Sunday, May 26

Zara Founder Amancio Ortega Becomes The World’s Richest Man, Beating Bill Gates

Spanish retailer Amancio Ortega became the world’s richest person on Tuesday, claiming the crown for less than a day.

Ortega, 81, is now worth an estimated $85 billion, according to Forbes’ real-time rankings of the world’s billionaires. His net worth is up $1.2 billion in the last month Amancio Ortega, founder of Zara’s parent company Inditex SA and Europe’s wealthiest person claimed the title of ‘World’s Richest Person’ for a while on Tuesday.

Ortega surpassed Gates on Tuesday, after shares of Inditex—the parent company to fashion chain Zara—rose just over 1%. But by the end of the day, he lost the title and was $100 million behind the Microsoft cofounder.

Soon after that, on the next day (Wednesday) Ortega regained his top position and as of 12:05 pm Eastern Time he left Gates behind by $200 millions as per Forbes.

Ortega’s fortune has risen 117 percent since the 2012 debut of the Bloomberg index, compared with a 36 percent rise for Gates. Bezos’s net worth has risen 353 percent.



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Bill Gates has held the spot of world’s richest person for 18 out of last 23 years on Forbes’ annual Billionaires List, published each spring. However, this isn’t the first time when Gates position on top was challenged. He has been passed three times in last two years: twice by Ortega and once by Amazon founder Jeff Bezos. Yesterday, Ortega very briefly took the top spot from Gates for the third time.

Ortega surpassed Gates for the first time in October 2015, when he had a net worth of $80 billion and kept the title for less than a day. Then again in September 2016, he regained the title, claiming it for 2 days and in July, Jeff Bezos became the world’s richest person for a single morning with his net worth above $90 billion.


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