Zara owner became the world's richest man

Amancio Ortega, who transformed clothing group Inditex from a tiny family dressmaker into Spain's biggest company, briefly overtook Bill Gates on Friday to become the world's richest man.

Censor.NET reports citing RBK-Ukraina

Bill Gates briefly relinquished his title as the world's richest man to Spanish retail giant Amancio Ortega Friday morning. Ortega's net worth hit $80 billion as stock in his holding company Industria de Diseño Textil reached an all-time high of 33.99 Euros per share. Gates quickly reclaimed the top ranking after Ortega's shares slipped slightly to 33.80 Euros as of 10:52 a.m. Eastern Standard Time. The two billionaires will likely swap the title of world's richest man in the coming days, as shares of Inditex , Microsoft MSFT +9.43% and their other holdings continue to bounce up and down.

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Amancio Ortega grew up the son of a railway worker and is now the world's richest retailer. He cofounded Zara in 1975 with lingerie and bathrobes he and his former wife Rosalia Mera made in their living room. By the mid-1980s, he had taken Zara all over Spain and was ready to expand overseas.

Ortega powered through the Spanish financial crisis, personally gaining $45 billion from 2009 to 2014 as his shares of Inditex defied the rest of the Spanish stock market. In the last decade, he has taken billions in Inditex dividends and reinvested the money into real estate in marquee cities, including Madrid, Barcelona, London, Chicago, Miami, and New York.