Rothschild. Merely pronouncing this surname evokes money, power, and intrigue. For 250 years, the dynasty’s checkbook has financed much of History with a capital H — from the Napoleonic Wars to the Suez Canal and the Zionist dream of the State of Israel. Mayer Amschel founded his empire in the Frankfurt ghetto at the end of the 18th century. Days before his death, he signed his will with two very clear directives: business was to remain strictly in the hands of the male heirs, and the family’s Jewish roots must be preserved, resorting to endogamy if necessary. The patriarch would turn in his grave if he saw that the main banking group that survives from his seed is now run by a woman who does not carry Rothschild blood and is not Jewish.
Ariane Langer is today the Baroness Ariane de Rothschild, but 59 years ago, when she was born in San Salvador in El Salvador, she was simply the daughter of an expatriate executive working for a German pharmaceutical multinational in that small country.
“I didn’t set foot in Europe until I was 18. It seemed like a world of madmen. It was so cold,” she admits. She was used to other climates. During her childhood and adolescence, the Langer family lived in several countries across Latin America and Africa. Their eventual landing in Europe took place in France, her mother’s homeland. Ariane pursued higher education in Paris, later earning an MBA from Pace University in the United States. She began her career at AIG, first in New York and then in Paris. It was in the French capital that her life changed forever: one of the insurance company’s clients was Benjamin de Rothschild, the seventh generation of the famous banking dynasty.
The Rothschild family expanded across Europe in the 19th century. The patriarch sent four of his five sons to the major capitals of the time to spread the banking model he had created. The British and French branches of the family became the most successful in business. The current Edmond de Rothschild Group, which now has its headquarters in Geneva, Switzerland, traces its origins to the French branch of the family, founded in the 1950s by Benjamin’s father. When his father died in 1997, Benjamin took over the group. Two years later, he married Ariane. More interested in competitive sailing (he won several regattas with Gitana, the team founded 150 years ago by Julie de Rothschild) and in car racing, he gradually gave increasing responsibility in the family business to his wife, who in 2008 joined the company’s executive committee.
When Benjamin died in 2021 at the age of 57, all the power passed to his wife — and with it, a herculean task. She must defend a business managing nearly €200 billion ($231 billion) in assets in a sector as competitive as private banking and wealth management. And at home, her mission is no less delicate: to safeguard a fortune valued at €5.3 billion ($6.13 billion), according to the business magazine Challenges, with several would-be claimants eyeing it. Both friendly and hostile fire strike at the same weak point — her origins.
Question. From El Salvador to leading one of the most influential financial families. How would you define your professional career?
Answer. I never planned this path; I wanted to do other things. In any case, my career can be summed up in one idea: having strong convictions. Values help you overcome everything.
Q. You’re the first woman, and the first person outside the family, to run a bank bearing the Rothschild name. It must not have been easy, was it?
A. Indeed, it was very difficult. I came into a very conservative, very male-dominated environment, where things had been done a certain way for a long time. The people at the bank wondered why change. Having the owner’s wife on the board was something they couldn’t understand. They had forgotten that I was part of the family, regardless of whether I was a man or a woman.
Q. How did you manage to gain respect in this very male-dominated world?
A. Working twice as hard as them. When I started, I had so much to do that I didn’t know where to begin, so I asked them to leave the bank open for me on Sundays. Everyone laughed — “ha, ha, ha” [she imitates the sound still ringing in her head]. After the sixth Sunday in a row, the laughter died down. They saw that I was serious.
Q. Those who know you say that diplomacy is not among your virtues. You’re known for being very direct. Is that true?
A. Yes, that’s true. I don’t have time to beat around the bush. I can’t afford to. Without being rude, I prefer to be clear from the start. The world of finance has other ways, but that’s not me.
Q. What other traits define your leadership style?
A. My entrepreneurial spirit and giving freedom to teams. Once the strategic guidelines are set, I leave room to create; I’m not involved in day-to-day micromanagement.
In recent years, the Baroness de Rothschild has had to make difficult professional and personal decisions. Among the professional ones, she delisted the bank from the stock exchange, centralized all activities in Switzerland, and sought new wealthy clients in the Gulf countries and Asia to accelerate growth that was showing signs of stagnation.
On the family front, she ended up in court with several relatives. The first were David de Rothschild and his son Alexandre — owners of Rothschild & Co and cousins of her husband. This firm — where two French presidents, Georges Pompidou and Emmanuel Macron, once worked, and which was even nationalized by François Mitterrand — operates out of Paris. Although it is about half the size, it has been gaining ground (and clients) from the Edmond de Rothschild Group. After the dispute went to court, an agreement was reached to define under what circumstances the shared family name — a calling card that opens many doors — could be used. Some confusion had arisen among clients, and given the shared origins and similarity of their businesses, the market has speculated in recent years about a potential merger for strategic reasons — something both sides have consistently and categorically denied.
