Amancio Ortega, founder of Zara, has become the richest man in the world.
Ortega on Wednesday leapfrogged Bill Gates, co-founder of Microsoft, to assume the title, according to Forbes.
The personal fortune of the shrewd Spaniard was boosted by $1.7 billion as shares of Inditex, parent company to Zara, Massimo Dutti and Pull&Bear, rose by 2.5%.
Following the spike, Ortega’s net worth rose from $77.8 billion to $79.5 billion while Gates is worth an estimated $78.5 billion.
Alongside Rosalia Mera, his former wife, Ortega started his own business in 1974 with less than $100, making lingerie, pajamas and nightgowns in their living room.
Ortega took the business public in 2001 and entered the Forbes billionaires list the same year, with a net worth of $6.6 billion.
At the time, Gates was already the richest man in the world, with a fortune of $58.7 billion.
Copyright 2019 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Follow us on twitter @Thecablestyle