Bill Gates is no longer the world's richest man
Business tycoon set to handover business to daughter Marta Ortega
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.
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.
Here are world's top 5 tech billionaires
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.
Zara accused of stealing designs from indie artist
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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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.
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.
Here are world's top 5 tech billionaires
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.
Zara accused of stealing designs from indie artist
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.
Have something to add to the story? Share it in the comments below.