Zara Founder Passes Bill Gates For World’s Richest Man

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Bill Gates, the co-founder of Microsoft, has been renowned for some time now as one of the most wealthy men on the entire planet. While that fact hasn’t changed, he was recently passed for the top spot on the list of global wealth by the founder of the retail chain Zara, Amancio Ortega. This came last week after Europe’s wealthiest man saw his overall worth climb $1.7 billion to an astounding $79.5 billion total, standing $1 billion more than Gates currently. The result came about after the shares of Zara’s parent company, Inditex, grew by 2.5 cents. This has been a steady continuation of growth for the company, as Inditex’s shares grew almost 40 cents total last year.

Ortega holds a majority stake in what is now the largest fashion retailer on the planet. His humble beginnings as a railway worker mimic that of the spanish retail chain, as both have grown into household names with substantial success. For Zara, this translates into more than 6,000 store location spanning 90 different countries Additionally, it is also only the third spanish retailer to ever be valued at or above 100 billion euros, with the other two, Santander and Telefonica, being far behind in total worth to this point.

Among the conversations surrounding Ortega is who will become the heir to his extremely successful retail empire. The 80-year-old, who’s net worth is now larger than Warren Buffett and Amazon founder Jeff Bezos, has been rumored to be giving the reins to his daughter Marta, who has been involved with the business from a young age. Still, this remains a rumor with no true confirmation from Ortega as to his actual successor.

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