The second dispute involves the Baroness’s mother-in-law, Nadine de Rothschild. An actress and writer in her youth, at 93 she is waging a fierce legal battle over the use of artworks housed in the Château de Pregny, the Baroness’s official residence in Geneva. Nadine wanted to create a museum to display her share of the family’s multimillion-dollar art collection. On the walls hang paintings by Goya, Rembrandt, and El Greco, among others, making Pregny a kind of “mini-Louvre.” However, the most notable part of the collection remains the so-called “Treasure of Naples” — a trove of jewelry and goldsmithing that the King of the Two Sicilies gifted to the Rothschilds nearly two centuries ago to settle his debts.
Q. Was it difficult to face your mother-in-law?
A. I was obligated to preserve the family legacy. The works of art don’t belong to us; they must be passed down from one generation to the next. My mother-in-law didn’t understand that the collection only makes sense as a whole, that it can’t be cut into pieces. And the worst part is that she didn’t create this collection; she inherited it from previous generations. The philosophy in this family is very clear, and I want it to be respected.
Q. You have four daughters who will eventually inherit the financial group and the entire family fortune. Do you think they’ll have it easier than you have?
A. No. They will face a different reality. Each new generation has the burden of surpassing the one that came before, and that’s difficult to achieve. For me, it’s very important to give them space to forge their own path. Comparisons always arise, and that’s a mistake because everyone has their own approach and lives in a different context. The pressure others put on my daughters is an added problem, but all four of them are very strong, focused, and command respect. They must learn to handle the pressure of surpassing what has already been done.
The interview with El PAÍS took place in mid-October at the headquarters of Edmond de Rothschild in Madrid. The subsidiary was celebrating its 25th anniversary, and the Baroness had traveled there to mark the occasion. In Spain, she says she feels at home. “I’m very Latin, and when I come here, I can speak Spanish again and experience the culture I love most.”
Her entire team — there are heads of government with more modest entourages — addresses or refers to her as “madame.” She comes across as approachable, accommodating, and does not shy away from any question. Her easy smile brings warmth to a face dominated by icy blue eyes — an iron fist in a velvet glove.
Q. What do you think differentiates Edmond de Rothschild from other entities?
A. First of all, it’s a family business. There are few families dedicated to wealth management. That gives us a long-term perspective. Furthermore, we are entrepreneurial; we have always developed activities beyond finance. Stability is another defining characteristic. Spain is a prime example: in the 25 years we’ve been in this market, firms have entered, exited, and even re-entered.
Q. The official information says that you seek financial profitability while maintaining a social commitment. Doesn’t that sound a bit hollow? Are those two goals really compatible?
A. One of the smartest questions my daughters have asked me is, “Mom, why do you do all this?” When you have children, you wonder what you’re going to leave them. We’re a generational business with very defined values. In the private equity sector, I decided 17 years ago that investments would always aim to have a social impact.
Q. What growth plans do you have for the coming years?
A. We want to develop primarily the markets where we already have a presence: France, Spain, Italy, Portugal, Belgium, Luxembourg, Switzerland, Monaco, Dubai, and Israel. These are markets with great potential. Contrary to what Donald Trump says, Europe has a very strong and promising future.
Q. What do you think of Donald Trump?
A. Being such a disruptive figure, he’s achieving some things that seemed impossible. The peace he brought to Gaza is incredible. The question is how his policies will evolve in the medium and long term. Achieving this balance is more difficult than being disruptive in the short term.
Q. The asset management business requires scale. Edmond de Rothschild is a relatively small firm compared with the sector’s leaders. In this industry, size is needed to finance technology investment or attract talent; otherwise, you can be overtaken. Have you considered growing through acquisitions?
A. If opportunities arise, of course. Regarding size, let me tell you something: it’s true that financial giants are being formed, but just as in the fashion industry H&M or Zara coexist with Dior, in private banking there’s also room for both types of firms; we cater to different clients. More than a question of scale, it’s about competitiveness, about being able to be disruptive in a creative sense: you have to listen to clients to see what products they need, and not the other way around. We make tailor-made suits. We must work to provide a perfect service.
Q. Many financial assets are trading at all-time highs. Are you concerned that a bubble is forming?
A. Absolutely. There are several factors that worry me a great deal. First, the disconnect between geopolitics and the markets. It’s unlikely that this disconnect will last forever. It’s as if investors have forgotten that what happens in the geopolitical arena affects the economy and the markets. I’m also concerned about the growing social tension in the U.S. […] All of this isn’t yet reflected in the markets, but it worries me considerably. Another aspect to consider is the extremely high level of debt worldwide. It’s insane that bonds issued by many companies are trading cheaper than government debt. We also need to keep an eye on the development of AI and its enormous demand for electricity to develop data centers. Companies continue to deliver good results, but valuations are very high, and they face very serious disruptions.
Jakob (later James) de Rothschild was the son of the family’s founder who established the French branch of the dynasty in the early 19th century. His youngest son, Edmond, grew up in a rich intellectual environment. From a young age, he witnessed figures like Alexandre Dumas, Honoré de Balzac, and Frédéric Chopin attending the gatherings held at his home. These influences sparked in him a lifelong curiosity for the arts and sciences, which he later expressed through intense philanthropic activity. His foundations’ work was not limited to France, where they provided financial support to Nobel laureates such as Marie Curie and Jean Perrin. Edmond also financed the migration of many Jewish families persecuted in Russia and Eastern Europe to Palestine, “the land of his ancestors.”
