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Spanish Billionaire Overthrows Bill Gates As World’s Richest Person

Editor by Editor
October 23, 2015
in Uncategorized
Spanish Billionaire Overthrows Bill Gates As World’s Richest Person
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It’s Spanish clothes magnate Amancio Ortega, who has overtaken Microsoft founder Bill Gates for the first time ever.

According to Forbes’ real-time tracker, the elusive multi-billionaire founder of European clothes retailer Zara just 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).

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.

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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 meagre 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.

In an odd turn of events, Ortega has Mario Graghi 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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