Richest Person in 2016 On Earth, Bill Gates is Not The Richest Person in 2016 anymore
The Title or honor of being the Richest Person in 2016 on the Earth luckily goes to Amangio Ortega.
Ortega’s business Inditex, is the parent company to brands Zara, Massimo Dutti and Pull&Bear, suddenly climbed 2.5% on Wednesday. This increase in the shares of Inditex increased Ortega’s personal fortune by $1.7 billion, that is not less than a magic.
Amangio Ortega Personal fortune was $77.8 billion After the increase of shares it is $79.5 billion.
Bill Gates fortune is $78.5 billion, which is less from the fortune of $79.5 Billion.
How Amangio Ortega in 2916 become the Richest Person?
Amangio Ortega’s father was a railway worker. He come in the list of Richest Person for the first time in October, 2015 when Inditex shares hit an all-time high. Added in its worth $80 Billion.
He started his career from store clerk of his hometown. While starting his own business faced various financial dilemmas. Initially invested less than $100 to start his business along with his wife. They starts to make pajamas and nightgowns in their small home in living room.
They continued working and keep compounding their profit by investing again and again. After Eight years, Ortega’s business expanded round about 9 locations in Spain in 1975.
What is Inditex?
Inditex is known as one of the largest retailers in the world. Ortega’s company is considered as the world’s efficient retailing operation. In early period of 2000s, Few companies such as Gap and H&M took upto five months to design, make and distribute product to sell. whereas Ortega’s mastermind business did all that in short time period of three weeks.
That leads to exponential growth of his business. Its achievement highly based on advertising compared to competitor retailers in the market.
Amangio Ortega in 2001, brought his business in public. At the same year listed in Forbes’ billionaires list. the initial net worth in 2001 was $6.6 billion. At that time, Bill Gates was already the richest man with a fortune of $58.7 billion.