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#11 Amancio Ortega
Photo by fotopress/Getty Images
REAL TIME NET WORTH
as of 10/23/21
Amancio Ortega of Spain is one of the wealthiest clothing retailers in the world.
A pioneer in fast fashion, he cofounded Inditex, known for its Zara fashion chain, with his ex-wife Rosalia Mera (d. 2013) in 1975.
He owns about 60% of Madrid-listed Inditex, which has 8 brands, including Massimo Dutti and Pull & Bear, and 7,500 stores around the world.
Ortega typically earns more than $400 million in dividends a year.
He has invested his dividends primarily into real estate in Madrid, Barcelona, London, Chicago, Miami and New York.
Spanish retail tycoon Amancio Ortega briefly surpassed Microsoft cofounder Bill Gates by mere millions of dollars to become the world’s richest person on Tuesday afternoon. But when U.S. markets closed, Gates was back in the No. 1 spot.
After a brief stint as the richest person in the world last week, Amazon founder and CEO Jeff Bezos has now dropped two spots on Forbes' real-time billionaire rankings to third place behind Microsoft cofounder Bill Gates and Spanish retail tycoon Amancio Ortega.
Carlos Slim's Philosophy, a new fashion line for young women, plans to open 100 stores in Mexico. It will compete with Spanish billionaire Amancio Ortega's Zara fashion empire of 2,000 stores across 88 countries, including 64 in Mexico.
WarrenBuffett overtook Spain's Amancio Ortega to become the world's third richest person again, as shares in Berkshire Hathaway have gained handsomely this year, while Inditex has fallen on emergin market woes.