Life & Style

Bill Gates is no longer the world's richest man

Business tycoon set to handover business to daughter Marta Ortega

News Desk September 10, 2016

Bill Gates. PHOTO: REUTERS/FILE

Billionaire philanthropist Bill Gates is no longer the world's richest man.

Amancio Ortega, the founder of Spanish fashion brand Zara, has managed to outshine Bill Gates with a personal fortune of $79.5 billion, Dailymail reports.

PHOTO: READ01

Ortega’s fortune rose by $1.7 billion this week, crossing the Microsoft co-founder’s $78.5 billion. The billionaire has also outranked Amazon founder Jeff Bezos in this regard. After a drastic 25 per cent rise in his shares on Wednesday, the 80-year-old man made it to the top on Forbes.

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PHOTO: PINTEREST

The Zara founder is known for selecting designs based on feedback from shop assistants who premise it on shoppers' reactions. The tycoon is set to handover the business to daughter Marta Ortega.

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This is not the first time Ortega has outranked Gates in the richest man list. Previously in October, Ortega secured the top position when Microsoft's shares went down.The fortunes of both billionaires will continue to fluctuate in line with share price variations.

Ortega, the son of a railway worker, managed create clothing company Inditex from a small income that went on to become the world's biggest clothing and accessories retailer. Zara was founded in 1975.

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COMMENTS (8)

Hassan | 7 years ago | Reply The issue with capitalistic model of ownership is it assumes that a man can own natural resources to the exclusive benefit of himself although he isn't creator. Natural resources should be for the welfare of all human beings rather than for some tycoons.... Anything, other than these resources, made in free market is good for society..

Ali S | 7 years ago | Reply @BILAL: Bill Gates is not the son of a wood cutter, his father was a rich, prominent lawyer but yes - Gates got where he did because of his own talent and hard work. Stop getting your knowledge from social media memes.