The founder, Amancio Ortega, of the popular Zara clothing chain that trades as Inditex SA (ITX) has replaced Warren Buffett as the third-richest person in the world.

Ortega whose company trades as Inditex SA (ITX) is worth $46.6 billion according to the Bloomberg Billionaires Index.  His net worth increased by an astonishing $1.6 billion thanks to the strength of the company’s stock.  Buffett’s net worth came in at $45.7 billion.

Zara has enjoyed international success in such markets as the U.S. where it entered in 1989 and is a teen favorite.  The company’s stock has enjoyed 12 straight profitable quarters according to Bloomberg.  The retailer was founded in Spain in 1975 by Ortega. 

The 76-year-old Spanish billionaire comes in after the world’s richest man Mexico’s Carlos Slim Helu and Microsoft co-founder Bill Gates.