No one says Bill Gates must remain the king of the billionaire jungle. However it has appeared to be so for over 17 years.
Daring to unseat him is the incredibly low profile billionaire, Amancio Ortega. This will not be the first time the Fashion mogul has surpassed Bill Gates. Even though it lasts for just a brief period of time.
In October 2015, Zara founder Amancio Ortega became the world’s richest man for four hours with a net worth of $78. 6 billion. Last week the trend repeated itself, for longer than four hours.
Amancio was the world’s richest man for 2 whole days.
According to Forbes, the stocks profits of the 2 self made billionaires had been competing on pretty close margins.
On Wednesday, Amancio’s Inditex shares jumped to 2.5% and boosted his fortune by $1.7 billion in just one single day.
“But by Friday morning at 10 a.m., Inditex shares had dipped 2.8%, knocking Ortega’s net worth down to $77.8 billion. Gates was again the richest man on Earth, a title he has held for 17 of the last 22 years. Forty-five minutes later, Ortega was ahead. Then 10 minutes after that, Gates was back in the lead.”– Forbes
Report says that as of Friday, the unusually humble self made billionaire, “holds roughly $70 billion of his $77.8 billion fortune (as of 11 a.m. Friday) in Inditex shares.”
Amancio is currently the 2nd richest person in the world. He is the co-founder of the Inditex fashion group, owning about 59.29% of the company.
In his teen, he worked for a local shirt maker. His experience there paid off in his later years. He started his own Zara brand with designs he made with his wife in their living room.
The Spaniard business mogul also owns several other brands aside Zara with thousands of stores around the world and over 90 000 employees.