How to Say "to impoverish" in Spanish
The Spanish word for “to impoverish” is “arruinar” — B2 level.
English → SpanishB2
VerbB2formal/neutral
to make poor

Examples
La mala inversión casi arruina a la familia.
The bad investment almost bankrupted the family.
La compañía se arruinó después del fraude.
The company went bankrupt after the fraud. (Used reflexively)
No quiero arruinarme comprando este coche.
I don't want to ruin myself financially buying this car.
Reflexive for Financial State
When talking about a person or company becoming bankrupt, always use the reflexive form 'arruinarse' (to ruin oneself, or to become ruined): 'Él se arruinó' (He went broke).
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