As of Wednesday, the Microsoft owner, Bill Gates, is no longer the richest man in the world.
That honor now belongs to Amancio Ortega.
According to Forbes, the shares of Ortega’s business Inditex, which is the parent company to brands Zara, Massimo Dutti and Pull&Bear, climbed 2.5% on Wednesday, increasing Ortega’s personal fortune by $1.7 billion.
The change resulted in his net worth increase from $77.8 billion to $79.5 billion, which is now higher than Gates’ $78.5 billion.
Who is Amancio Ortega?
Ortega, son of a railway worker, briefly became the world’s richest man for the first time in October 2015 after Inditex shares hit an all-time high and boosted his net worth to $80 billion.
The current world’s richest man started his career as a store clerk in his hometown. He opened his business facing various financial dilemmas. Initially, he invested less than $100 in his business along with his wife. They used to make apparels such as pajamas and nightgowns in their living rooms.
They continued their work and invested the profit again and again. Eight years later, Ortega’s business had expanded to nine locations around Spain in 1975.
About Inditex
Inditex is one of the largest retailers in the world. Ortega’s company is also considered as the world’s most efficient retailing operation. In the early 2000s, companies such as Gap and H&M took upto five months to design, make, distribute and sell new products whereas Ortega’s mastermind business did all that in three weeks which resulted in exponential growth of his businesses. It relies highly on advertising compared to competitor retailers in the market.
In 2001, Ortega took his business public and debuted in Forbes’ billionaires list the same year. His initial net worth was $6.6 billion. At that time, Bill Gates was already the richest man with a fortune of $58.7 billion.
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He can be the richest man. The real thing is retain that position for as long as Bill Gates has. Just $0.02
But the wall has been broken. Throne has been stolen. Deal with it.
Who’s competing? For the past 8 years, Bill has been giving away $20 billion in charity each year. If he had invested that money instead, he would have easily crossed a quarter trillion mark long ago.
Stolen what what? It is not the first time Bill Gates has lost “throne” but always regained it. In fact, Ortega already surpassed him in October 2015 for a few hours. Carlos Slim and Warren Buffet surpassed him earlier but also for short times.
Pay attensions Waqas.
Is Ortega ka number mil jaye ga? Kuch kaam hai is sey.
Wo sasty mulazim nai rakhta. Koi aur banda dekho. :p
Ouch! That is harsh man :D
Tum kia samjhay tumhain bharti karwa rahy hain? Beta baron ki baatien tum jaise tuchey nahi samjhtay.
Hmari qaum bas enhe jugtoo tk rah sakti hay!
plz grow up lads!
if wealth of zardari and nawaz weren’t hidden they would have been the richest…
That typical pakistani soch. Please man get a life.
OK..I will go to Hyper-star will get two..
Bring 1 for me as well :D
Aik mairay liay bhi …
that stings xD
patwari or may b you are jeeyala……….par jo b ho aqal ka dushman hi ho ….
Facepalm. Actually they are not even a blob on the paper of billionaires. They are thugs with no respect.
i’m talking about wealth/money not about their characters
Even in wealth, I’d be surprised if the entire Sharif clan is even worth more than $1 billion.
It would not surprise me if they are worth much much more. For comparison I think officially Mian Mansha is over $2 billion now.
I think it would be a bubble. May be the stock price of Inditex increased and based on the total equity of Mr. Amancio, he became the richest person on earth same like Carlos Slim of Maxico.
Agar dr asim pr lageh ilzamat sahi hanh t’w dunya ka ameer tareen insaan hah woh yaha millions ki ni trillions ki corruption hah agar ksi patwari aur jayallay ko chubeh t’w achi baat hah chubna chahiye khuch logo k bareh bhi ghulam thay khud bhi ghulam hanh bachay bhi ghulam hongeh Dr Bisharat is somewhere right aur jahan t’k reh giye Bill gates ki baat bhai polio ki free vacine jo har bacha peeta hah useh bill gate sponser krta hah dunya mein sab se zyada donation deta hah baat ameer tareen banany ki ni balkeh is cheaz ko sustain krneh ki hah…!!!
But also take into account, Bill Gates is the world’s biggest Charity donor ($28 Billions). He’ll get it back soon! ;)
Something is fishy. The net worth of Bill Gates starts from $78.5 billion, but goes around $90 billion (http://www.bloomberg.com/news/articles/2016-08-22/bill-gates-s-net-worth-hits-record-high-of-90-billion-chart).
Some articles are reporting that his net worth was ~$80b a few months ago. We’ll know next year, or when someone other than Forbes confirms.
That happens with sudden surge in stocks, few weeks ago Bill Gates net worth went up to $90 Billion and now back to normal with stock prices. Also don’t forget Bill also keeps donating his fortune to Melinda Gates Foundation Fund which hurts his net worth as well.
Yeh Ameer Log 2.5 % Bhi Agar Zakat Dein To Puri Duniya Ki Gareebi Khatam Ho Jaye…
Ghareebi khatam ??? phir aglay sal ke zkat kisko dain gay :P
Zakat Deny Ki Zarurat Hi Nahi Parygi
Zakat to Islam main den farz hay ..it has nothing to do with ZARORAT :p
in ameeron nay zakat ka kabhi suna bhi nhi ho ga bhai :P
In logo ki apney mulk me contributions hain isi liye udr kaam na karney walo ko b govt. pese deti hai. Agr hamaray hukamraan b is mulk ko pesa den to idr b sufaid posh logo ka bhala ho jae.
Mark Zuckerberg, the richest Jew on the planet (worth about $50 billion) plans to give away 99% of his wealth in his lifetime.
And give away our personal data to highest bidder as well
Nope.
so many people arguing over who is richer than who. Leave it they don’t give a F they’re rich, thats what matters to them, stop messing.