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Latino Daily News

Tuesday August 7, 2012

Spanish Retailer, Amancio Ortega, Replaces Warren Buffet as Third-Richest in the World

Spanish Retailer, Amancio Ortega, Replaces Warren Buffet as Third-Richest in the World

Photo: Spain's Amancio Ortega 3rd Richest Man

Click Here to Enlarge Photo

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.