ORTEGA NOW A THREAT TO BILL GATES

Spanish Billionaire Amancio Ortega Briefly Overtakes Bill Gates on World’s Richest Man

Spanish billionaire Amancio Ortega briefly became the richest man in the world before he was relegated back to second place by Microsoft founder Bill Gates.

According to Forbes real-time, he overtook Gates as the world’s richest man on Friday with an estimated real time net worth of $78.7 billion. Gates over took him less than half a day later, and was back at the top spot with an estimated net worth of $79.5 by Friday afternoon.

Ortega, who founded the Inditex Group that owns fashion brands such as Zara, has, like Gates, also branched out into the world of philanthropy. He announced the donation of $17m to public health in the Spanish region of Galicia, on the same day he became the richest man in the world.
The millions are to be invested in 16 centres to combat breast cancer. The early detection services are expected to help more than 220,000 patients, local media reported.

Working through the Bill and Melinda Gates foundation, Bill Gates has, more visibly than any of his contemporaries, channelled his billions into good causes, particularly with a view to reducing global poverty.

Ortega rose from humble origins to make his vast personal wealth. He was born to working class parents in 1936 in Busdongo de Arbás. He began making clothes at the age of 14, taking an apprenticeship with a local shirt maker. In 1972, Ortega founded his first clothing company, Goa, which sold quilted bath robes. He opened his first Zara shop in 1975.

He reportedly lives a modest life despite his vast wealth, eats lunch with his employees in the staff canteen everyday, buys his coffee from the same cafe he frequented while growing up and often dresses in the same blazer-t-shirt combination, neither of which are from Zara. Mr Gaona is fiercely private and rarely gives interviews to the press.

He holds a 59.29 percent stake in Intidex, which owns Zara and Massimo Dutti among other brands and has more than 92,000 employees.