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