Amancio Ortega Gaona is a Spanish business magnate. He is now the richest person in the world. He is the founder and chairman of the Inditex fashion group, best known for its chain of Zara clothing and accessories retail shops.

The Spanish retail genius who started Zara, passed Microsoft cofounder Bill Gates to become the richest man in the world on Wednesday. Shares of Ortega’s business Inditex, parent company to Zara, Massimo Dutti and Pull&Bear, ticked up 2.5% Wednesday, boosting his personal fortune by $1.7 billion. That lifted Ortega’s net worth from $77.8 billion to $79.5 billion. Gates is worth an estimated $78.5 billion.
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Ortega briefly took the title of world’s richest man for the first time in October 2015, when Inditex shares hit an all-time high and boosted Ortega’s net worth to $80 billion. But the stock quickly dipped, and Gates once again claimed the throne. The two billionaires will likely continue to exchange the title as the stock prices of their holdings continue to bounce up and down.
Gates has donated nearly $31 billion in stock and cash to his foundation over his lifetime. If the Microsoft cofounder were not such a prolific philanthropist, neither Ortega nor anyone else on Earth would be anywhere close to as rich as Gates.