over took Microsoft founder Bill Gates for the
first time ever in the Forbes rich list. According to
Forbes's real-time tracker, the elusive multibillionaire
founder of European clothing retailer Zara smashed
past Bill Gates to become the wealthiest person on
the planet, with a fortune of $79.8 billion (€71.83 billion
or £51.84 billion). Bill Gates' estimated net worth
is $79.5bn as of 23rd of Oct. He's expected to take
back his top position from Ortega.
The elusive Ortega isn't as much of a household
name as Gates, but he's quietly ascended the wealth
rankings in recent years, as his company continues
to perform well and expand.
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 meager salary.
Ortega's biographer described his memories
of a childhood during which his family could not
always afford enough food. He left school in his
early teens, working his way up from the absolute
bottom rung as a messenger boy in a shop.
It wasn't until he was 40 years old that Ortega got
around to setting up Zara, the fast-fashion retailer
that has gone from strength to strength, first
growing in Spain, then neighbouring Portugal and
France, then London. Now it's all over the globe.
According to Forbes, Ortega's wealth rose by 5.3%,
another $4 billion, over the last 24 hours. That's partly
down 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%, the main driver of Ortega's
climb up the ranks. In an odd turn of events, Ortega hasMario Draghi
to thank for his new rank, the head of the European
Central Bank's hints that the ECB would boost its
quantitative-easing programme on Thursday sent
shares in the eurozone surging upwards.
Source: Business Insider
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