Inditex founder Amancio Ortega’s wealth continues to grow – he is now officially the second-richest man on earth after Microsoft tycoon Bill Gates, having leapfrogged US business mogul Warren Buffet. Ortega’s net assets have increased in value by 17%, reaching 63.5 billion euros, according to Bloomberg magazine.

NEWS FROM RAGS TO HIGH RICHES

 

Inditex, which started as a humble tailor’s shop in Galicia, set up by Ortega and his late wife Rosalía Mera, is the umbrella corporation of cut-price high-street clothing brand Zara, probably its best-known label.

Although not so well-known outside Spain, Inditex is the creator of a string of other brands including budget streetwear chain Pull & Bear, Zara’s cheaper baby sister Bershka, underwear firm Oysho, interiors label Zara Home, and mid-upper high-street classical and office wear brands Massimo Dutti and Uterqüe.