Spanish Billionaire Owner Of
Zara Clothing Overthrows Bill
Gates As The Richest Man In
The world.
Spanish clothing magnate Amancio Ortega, 79,
over took Microsoft founder Bill Gates for the
first time ever in the Forbes rich list. According
to Forbes’s real-time tracker, the elusive
multibillionaire founder of European clothing
retailer Zara smashed past Bill Gates to become
the wealthiest person on the planet, with a
fortune of $79.8 billion (€71.83 billion or £51.84
billion). Bill Gates’ estimated net worth is
$79.5bn as of this afternoon. He’s expected to
take back his top position from Ortega.
The elusive Ortega isn’t as much of a household
name as Gates, but he’s quietly ascended the
wealth rankings in recent years, as his company
continues to perform well and expand.
Unlike many of the richest people in the world,
Ortega has a fascinating rags-to-riches story.
Born in 1936 during the Spanish Civil War,
Ortega’s father earned 300 pesetas a month, a
meager salary.
Ortega’s biographer described his memories of a
childhood during which his family could not
always afford enough food. He left school in his
early teens, working his way up from the
absolute bottom rung as a messenger boy in a
shop.
It wasn’t until he was 40 years old that Ortega
got around to setting up Zara, the fast-fashion
retailer that has gone from strength to strength
— first growing in Spain, then neighbouring
Portugal and France, then London. Now it’s all
over the globe.
According to Forbes, Ortega’s wealth rose by
5.3%, another $4 billion, over the last 24 hours.
That’s partly down to a surge in Inditex shares,
the parent company that owns Zara.
In the last 10 years, the market value of Inditex
has risen by about 570%, the main driver of
Ortega’s climb up the ranks.
In an odd turn of events, Ortega has Mario
Draghi to thank for his new rank — the head of
the European Central Bank’s hints that the ECB
would boost its quantitative-easing programme
on Thursday sent shares in the eurozone surging
upwards.
Source: Business Insider
Zara Clothing Overthrows Bill
Gates As The Richest Man In
The world.
Spanish clothing magnate Amancio Ortega, 79,
over took Microsoft founder Bill Gates for the
first time ever in the Forbes rich list. According
to Forbes’s real-time tracker, the elusive
multibillionaire founder of European clothing
retailer Zara smashed past Bill Gates to become
the wealthiest person on the planet, with a
fortune of $79.8 billion (€71.83 billion or £51.84
billion). Bill Gates’ estimated net worth is
$79.5bn as of this afternoon. He’s expected to
take back his top position from Ortega.
The elusive Ortega isn’t as much of a household
name as Gates, but he’s quietly ascended the
wealth rankings in recent years, as his company
continues to perform well and expand.
Unlike many of the richest people in the world,
Ortega has a fascinating rags-to-riches story.
Born in 1936 during the Spanish Civil War,
Ortega’s father earned 300 pesetas a month, a
meager salary.
Ortega’s biographer described his memories of a
childhood during which his family could not
always afford enough food. He left school in his
early teens, working his way up from the
absolute bottom rung as a messenger boy in a
shop.
It wasn’t until he was 40 years old that Ortega
got around to setting up Zara, the fast-fashion
retailer that has gone from strength to strength
— first growing in Spain, then neighbouring
Portugal and France, then London. Now it’s all
over the globe.
According to Forbes, Ortega’s wealth rose by
5.3%, another $4 billion, over the last 24 hours.
That’s partly down to a surge in Inditex shares,
the parent company that owns Zara.
In the last 10 years, the market value of Inditex
has risen by about 570%, the main driver of
Ortega’s climb up the ranks.
In an odd turn of events, Ortega has Mario
Draghi to thank for his new rank — the head of
the European Central Bank’s hints that the ECB
would boost its quantitative-easing programme
on Thursday sent shares in the eurozone surging
upwards.
Source: Business Insider
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