79-year-old Spanish clothing giant, Amancio Ortega Gaona today conquered Microsoft founder, Bill Gates for the first time ever on the Forbes rich list.
Ortega who is regarded as an elusive multi-billionaire likes to maintain a low profile. He is the founder of European clothing retailer Zara and he earned himself the world’s richest top spot with a net worth of $79.8 billion (€71.83 billion or £51.84 billion). Bill Gates’ estimated net worth is pegged at $79.5bn, a figure given by Forbes’ real time tracker as at Octobet 23rd.
Gates over took him less than half a day later, and was back at the top spot while Ortega’s net worth fell slightly to $78.6 billion.
Ortega may not have been a popular name on the billionaire scene but he has slowly and steadily amassed quite a fortune.
Business Insider reports that 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 biography talked about his memories of a childhood during which his family could not always afford enough food. He quit school in his early teens, working his up the financial from a very lowly beginning, a messenger boy in a shop.
He set up the fashion label called Zara by the time he was 40. The retail fashion business has recorded massive growth beginning from Spain, then neighbouring Portugal and France, then London. Now it’s a global brand purchased in numerous countries on the face of the earth.
According to Forbes, Ortega’s wealth rose by 5.3%, another $4 billion, over the last 24 hours. This rise is due 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% and this has largely facilitated Ortega’s rode to unparalleled riches.
The post Bill Gates Briefly Stops Being The World’s Richest Man. See The Man Who Overthrew Him appeared first on KokoFeed - Nigerian News For The Young Generation.
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