One hundred and fifty years later, the Rothschild family remains committed to these same causes: philanthropy (through programs in medical research, child welfare, women’s social integration, and the promotion of the arts and sciences) and Israel (where one of Tel Aviv’s main avenues bears the family name) through an independent foundation. It’s at this point in the interview — when the conversation turns to the Gaza massacre and taxes — that the Baroness’s smile fades.
Q. What is philanthropy to you?
A. Before taking over the bank, I started with the family’s philanthropic activities and all the non-financial businesses. Philanthropy is part of this family. If you’re fortunate enough to have money, you also have a duty to give back. My concern was to evolve from a very generous, very traditional model of philanthropy — giving money without really knowing where it goes — to an impact strategy. You have to follow the projects you get involved in and work as hard as possible on their sustainability so they can continue to thrive if you stop giving money. I’ve also wanted to instill the values of philanthropy throughout the entire bank, not just in the foundations.
Q. In the 21st century, philanthropy sounds like charity to many people. Another option would be for governments to raise taxes on the wealthy and, with the revenue collected, lead these impactful projects from the public sector. What do you think?
A. The day governments manage their budgets properly, perhaps they can speak up. The debate about whether the rich should pay high taxes is understandable; however, it’s complicated nowadays when you see how catastrophic the management of public finances is. Saying that taxes should be raised for the sake of raising them isn’t the solution; they should review their policies first. You can’t accumulate deficits year after year. If that happens in a company, it will fail. Politicians should do a self-assessment before talking about taxes again. Look at what’s happening in France: governments change, but none of them do anything to solve the debt problem.
Q. Following the massacre of tens of thousands of civilians in Gaza, have any changes been considered regarding your philanthropic activities in Israel?
A. They’re different things. We have a foundation in Israel, but it has nothing to do with what we do in Europe. There are no funds flowing from one place to another. There, we’re focused on educational issues. It’s something my father-in-law started, and I changed it because, being centered on postgraduate and doctoral programs, it seemed like a very elitist approach. The aid wasn’t reaching parts of the population, such as Israeli Arabs, Ethiopians, or even ultra-Orthodox Jews. My job is to educate people, not to be involved in geopolitics. Cutting off all aid overnight would be the worst possible solution. And I have the independence to do what I want because I’m not Israeli. Our mission is, first and foremost, long-term, and that includes being there in good times and bad, and secondly, achieving fair representation of the country’s population in aid programs.
Q. But don’t you think the most urgent need for aid in that region is now in Gaza?
A. The peace agreement is very recent and we have to see how it develops. The priority now must be humanitarian aid.
The Rothschild business empire extends far beyond banking. The Edmond de Rothschild Group also operates in perfumery, owning the historic fragrance house Caron. The family are also landowners, with 1,000 hectares of forest and more than 600 hectares of farmland and pasture, where they produce one of the most award-winning brie cheeses. Their hospitality division includes several luxury hotels, among them the Palacio de Samaniego in La Rioja, Spain.
But the Rothschilds are best known outside finance for their wine business. They produce about 4.2 million bottles a year from vineyards in France, Spain, South Africa, and New Zealand. Their flagship label, Château Lafite Rothschild (Bordeaux), has broken price records at auctions, with some vintages fetching up to €200,000 ($231,000) per bottle. In Spain, they are co-owners — alongside the Álvarez family, owners of Vega Sicilia — of Macán, a winery in La Rioja.
Q. Why are you finding it so difficult to make the Macán project profitable?
A. When you start a project like this in the wine world, it takes almost a generation for the results to appear. Macán is a fantastic business story that has united two families obsessed with quality. We are growing steadily in a challenging environment for the wine business.
Q. And when will it start to turn a profit?
A. Macán is already making money. This year will be profitable. But everything we earn is being reinvested in the winery.
Q. Pablo Álvarez, CEO of Vega Sicilia, like you, is known for being very direct. Have you had any clashes in management?
A. We understand each other very well because we don’t waste time. He’s direct, and we’ve always been very clear about Macán’s objectives.
Q. What is a good wine to you?
A. The one that makes you happy. It depends a lot on your mood, the context, and, of course, the company. The best wine in the world isn’t worth it if you have horrible company.
Q. Do you plan to open more hotels in Spain?
A. If I can, of course I will.
Q. In which area would you like to do it?
A. I love Seville. I have a very strong love for that city.
Amid so many open fronts, the Baroness has a safe harbor: her home in Mallorca. “I’m a fanatic of the island,” she says. Hidden in the mountains, she owns a residence she retreats to whenever her many responsibilities allow. Obsessed as she is with preserving the family legacy for her four daughters, she plants local olive varieties on the terraced slopes of the property. “When I’m there, no one can find me. I turn off my phone — and I’m happy.”
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.