Celebrity Gist General

Meet The Man Who Overtook Bill Gate As World’s Richest Man For 48 Hours

The 80-year-old Spaniard founded fast-fashion giant Zara with his then-wife Rosalia in 1975
The 80-year-old Spaniard founded fast-fashion giant Zara with his then- Rosalia in 1975

According to Forbes Magazine, shares of Ortega’s Business Inditex – parent company to Zara, Massimo Dutti and Pull&Bear – got a boost of 2.5% on Wednesday, increasing his personal fortune by $1.7 billion, to $79.5 billion.

However, as of 10 a.m. Friday morning, Ortega worth dropped to $77.8 billion, while Gates was worth an estimated $78.1 billion.

The 80-year-old Spaniard founded fast-fashion giant Zara with his then-wife Rosalia in 1975 in Spain before quickly expanding across the world – with over 6,600 outposts around the world.

Ortega, the son of a railway worker from La Coruña, Spain, focused on creating an efficient retailing operation that adapted to the needs of shoppers. Gap and H&M would take five months to make, design, and distribute new products; Zara could do it in three weeks.

He took the business public in 2001 and debuted on the Forbes billionaires list the same year, with a net worth of $6.6 billion. By then, Gates was already the richest in the world, with a fortune of $58.7 billion.

With this, there are indications that Gates and Ortega will continue to exchanging places as top two richest people in the world as their stock portfolios continue to vary.

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