founding partner and Managing Partner of MdF Family Partners and former Minister of Justice, who welcomes us in his office in the heart of Madrid.
“Madrid has become the place to invest and the place to be.”
Interview with José María Michavila
Socio fundador y Managing Partner de MdF Family Partners y exministro de Justicia, nos recibe en su despacho en el corazón de Madrid.
By: Noelia Jiménez
There are those who speak of justice because they have forged their titles among the pages of heavy codes, and there are those who care for the word itself, who caress it, and invite it to sit at the table each day, because they carry it within them. Because they have grown up knowing that in life, in the end, everything is a matter of principles. And among them, honesty is fundamental.
José María Michavila belongs to the second category of people. Although, in reality, he also has something of the former: he is a privileged mind who, with a great passion for study, gave strength to his career; and, moreover, he is a man of spirit, of that deep faith that does not remain in silent prayer –though it does as well– but turns each gesture into an offering of commitment to life.
Michavila welcomes us in his office at MdF Family Partners, just a few meters from the Puerta de Alcalá. The afternoon light filters through the windows and casts an autumn glow over a black leather briefcase that once belonged to the banker of King Alfonso XIII, and several well-worn portfolios that still hold within them the silence of numbers that once shaped the wealth of great families and companies.
José María Michavila next to the briefcase that belonged to the banker of King Alfonso XIII
Reviewing your résumé is impressive: PhD in Law, degree in Contemporary History, legal counsel of the Council of State, former minister, professor, entrepreneur, philanthropist…
...and father of five children. My great hobby is my family: my wife, my children, my siblings, my mother –because my father is no longer with us–. And my friends, of course. I love people who enjoy life because I like life very much.
Returning to the question, there is something I learned from a young age: in my home, the Gospel is read, and it says that God gives each person certain talents and that they must be made fruitful. Well then, I was given a great inclination to educate myself, to train myself, so I applied myself very intensely. And the truth is that throughout my career I have had the good fortune to try to give back to others what has been given to me… which has been a great deal.
What has been the central value that has guided your professional life and brings together all these facets? On the one hand, the commitment to doing things well. To be very honest in taking care of the details. On the other hand, the desire to grow, to improve, to give the best of yourself. And to find the path of your vocation. I believe that a person does things well when they discover what their vocation is and are able to carry it out. Not everyone has the good fortune to achieve this, because there are people who do not have the means or the conditions to do so; that is why I consider myself fortunate.
And what is that vocation? Because your professional facets are somewhat different…
I believe that if I were a child today, I would be diagnosed with hyperactivity: at nine years old I was directing a newspaper, of which I still keep copies at home. We printed it in a handcrafted way, using fish glue, and distributed it among the family. Afterwards, I pursued three degrees because I liked all three: Philosophy, History, and Law. I took two competitive examinations because I liked both: Council of State and university professor… and that has been my good fortune, to have had the opportunity to do all the things I liked.
“The great value of what we do at MdF Family Partners is our total, full, and exclusive commitment to the mission of the family’s wealth, which makes us fully independent.”
"The great value of what we do at MdF Family Partners is our total, full, and exclusive commitment to the mission of the family’s wealth, which makes us fully independent."
The Wealth Report 2025 presentation, Hotel Mandarin Oriental Ritz
This year we had the good fortune of having you at the presentation of The Wealth Report 2025, in which the growing interest of Family Offices in investing in the real estate sector and their preference for Madrid was highlighted. As founding partner and Managing Partner of MdF Family Partners, which advises more than 130 families with over 130 billion dollars under its supervision, what do you consider this interest in Madrid to be based on? What does our city offer to investors?
For large families, initially Latin American, but now also North American, British, and Nordic, Madrid has become the place to invest. And also the place to be. First, because it is an extraordinarily lively, joyful, growing, and dynamic city. Second, because it is a very safe city, and today safety has high value. Third, because culturally it is unbeatable: Madrid has an intense cultural life that offers museums, opera, concerts, musicals, cinema... And, moreover, within a radius of just 150 kilometers around the capital, we find seven cities that are World Heritage Sites.
On the other hand, Madrid has a municipal and regional government that is business-friendly, with lower taxes.
We should not forget the climate either, because Madrid is the European capital of sunshine: it is the major European city with the most hours of sunshine, almost 3,000 a year.
