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.
n an odd turn of events, Ortega hasMario 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.
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