He married firstly in Paris on 8 April 1931 Doña María Cristina de Borbón y Bosch-Labrús (Madrid, 15 May 1913 - 28 July 2002), 3rd Duchess of Dúrcal, a relative of Spanish monarch Alfonso XIII. The couple had two daughters:
- Doña María Cristina Patiño y Borbón (b. Paris, 2 August 1932), who married:
- Marc Charles Louis Joseph Marie, 7th Prince of Beauvau-Craon (Paris, 3 February 1921 - Château d'Haroué, 21 November 1982) in Paris on 11 December 1952, later divorced. Had two daughters: Marie, princesse de Beauvau-Craon (born 6 November 1953) married first to Duncan Hugh McLaren in 1978 and secondly in 1986 to Javier Botana, have issue. Diane, princesse de Beauvau-Craon (born 20 August 1955) was married to Ahmed Mohamadialal. She and Ahmed Mohamadialal were divorced in 1985. Have issue.
- Ernst Schneider, and had one daughter: Maria Christine Schneider (born 1963) married Patrick-Olivier Picourt in 1987. Have issue.
- Kristo Kurteff, without issue.
- Doña María Isabel Patiño y Borbón (Paris, 3 June 1936 - Neuilly-sur-Seine, Paris, 15 May 1954) who had a short and tragic marriage with Sir James Goldsmith, by whom she had an only daughter.
In 1947, he made a successful effort to rid his company of organized labor. The Bolivian Revolution of 1952 nationalised Patiño's mines and it is claimed that his heir Antenor Patiño had his hand in the military coup that deposed the leader of the revolution, then President Víctor Paz Estenssoro, in the 1960s.
With his fortune, amongst other things, he developed tourist destinations like Las Hadas, in Manzanillo, Mexico, (where the movie 10 starring actress Bo Derek was filmed) and Las Alamandas in Jalisco state, also in Mexico.
He married secondly in London, Middlesex, on 8 January 1960 Beatriz de Rivera y Digeon, former wife of Count Giovanni Lodovico Rovasenda, without issue.
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