Zara founder Amancio Ortega overtakes Bill Gates as the World’s richest; daughter Marta set to take over empire

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Published: September 10, 2016 5:58:58 PM

Zara founder Amancio Ortega left Bill Gates behind and became the world's richest man. The Spaniard who is Europe's richest is now at the top of the world richest list.

zara, Amancio Ortega, bill gates, forbes, marta Ortega, worlds richestInterestingly, according to reports, the 80-year-old tycoon Amancio Ortega’s daughter Marta Ortega, might take over the management of the business. (Source: Reuters)

Zara founder Amancio Ortega left Bill Gates behind and became the world’s richest man. The Spaniard who is Europe’s richest is now at the top of the world richest list. Interestingly, according to reports, the 80-year-old tycoon’s daughter Marta Ortega, might take over the management of the business. Marta reportedly has undergone many training programmes in her Zara’s business including a training as a young girl, in stacking shelves as part of the programme. Although, Zara’s parent company, Massimo Dutti and Pull&Bear has kept silent on the issue.

According to Forbes, Ortega’s personal fortune went up to $79.5 billion this week, which left the former richest man in the world, Bill Gates behind. Gates personal fortune was reported to be $78.5 billion. But later in the week, Inditex’s shares dipped which made Gates the richest man on Earth yet again. Bill Gates has been the richest man in the world for 17 of the last 22 years. Forbes reported that as shares rose and fell, continuously within minutes both the billionaires switched positions when finally Gates claimed the highest spot and that remained stable.

Ortega’s father was a railway worker from La Coruna in Spain. Ortega was a delivery boy for a shirt-maker in La Coruna when he was 14, and that’s when his professional life started. He then went on to single-handedly transform Inditex a clothing brand from a tiny family tailor to the biggest brand in Spain. In some years he was making nightgowns, babywear and lingerie at a workshop he had set up. He then opened the store called Zara in Spain in the year 1975. Zara, now with more than 2000 stores globally, is a favourite in the High Streets because of its chic, money-conscious clothing. He co-founder Inditex with his ex-wife Rosalia Mera who died in August 2013. Since then the rumours on succession have gone rife. 61-year-old Flora Perez, his second wife sits on the board of the company.

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