Amancio Ortega, the fashion industry magnate who owns Zara, the Spanish clothing and accessories retailer, surpassed Warren Buffett for the third place among the richest people in the world with a fortune of 30 billion pounds ($47 billion), reports British Daily Mail website. Buffett is currently placed fourth, close to Ortega.
The Spanish 76-year-old tycoon took Buffett’s place in the rankings after the shares of Inditex, his company, have gained 3.8% in value, reaching a historic high, which has increased his net assets by almost 1 billion pounds ($1.56 billion). Amancio Ortega’s wealth increase comes in the context in which Spain is facing an unemployment rate of 24% and is on the verge of asking for financial aid from the European Central Bank. Ortega’s wealth increased by 32% just this year, despite the recession in his country.
First place among the richest people in the world belongs to the telecom tycoon Carlos Slim, with a fortune estimated by Bloomberg at 47.3 billion pounds ($74 billion). Microsoft founder Bill Gates is in the second place with a fortune estimated at 40 billion pounds ($62.6 billion). Warren Buffett, with a fortune of 29.1 billion pounds ($45.5 billion) is pushed back to the 4th place by Amancio Ortega with a fortune of 29.7 billion pounds ($46.5 billion).
Buffett’s portfolio is more diversified than that of Ortega’s and performed well, but the American donated this year 1.2 billion pounds ($1.9 billion) to charity.
Amancio Ortega opened in 1975 his first store that would become the huge Zara brand. The first Zara store featured low-priced products looking like high-end fashion clothing. Zara just two weeks to create a new product and get it to stores, as opposed to the 6-month average in the industry. Inditex Group, owned about 60% by Ortega, includes brands such as Zara, Massimo Dutta, Oysho, Zara Home, Kiddy’s Class, Tempe, Stradivarius, Pull and Bear/Often and Bershka. Despite his enormous wealth, the fashion magnate lives in a discreet apartment in La Coruna.
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