Fashion tycoon Amancio Ortega, owner of clothing chain Zara, has toppled Warren Buffett from his place as the world’s third richest man, with a fortune of 30billion.The 76-year-old Spaniard bumped the Oracle of Omaha off the podium after shares in his retail giant Inditex gained 3.8 per cent yesterday to close at a record high, [...]

Sunday Times 2

Fashion tycoon overtakes Warren Buffett on rich list

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Fashion tycoon Amancio Ortega, owner of clothing chain Zara, has toppled Warren Buffett from his place as the world’s third richest man, with a fortune of 30billion.The 76-year-old Spaniard bumped the Oracle of Omaha off the podium after shares in his retail giant Inditex gained 3.8 per cent yesterday to close at a record high, pushing his net worth up by around 1billion.
The news of the tycoon’s fortune comes as Spain tries to cope with an unemployment level of nearly 20 per cent and a beleaguered government which seems just days from asking for an European bailout.

With a fortune estimated now at 29.7billion, Mr Ortega narrowly pushes philanthropist Mr Buffett, chairman of Berkshire Hathaway, who is worth an estimated 29.1billion, off third place.Despite their enormous wealth, each of them would have to nearly double their personal wealth to take Mexican telecoms tycoon Carlos Slim’s crown as the world’s richest man.
Bloomberg Billionaires Index today estimated Mr Slim’s net worth at 47.3billion. Microsoft founder Bill Gates sits comfortably in second place with 40billion.

But if Mr Ortega’s wealth continues to grow, it may not be long before he’s in contention for the top two spots.




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