Spanish businessman Amancio Ortega overtakes Bill Gates to be declared the richest man in the world.
Ortega, owner of Inditex fashion group which is home to high-street favourites such as Zara, Pull & Bear and Massimo Dutti, is said to be worth €69.5 billion, just above Bill Gates €68.9 billion, reports The Olive Press.
Ortega started his working life at a young age, when he left school and took a job in a clothing shop at the age of just 13. After facing ‘hurt and humiliation’ as a child when his mother was refused credit at a bank, he vowed never to suffer at the hands of poverty again.
The businessman founded Zara with his ex-wife, Rosalia Mera in the 1960’s, and developed a brand which was different to other high-street stores; Ortega’s success can be put down to him understanding consumerism; he listened to what people wanted and took note of what they were buying. He brought runway trends to customers much quicker than his competitors by using local manufactures in Spain, Portugal, Turkey and Morocco.
Zara, Zara Home, Massimo Dutti, Bershka, Pull & Bear, Uterque, Oysho and Stradivarious all make up Inditex fashion group and with over 7,000 stores worldwide Ortega’s success is only set to grow.Tags: Business Spain, Inditex group