Photo: Spain's Amancio Ortega 3rd Richest Man
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 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 who is the second richest in the world.