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.
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.
Source: Business Insider