Spanish billionaire Amancio Ortega, founder of the retail clothing company Zara, has overtaken Microsoft founder Bill Gates to become the world’s richest man.
Forbes real time tracker, which tracks the wealth of the world’s wealthiest men in real time based on the performance of their empires; put the Spanish clothing magnate ahead of Gates for the first time ever.
The change occurred due to a rise in the share price of Inditex, the parent company of his clothing company Zara. Ortega saw a surge in his wealth to $79.8bn to overtake the computer magnate.
Ortega founded Zara in Spain, before its expansion to neighbouring Portugal, France, the UK; until it achieved its current global position.
Due to the vagaries of the market indices however, Bill Gates reclaimed his top spot shortly after Ortega’s historic rise. Gates has been top of the world’s richest man list for 16 of the last 20 years.