Another exceptional factor is the quality of healthcare: I live between London and Madrid and I can say that the quality of healthcare in Madrid is a thousand times better than in England, both in public and private hospitals.
I would also highlight connectivity and mobility: crossing Madrid during rush hour has nothing to do with other capitals such as Paris, Rome, London or Berlin, where traffic is madness.
And finally, I would highlight that Madrid is an open city, that embraces those who come. In Madrid no one feels like a foreigner; rather, we all feel Madrilenian… and I say this as someone whose mother is from Cádiz and whose father was from Castellón de la Plana.
Offices and prime residential are the sectors with the greatest presence in Family Office portfolios. In your experience, what are the crown jewels that Madrid offers in this regard?
Madrid now has many areas of growth. Certainly, where there are the greatest expectations for growth in terms of offices is across the entire development of Madrid Nuevo Norte. As for residential, Salamanca remains a very attractive area, although I highly recommend Chamberí because I believe it is experiencing a very interesting moment.
Of course, I would mention the Retiro area, which I find fascinating, especially that part around Menéndez Pelayo and the Niño Jesús neighborhood, which are perhaps somewhat less well known sectors than, for example, Jerónimos. And what I love about them is that they still maintain neighborhood life, with your newsstand, your bakery, your greengrocer’s… This makes urban life in Madrid very attractive. I grew up precisely on Avenida del Manzanares and later lived in the Niño Jesús neighborhood, where I still visit my mother, and I find it an absolute delight.
Managing wealth is much more than managing money: values such as legacy and family cohesion come into play. What are the pillars that guide your actions in these aspects?
The great value of what we do at MdF Family Partners is the total, full, and exclusive commitment to the mission of the family’s wealth, which makes us fully independent: we have no conflicts, we are only compensated by the family, and we have neither commissions nor investment fees. And, on the other hand, we work with the highest level of professionalism and great integrity.
In summary, I would say that commitment, professionalism, and integrity are the three principles for properly advising a family. And this implies having a great team, well trained in different areas, and also large in size: at MdF we have more employees than clients, and I am proud that this is the case.
Your professional career has a very notable dimension related to teaching. What would you highlight about Madrid and its educational institutions compared to other major European capitals? I had the great privilege of being appointed Secretary General of the great university of Madrid, the Complutense University of Madrid, at the age of 29. At that time it had 140,000 undergraduate students, 30,000 doctoral students, more than 2,000 full professors, and 27 faculties. Well then: today Madrid has 19 universities, of which six are public and thirteen private. The vast majority of them are institutions of great quality and have become international benchmarks: the Complutense, for example, is a reference worldwide and especially in Latin America; IE Business School or Instituto de Estudios Bursátiles (IEB) are two other examples of excellence… and we could continue the list.
Alongside this, I would highlight that Madrid, despite not being essentially a university city like, for example, Salamanca, is a great city for university students: here they find many opportunities to train, to broaden their vision and their professional outlook, to integrate into the market… and, beyond the classroom, the happy life of Madrid completes its great appeal.
“Madrid is on the right track. I believe it will continue to grow, and I hope it continues to be what it is today: a safe, joyful, and dynamic city.”
You are a trustee of several foundations, among them the Norman Foster Foundation, which works on training professionals capable of managing more human and sustainable cities. How do you think Madrid will be in the future?
Madrid is on the right track. I believe it will continue to grow, and I hope it continues to be what it is today: a safe, joyful, and dynamic city.
If you were to get lost in a corner of Madrid, where would we find you?
Perhaps in Retiro or in the area of Madrid de los Austrias. The Council of State is there, where I passed my first competitive examination, and I love it. Very nearby we find Plaza de Oriente… and there, a good sunset while listening to the first movement of Piano Concerto No. 1 by Pyotr Ilyich Tchaikovsky or Messiah by George Frideric Handel –depending on the time of year– is a spectacular moment in life.
What is, for you, the greatest luxury in life?
To reach the certainty that God loves you. And if you have that certainty that God loves you and asks you to bring that love into what you do every day, whether great or small, to the people around you –whether it is your family or the person passing by your side–, that very love is a treasure. Feeling that you contribute to the well-being of others is, honestly, one of the greatest sources of happiness.