Zara clothing chain owner overtakes Warren Buffett on world's rich list with fortune of almost £30bn
Fashion tycoon Amancio Ortega, owner of clothing chain Zara, has toppled Warren Buffett from his place as the world's third richest man, with a fortune of £30billion.
The 76-year-old Spaniard bumped the Oracle of Omaha off the podium after shares in his retail giant Inditex gained 3.8 per cent yesterday to close at a record high, pushing his net worth up by around £1billion.
The news of the tycoon's fortune comes as Spain tries to cope with an unemployment level of nearly 20 per cent and a beleaguered government which seems just days from asking for an European bailout.
Amancio Ortega, left, has knocked renowned investor Warren Buffett, right, off his spot as the world's richest man after growing his fortune by £1m in a single day
With a fortune estimated now at £29.7billion, Mr Ortega narrowly pushes philanthropist Mr Buffett, chairman of Berkshire Hathaway, who is worth an estimated £29.1billion, off third place.
Despite their enormous wealth, each of them would have to nearly double their personal wealth to take Mexican telecoms tycoon Carlos Slim's crown as the world's richest man.
Bloomberg Billionaires Index today estimated Mr Slim's net worth at £47.3billion. Microsoft founder Bill Gates sits comfortably in second place with £40billion.
But if Mr Ortega's wealth continues to grow, it may not be long before he's in contention for the top two spots.
His wealth has surged by 32 per cent this year alone, despite a deep recession in his native Spain, where the government is resisting pressure to ask for a bailout from the European Central Bank.
Mexican telecoms tycoon Carlos Slim, left, is the world's richest man, with Microsoft chairman Bill Gates, right, coming up in second place
That has been based on the phenomenal success of his company, which has grown its profits for 12 straight quarters after moving into emerging markets and reducing its dependence on Spain, where unemployment is above 20 per cent.
The holdings of renowned investor Mr Buffett have also done well, but they are more diversified than those of Mr Ortega, and he has also this year also donated shares worth £1.2billion to charity.
THE FIVE RICHEST MEN
- Carlos Slim $74.2billion
- Bill Gates $63.0billion
- Amancio Ortega $46.6billion
- Warren Buffett $45.7billion
- Larry Ellison $39.5billion
The son of a railway worker, Mr Ortega was born in Busdongo de Arbás, León, and lived his childhood in León. Starting his career as a gofer in various shirt stores in La Coruña, Galicia, in 1972 he founded Confecciones Goa (his initials in reverse), which made bathrobes.
In 1975 he opened the first store in what would grow into the enormously popular chain of fashion stores called Zara.
Mr Ortega now owns nearly 60 per cent of the multinational Inditex group, which includes the brands Zara, Massimo Dutti, Oysho, Zara Home, Kiddy's Class, Tempe, Stradivarius, Pull and Bear/Often and Bershka.
Despite his great wealth - or perhaps because of it - Mr Ortega lives in a discreet apartment in La Coruna and is said to prefer to keep a very low profile.
He has never given an interview and requests for comment were declined by his company's spokesman.
Fellow billionaire Mr Buffett is noted for his personal modesty despite his immense wealth.
He is a notable philanthropist, having pledged to give away most of his fortune to philanthropic causes, primarily through the Gates Foundation.
On April 11, 2012, the magnate was reported to have been diagnosed with prostate cancer.
The foundation's aims are to enhance healthcare and reduce extreme poverty, and in America, to expand educational opportunities and access to information technology.
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