Wednesday , 22 November 2017

Amancio Ortega overtakes Bill Gates to become the richest person in the world

Spanish retailer and Zara founder, Amancio Ortega, is now the richest person in the world, with a $200 million edge over previous leader Bill Gates.

According to Forbes’ real time ranking, Ortega is now worth an estimated $85 billion, up an extra $1.2 billion from last month.

The 81-year-old Ortega has held the top position three times before, but he has always relinquished the lead within a day. Most recently, he surpassed Bill Gates on Tuesday, but by the end of the afternoon he was $100 million behind the Microsoft co-founder. Amazon CEO Jeff Bezos, who held the top spot for a brief period last month is now ranked No. 3 with $82 billion.

A former store clerk, Amancio Ortega founded Inditex with his late ex-wife, Rosalia Mera, in 1975. They grew the business into an international juggernaut that now has a market capitalization of more than $100 billion. The company’s flagship store is Zara, but it also owns Zara Home, Massimo Dutti, Bershka, Oysho, Pull and Bear, Stradivarius and Uterque.

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