Microsoft founder loses world’s richest man title to Zara retailer Amancio Ortega

The world’s second-wealthiest individual, Spanish retail executive Amancio Ortega, is worth more than $76 billion, which means that Gates holds a comfortable lead.

That saw the 80-year-old pip Microsoft founder Gates’ £66.4 billion fortune as well as other moguls such as USA investor Warren Buffett and Amazon founder Jeff Bezos. They say his fortune gained $1.7 billion on Thursday, and his net worth is now estimated to be $77.8 billion to $79.5 billion.

But it’s his daughter that is likely to benefit from his huge empire, with 31-year-old Marta expected to take over the running of the worldwide business.

He now has a larger net worth than U.S. investor Warren Buffett and Amazon founder Jeff Bezos. Back in October 2015, Inditex shares soared, and he claimed the title.

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Ortega’s father was a railway worker from La Coruña, Spain.

Past year shares went up 40% as sales soared.

His “fast-fashion” model sees affordable catwalk imitations moved from drawing board to store within two weeks.

Louis Vuitton fashion director Daniel Piette described Zara’s parent company Inditex as “the most innovative and devastating retailer in the world”.

Ortega started his professional life aged 14 as a delivery boy with a shirtmaker in Coruna.

Since his ex-wife and Inditex co-founder Rosalia Mera died suddenly in August 2013, there has been intense speculation over the succession. Pretty sure Zara, Ortega’s billions, and Ortega himself are here to stay.