Amancio Ortega Gaona is not a name to be ignored anymore. He is a Spanish business tycoon who has recently overtaken Bill Gates for the title of the “richest man in the world”. Amancio Ortega Gaona is the founder and chairman of a fashion group, Inditex. More than that, he is well-known as the owner of Zara clothing and accessories brand. His retail giant, Inditex has jumped higher last week and added over one and half billion in his assets only in one day. It’s a wonder how stock shares make you stand at the pinnacle in only a matter of days.
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The Early Age
Ortega was born in Spain to Antonio Ortega Rodríguez and Josefa Gaona Hernández. Most of his life years were spent in León. At the tender age of 14, he had to quit school and move to A Coruña. The job switch of his father ended up on opening a cloth shop. It was the time when Ortega learned to make clothes by hand. After a few years, he founded the Confecciones Goa in 1972. This shop sold quilted bathrobes which Ortega had organized to be made by women belonging to sewing corporations.
How Was Zara Formed?
Amancio Ortega Gaona opened his first Zara store in 1975. It was a joint collaboration of Ortega and his wife Rosalía Mera. It flourished with years, and today Zara is a part of Inditex. Moreover, other collaborations of Inditex are other brands like Massimo Dutti, Oysho, Zara Home, Kiddy’s Class, Stradivarius, Bershka, Tempe, and Pull and Bear among others. However, Zara is the parent to all these brands. It owns a total of over 6000 stores and has 92,000 employees, making it one of the biggest setups of the world.
Professional Life And Real Life
Ortega is a successful entrepreneur. He has many interlinking brands, all of which are administered by him. On the other hand, he is a very low profile person who has a simple lifestyle, contrary to his professional life. He is not social; he doesn’t enjoy being in the limelight.
Zara, despite being an old brand never featured the founder’s name or picture on any social platform. It was 1999 when the first picture of this business tycoon came in front of the masses. Unlike other successful professionals, Ortega doesn’t even wear a suit. He likes to dress up casual. Ironically, none of his apparel are from Zara. In 2000, he made an appearance in public when Inditex made headlines with the initial public offering in the stock market. This followed with his published interviews, which told the world about the genius mind behind every success.
Reaching The Wealthiest Men List 2017
Recently, Ortega has made his way to the top of the Forbes magazine’s Billionaires list. From a store clerk to the richest man, Ortega now holds $70 billion of his $77.8 billion fortune via Inditex company. These shares are paying approximately $900 million annually excluding taxes. The said amount is sufficient to build landmarks in prominent cities of the world.
This fact has drastically affected Microsoft’s founder Bill Gates. He has been selling its shares for many years but still has only $11 billion worth of Microsoft stocks in hand. Gates used this money to buy shares of other companies. He has shares in the Canadian National Railway Co. which are over $5 billion worth. Altogether, Gates has $67 billion worth of investment which is external to the Microsoft company. Altogether, Gates owns about $67 billion of investments outside of Microsoft. If his holdings change by just 1.5%, up or down, he stands to gain or lose more than $1 billion. In this situation, only a slight change can make him lose billions of dollars.
Last week, the shares of Inditex were increased by 2.5% which added a fortune worth $1.7 billion to Ortega’s assets. After some moments, Gates was back on top, immediately followed by Ortega for now. This close competition will remain the talk of the town for long.