Skip to main content

Spanish retailer becomes the richest man on the planet.

| International retailers

Amancio Ortega, a Spanish retailer has now been named the richest man on the planet according to Forbes. Ortega who is the co-founder of Inditex, a colossal retailer, has a $200 million lead over the Bill Gates who was previously the richest man.

Inditex is perhaps most famous for its ownership of Zara and Zara Home.

Just this week, the shares of Inditex increased by 1%, the company was behind Microsoft by $100 million and but by Wednesday, Ortega was $200 million richer than Bill Gates.

Ortega’s estimated worth now sits at $85 million according to Forbes. His net worth has increased by $1.2 billion and his rise to the top of the list can be attributed to Jeff Bezos' and Gates' fortunes decreasing.

Jeff Bezos a billionaire who made his money with Amazon.com has also appeared in the top three of the richest men on the planet list.

This is not the first time that Ortega took over from Gates as the richest man. In 2015 and 2016 he overtook the No. 1 position from Gates but Gates has always managed to regain his spot back.

Inditex was founded in 1975 by Ortega who was a former store clerk and his late ex-wife Rosalia Mera. They turned the company into a global powerhouse with more than $100 billion in market funding.

Inditex has other clothing brands that fall its umbrella like Massimo Dutti, Pull Bear, Stradivarius and Bershka

Ortega now focuses on global investments and international real estate after stepping away the day to day role that he had at his company.

Most of his money is used in property investment.

-BUSINESS REPORT ONLINE

Pin It

Related Articles

Spar reports growth of 3.3% as global retail sa...

SPAR, the world’s largest food retail voluntary chain, has seen annual retail sales break the €40 billion mark for the first time, today reporting global sales revenue of €41.2 billion for the year ending December 31st, 2021. The figures represent...

Informal Retail in Africa: Could Technology be ...

Since the turn of the century and consistently for nearly a decade before the COVID-19 pandemic ravished global markets, Africa was home to the fastest growing economies. The shoots of positive growth it demonstrated afforded it the title of the “...

Consumers need a good reason to shop this Black...

Last year’s Black Friday retail sales massively underperformed for many reasons, according to Marino Sigalas, Account Director at The MediaShop. He says that some consumers were not comfortable with the thought of being shoulder to shoulder with o...

Checkers launches deals onto its Sixty60 home d...

Retailer Checkers says that customers using its Sixty60 home delivery service will now be able to benefit from its Xtra Savings rewards programme.

SA wipe manufacturer Sani-touch is ahead of the...

In the UK a government minister is calling for a new law to ban wet wipes that contain plastic. Labour minister Fleur Anderson argues that around 90% of the 11 billion wet wipes used in the UK per year contain some form of plastic that turns into ...