A Spanish retail giant Amancio Ortega who started Zara has just passed Microsoft co-founder Bill Gates into becoming the richest man in the world.
The market shares of Ortega’s business Inditex, main company to Zara, Massimo Dutti and Pull&Bear, ticked up 2.5%, boosting Ortega’s individual portion by $1.7 billion. This has lifted his net worth from $77.8 billion to $79.5 billion, whereas Bill Gates is worth an estimated amount of $78.5 billion.
Ortega started his career as a store clerk in his hometown before opening his own business. Introducing him to the market with less than $100, he and his wife Rosalia Mera began making lingerie, pajamas and nightgowns in their living room.
In 1975, the couple (who eventually divorced) decided to open a store by the name of Zara. After eight years, Ortega had grew larger to nine locations around Spain. In 1984, he opened a 10,000 square foot logistics hub.