For a few hours on Friday, Bill Gates was not the richest man in the world. Yes, he was dethroned by Spanish clothing tycoon Amancio Ortega, the founder of Zara.
According to Forbes’ real-time tracker, the elusive multi-billionaire 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).
At one point on Friday, Forbes put Ortega’s fortune at $79.9 billion, piping Gates. Later in the day, thanks to fluctuations in the euro as well as the surge in Microsoft, Gates had $79.3 billion and Ortega a mere $78.5 billion.
According to Business Insider, 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 meagre salary.
Zara has since become the biggest fashion chain on earth. It was a pioneer in the world of ‘fast fashion’ — clothing chains that take mere weeks to get a trend from runways to stores, with inventory that turns over frequently.
According to Forbes, Ortega’s wealth rose by 5.3%, another $4 billion, over the last 24 hours.