Owner of Microsoft, Bill Gates, has lost his place as the world’s richest man as he was replaced by Amancio Ortega on Wednesday.
Inditex is the company of Ortega which is the parent company of brands lile Pull&Bear, Zara and Massimo Dutti while its shares increased to 2.5% on Wednesday that increased the personal wealth of Ortega by $1.7 billion, according to Forbes.
Due to this change, his wealth increased from $77.8 billion to $79.5 million while $78.5 billion is the wealth of Bill Gates.
Who is Amancio Ortega?
Ortega also became world’s richest man in October 2015 for a shorter period of time when his wealth reached to $80 billion.
He is a son of a railway worker and started his career as a store clerk in his hometown. Along with his wife, he initially invested $100 while making apparels like nightgowns and pajamas in their living room. They continued their business after investing their profit repeatedly. After eight years in 1975, Ortega’s business had expanded to nine locations in different areas of Spain.
About Inditex
Ortega’s company is regarded as the world’s largest retailing company with most efficient retailing services. Its business increased in 2000s when eh company took only three weeks to design, make, distribute and sell new products while the companies like H&M and Gap took 5 months to accomplish this task. As compared to its competitors in the market, the company depends much on advertising.
In 2001, Ortega came in the billionaires list of Forbes after taking his business public. $6.6 billion was his initial net worth. At that time, $58.7 billion was the wealth of the world’s wealthiest person of that time Bill Gates.
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atif bhatti
Sep 12. 2016
Atif